Auxly Reports Q2 2023 Financial Results
TORONTO, Aug. 14, 2023 /PRNewswire/ – Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) (“Auxly” or the “Company“) today released its financial results for the three and six months ended June 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.
Q2 2023 Highlights and Subsequent Events
- Total net revenues of $22.0 million in Q2 2023, a decrease of $2.0 million or 8% from the previous quarter and a decrease of $5.3 million or 20% compared to the same period in 2022;
- SG&A declined by $1.3 million or 13% from the previous quarter and $4.1 million or 32% from the same period in 2022 as the Company continues to focus its efforts on reducing costs;
- Adjusted EBITDA was negative $1.1 million, an improvement of $2.9 million as compared to the same period last year;
- Retained the #5 LP position in Canada with a 5.2% share of market and continued to improve sales in the pre-roll segment, one of the fastest growing product categories, finishing the quarter with 3.4% share of market up from 2.9% in the previous quarter1;
- Back Forty Wedding Pie grew to become the #1 non-infused pre-roll SKU nationally in the quarter1;
- Successfully streamlined operations by transitioning all remaining dried flower and pre-roll cannabis product manufacturing, processing and distribution activities to Auxly Leamington; and
- Further strengthened the Company’s balance sheet by entering into an agreement with strategic partner Imperial Brands to extend the maturity date of the Imperial Brands convertible debenture by two years from September 25, 2024 to September 25, 2026.