INCR - This Israeli Cannabis Operator Anticipates $95.4M In Revenue Despite Gaza Conflict | Benzinga
InterCure Ltd. (NASDAQ:INCR) (TASE: INCR), an Israeli cannabis company doing business as Canndoc, announced its preliminary results on Monday for the full year of 2023.
Preliminary H2 2023 Financial Highlights
- Revenue is estimated at NIS 140 million ($38.1 million).
- Adjusted EBITDA is estimated to reach over NIS 20 million ($5.44 million) and over 14% of revenues.
- Both Q3&Q4 ended with positive adjusted EBITDA and profit from operations.
Preliminary Full Year 2023 Financial Highlights
- Annual revenue for 2023 is estimated at NIS 351 million ($95.4 million).
- Adjusted EBITDA for 2023 is estimated at over NIS 50 million ($13.6 million).
- InterCure expects sequential double digit quarterly growth during 2024.
Overcoming External Challenges
The latter half of 2023 was notably impacted by the repercussions of the October 7 terrorist attack and subsequent attacks in Gaza, adversely affecting operations. Yet, InterCure has been proactive in securing full compensation from Israeli authorities for all direct and indirect damages incurred, receiving tens of millions of shekels in partial advances to date.
The H2 2023 adjusted EBITDA is projected at over NIS 20 million ($5.44 million), ...