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Aleafia Health Inc. (OTCQB:ALEAF) (TSX:AH) Q2 2023 net revenue was CA$10.6 million ($7.9 million), a 10.4% increase compared to CA$9.6 million in the prior year.
Q2 2023 Financial Highlights
Adjusted EBITDA was CA$83,000, compared to a loss of CA$8.9 million in Q2 2022.
Gross profit was CA$15.6 million compared to a loss of CA$490,000 in Q2 2022.
Net profit and comprehensive profit was CA$7 million, compared to a loss of CA$80.3 million in Q2 2022.
“We have worked diligently over the past 12 months to achieve this major milestone, and to be among the first publicly traded Canadian Licensed Producers to reach adjusted EBITDA profitability is an enormous accomplishment,” stated Tricia Symmes, CEO.
“It is the result of a relentlessly profit-focused management team putting into place the discipline and high-growth mindset instrumental in achieving this meaningful and substantial objective. The fact that this occurred during a period of market volatility with the OCS cybersecurity attack, the BC lockout and our whole flower supply constraints all impacting adult-use sales, is an even stronger testament to the power of our growing brands, led by Divvy,” continued Symmes.
Cost Savings
In Q3 FY2023, the company is enacting further cost savings initiatives with the wind down of its Grimsby greenhouse, representing an annualized net savings of approximately CA$4.1 million. The company will commence the process of winding down operations, effective November 2022, impacting 41 employees.
Price Action
Aleafia Health shares were trading 8.67% higher at $0.0619 per share at the time of writing Wednesday morning.
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Photo by Esteban Lopez on Unsplash
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