Auxly Reports Q3 2023 Financial Results
TORONTO, Nov. 13, 2023 /PRNewswire/ – Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) (“Auxly” or the “Company“) today released its financial results for the three and nine months ended September 30, 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
Q3 2023 Highlights and Subsequent Events
- Total net revenues of $28.2 million in Q3 2023, representing an increase of $8.4 million or 42% compared to the same period in 2022;
- SG&A reduced by $1.5 million or 13% from the same period in 2022 as the Company continues to focus its efforts on reducing overhead in the Company;
- Adjusted EBITDA was positive $0.1 million, an improvement of $5.9 million as compared to the same period last year;
- Retained the #5 LP position in Canada with a 4.8% share of market at the end of the quarter, which has increased to 5.0% share of market as of the end of October1;
- We continued to improve sales in the pre-roll segment, one of the fastest growing product categories, finishing the quarter with 4.2% share of market up from 3.4% in the previous quarter;
- Back Forty Wedding Pie remained the top-selling non-infused pre-roll SKU nationally in the quarter, and Back Forty Banana OG pre-rolls moved to the #2 position in October;
- Our newest brand Parcel, launched earlier in the year, has gained significant traction in the dried flower category, and Parcel Sweet Notes was the top-selling 14g dried flower SKU nationally in October;
- Introduced innovative cannabis products to the market backed by consumer insights, including the launch of new Back Forty all-in-one vapes, which will be available in Alberta, Ontario, Saskatchewan and Manitoba in November;
- Successfully upgraded post-harvest operations to improve dried flower quality while maintaining throughput from the Auxly Leamington cultivation facility;
- Strengthened the Company’s balance sheet by entering into an agreement with strategic partner Imperial Brands plc to extend the maturity date of the Imperial Brands convertible debenture by two years from September 25, 2024 to September 25, 2026.