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IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) released its financial results today for the first quarter ended March 31, 2023, revealing revenues of CA$13.2 million ($9.8 million) compared to CA$13 million in the first quarter of 2022, an increase of 1%.
Q1 2023 Financial Results
Gross profit was CA$3.5 million, compared to CA$2.4 million in the Q1 2022, an increase of 46%. The increase is mainly attributable to increased high margin sales of imported premium cannabis products, and reduction of costs of sales.
Gross margin, was 26.9%, compared to 18.5% in the first quarter of 2022.
Adjusted EBITDA loss was CA$1.3 million, compared to an adjusted EBITDA loss of CA$2.9 million in the first quarter of 2022, a decrease of 55%.
Net gain from continuing operations in the first quarter of 2023 was CA$43,000, compared to a loss of CA$7.1 million in the first quarter of 2022.
Cash and cash equivalents as of March 31, 2023 were CA$1.4 million, compared to CA$2.9 million in December 31, 2022.
"In 2022 IMC reworked its strategy," stated Oren Shuster, CEO of IMC. "We shifted our focus to meeting patients' and pharmacies' needs. During Q1 of this year, we have continued this transition. IMC is becoming a lean and agile company, with a clear focus on building brands that consumers love, driven by consumer insight. The strategic shift drove the additional restructuring initiatives we announced this quarter - the reorganization of the company's management and operations to better suit the current market environment and our short- to mid-term objectives. This allowed us to focus on core activities, drive efficiencies and reduce costs in furtherance of the goal to realize sustainable profitability. We are already seeing the results of our shift in strategy in our Q1 results. Our gross profit increased 46% compared to Q1 2022, while our revenue stayed stable."
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