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Candian marijuana operator Adastra Holdings Ltd. (OTC:XTXXF)(CSE:XTRX)(FRA:D2EP) reported Thursday financial results for the three months ended June 30, 2023, disclosing net revenue of CA$7.1 million, up by 132.68% year-over-year. The company attributes revenue improvement to a significant increase in the throughput of the Langley facility. Sequentially, revenue grew 15%.
"The initial half of this year marked a significant milestone for Adastra, as we achieved a 248% increase in revenue compared to the first six months of 2022. This impressive growth is a testament to the resilience and adaptability of our hard working team," stated Michael Forbes, CEO of Adastra. "In Q2 2023, our focus was directed towards enhancing the efficiency and scope of operations at our centralized processing facility in Langley, BC. Simultaneously, our team diligently undertook initiatives to amplify the recognition of our two brands, Endgame and Phyto Extractions, across Canada. Adastra's premium product range has continued to maintain its leadership position within the market, with top-selling SKUS in Alberta and British Columbia, and now includes a top-selling SKU in Ontario.”
Gross profit of CA$2.6M in Q2 2023, compared to CA$1.1M in Q2 2022, representing an increase of 135%. This was achieved by increasing the economies of scale of production as well as managing the costs of inputs of production.
Net loss amounted to CA$1.07 million, compared to a loss of CA$478,136.
Operating expenses as a percentage of revenue decreased from 42% in Q2 2022 to 21% in Q2 2023.
Operating expenses increased 57% from CA$1.5M during Q2 2022 to CA$2.3M during Q2 2023 which was the result of the company's expansion during the period, especially from an increase in advertising and promotion.
Cash position as at June 30, 2023 increased to CA$2M, an increase of CA$103K from March 31, 2023.
Adastra shares were trading flat at 22 cents per share at the time of publishing Friday morning.
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