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MariMed Inc. (OTC:MRMD) (CSE:MRMD) released its financial results for the second quarter ended June 30, 2023, revealing revenue of $36.5 million, an increase of 10.7% compared to $33 million in Q2 2022.
Q2 2023 Financial Highlights
Gross profit $16.4 million compared to $15 million in Q2 2022.
Gross margin of 44.8% compared to 45.5% in Q2 2022.
Net loss of $935,000 compared to income of $1.9 million in Q2 2022.
Adjusted EBITDA was $6.3 million, a decrease of 29.4% compared to $8.9 million in Q2 2022.
Cash and cash equivalents at the end of the period were $14.6 million.
“I am pleased to report another solid quarter of accelerating revenue growth on both a year-over-year and a sequential basis as we continue to outperform the industry,” stated Jon Levine, CEO. “We reported our 14th consecutive quarter of positive adjusted EBITDA. Our wholesale business continued to set monthly and quarterly sales records, which we believe will continue to accelerate with the commencement of adult-use sales in Maryland, which began on July 1st. Our balance sheet remains one of the strongest in the industry, and we were particularly pleased with the exponential growth of our Maryland operations that executed flawlessly to support the increased demand of adult-use sales.”
2023 Financial Guidance
Revenue of at least $150 million;
Gross margin in line with full year 2022, which was about 48%;
Adjusted EBITDA of at $32 million to $35 million;
Capital expenditures of $30 million.
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