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Avant Brands Inc (OTCQX:AVTBF) (TSX:AVNT)(FRA:1BU0) net revenue for Q1 2023 was CA$7.0 million ($5.2 million), an increase of 67% compared to CA$4.2 million in Q1 2022.
Q1 2023 Financial Highlights
Gross margin of 42%, compared to 23% in Q1 2022.
Total Gross Margin of CA$2.9 million (+207% or +CA$2.0 million)
Adjusted EBITDA was a record of CA$1.8 million, an increase of CA$1.7 million compared to Q1 2022.
Adjusted EBITDA margin of 25%, compared to 2% in Q1 2022.
Net and comprehensive loss of CA$8,000, compared to CA$495,000 in Q1 2022.
Cash and cash equivalents at the end of the period were CA$2.6 million.
Key Subsequent Events
The company completed the purchase of the remaining 50% of Flowr Okanagan, which included seller-financing (of approximately CA$1.45 million) with terms favorable to Avant, below the industry standards on interest rate and security.
The company continued to execute contract grow deals, on a highly selective basis, in the Thompson-Okanagan region. These agreements are expected to help incremental sales of high-quality indoor flower, without requiring any capital investment by the company.
Avant cultivars are currently in production in 17 flower rooms at the Flowr Facility. Furthermore, the company is implementing a second wave of cost-saving initiatives at Flowr Okanagan, that will generate approximately CA$500,000 in additional annual savings. The concurrent implementation of both revenue-generating and cost-saving initiatives is designed to ensure that the Flowr facility will rapidly achieve positive cash flow from operations.
"Continuing on our momentum from a record 2022 fiscal year, as one of the fastest growing Canadian cannabis companies, we have commenced the 2023 fiscal year with record adjusted EBITDA while generating meaningful cash flows from operations," stated Norton Singhavon, founder and CEO of Avant."Furthermore, we expect that the acquisition of the Flowr Group (Okanagan) Inc., will facilitate a continuation of our strong year-over-year growth in sales, cash flow and profitability."
Photo: Benzinga edit with photo by Kindel Media on Pexels
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