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Decibel Cannabis Company Inc. (OTCQB:DBCCF) (TSXV:DB), provided preliminary unaudited Q4 2022 results, with record net revenue of $25.25 – $26.25 million, a more than 38% growth compared to Q3 2022.
Highlights
Q4 2022 record adjusted EBITDA of $6.25 – $7.25 million, a more than 47% growth from Q3 2022.
Achieved <3.0x debt to trailing twelve-month adjusted EBITDA
Targeting 2023 net revenue year-over-year growth of >35%
Management Commentary
“We remained focused on developing consumer loyalty and category expansion supported through refinement of differentiation within our products. By creating demand, it led to an abundance of attractive investment opportunities by way of automation and supply chain optimization, leading to record level gross margin in the back half of the year. Through these steps, we've grown Decibel's top and bottom line substantially, capping off the year with record level results. We are steadfast in our strategic plan that has driven our recent success, while remaining nimble to navigate a highly dynamic Canadian marketplace and ever-growing international landscape.
We plan to grow our position to become a market leader in Canada through organic growth centered around a pipeline of new, unique, and innovative products, and a strong revenue generation engine to grow distribution. Growing our footprint and recognition in Canada will in turn create a foundation to expand our brands internationally, bringing quality and choice to consumers abroad.
With demand in place, Decibel has invested aggressively to expand its margins and drive free cash flow, with a pipeline of high return on capital opportunities still in place. This year, we are increasing our focus on improving operating cash conversion with the streamlining of operations, a continued transition towards automation, and improving our balance sheet. We think this is critical given the current challenges present in the industry, and positions Decibel to further reinvest in its business and reinforce its ability to outcompete,” the company stated.
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Photo: Benzinga edit with photo by Kindel Media on Pexels
