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Nova Cannabis Inc. (OTCQB:NVACF) (TSX:NOVC) released unaudited condensed interim financial statements for the three months ended June 30, 2023, revealing revenue of CA$64.0 million, ($47.8 million) a 13.7% increase from the second quarter of 2022 and a 6% increase from the first quarter of 2023.
Q2 2023 Financial Highlights
Gross profit of CA$14.6 million (22.8% of revenue), a 37.9% increase from CA$10.6 million for the second quarter of 2022 (18.8% of revenue).
Net earnings of CA$1.0 million (CA$0.02 per share) in the second quarter of 2023 compared to a net loss of CA$1.4 million (CA$0.02 per share) in the second quarter of 2022. This marks Nova's first quarter of positive net earnings since its inception.
Adjusted EBITDA for the second quarter of 2023 of CA$5.5 million (8.6% of revenue) compared to CA$2.1 million (3.7% of revenue) for the second quarter of 2022.
Liquidity, including cash and availability under the revolving credit facility, of CA$8.5 million as at June 30, 2023.
"During the second quarter, Nova achieved positive net earnings, record revenue, gross margin and Adjusted EBITDA as a result of our disciplined pricing strategy combined with expanding proprietary data licensing agreements and private label sales," stated Marcie Kiziak, CEO of Nova. "This quarter's results demonstrate Nova's effective execution in positioning the company for long-term profitable growth. We have been disciplined in our strategy and maintained a sharp focus on our key objectives, and our resolute dedication solidifies our promise to deliver tangible shareholder value. With the added financial and operational scale from the upcoming Nova reorganization, we are tremendously excited for the future as we expand our strategy and retail offerings to serve Canadians coast to coast."
Revolving Credit Facility
Nova has an uncommitted revolving credit facility with SNDL in an aggregate principal amount not to exceed CA$15.0 million. On July 25, 2023, the term of the Revolving Credit Facility was extended to August 25, 2023.
As at August 9, 2023, the full CA$15.0 million available under the revolving credit facility has been drawn by the company.
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