TCNNF - SLANG Shares Surging: Growth Continues For Cannabis Co. As Q3 Revenue And Gross Profit Increase | Benzinga
SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) reported on Tuesday results for the three and nine months ended Sept. 30, 2023, revealing an increase in both revenue and gross profit, sequentially and year-over-year.
"The third quarter was another solid quarter for SLANG, with both revenue and gross profit increasing sequentially and year-over-year. Impressively, all our operating business units exceeded expectations for the quarter, with each one cash flow positive on a standalone and operational basis," John Moynan, CEO of the Toronto-based cannabis consumer packaged goods (CPG) company, said.
Q3 2023 Financial Results
- Total revenue amounted to CA$ 9.1 million ($6.7 million), up from CA$ 8.2 million in the prior year’s period.
- Gross profit totaled CA$4.8 million, compared to CA$3.6 million in the third quarter of 2022.
- Gross profit margin was 53%, up from 44% in the third quarter of last year.
- Net loss decreased to CA$5.1 million from CA$6.4 million in the corresponding period of last year.
- Total expenses amounted to roughly CA$6 million, down from CA$8.6 million in the prior year’s period.
Nine-Month Period Ended Sept. 30
- Total revenue amounted to CA$ ...