Auxly Reports Q1 2023 Financial Results
TORONTO, May 15, 2023 /CNW/ – Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) (“Auxly” or the “Company“) today released its financial results for the three months ended March 31, 2023. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares (“Shares“) and per Share amounts.
Q1 2023 Highlights
- Total net revenues of $24.0 million in Q1 2023, an increase of $1.3 million or 6% compared to the same period in 2022;
- The Company achieved the first quarter of positive Adjusted EBITDA in its history;
- Retained the #5 LP position in Canada with 5.7% share of market and continued to improve sales of Cannabis 1.0 products, finishing the quarter with 4.6% share of market up from 3.7% in the previous quarter1;
- The Cost of Finished Cannabis Inventory Sold Margin was 37% during the quarter, increasing from 23% during the first quarter of 2022 and 30% from the fourth quarter of 2022;
- Cash from continuing operating activities was $3.2 million during the current quarter, as compared to a use of cash of $7.0 million during the first quarter of 2022.