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LEEF Brands, Inc. (OTC:LEEEF) (CSE:LEEF) released its financial results for the three months ended June 30, 2023, revealing net sales of $9.3 million, an increase of 14.6% compared to $8.1 million in Q2 2022.
Q2 2023 Financial Highlights
Gross profit of $2.9 million, an increase of 8.2% compared to $2.7 million in Q2 2022.
Gross margin of 31% compared to 33% in Q2 2022.
Adjusted EBITDA of $293,268, compared to negative $31,801 in Q2 2022.
Net loss and comprehensive loss of $20.3 million compared to a loss of $16.5 million in Q2 2022.
The company had a cash balance and total assets of $2.9 million and $43.2 million respectively, as of June 30, 2023.
CFO Kevin Wilson stated, “We are very pleased to report continued revenue growth, high gross margins and most importantly, positive adjusted EBITDA. Our financial performance is the result of our continued focus on operational excellence and substantial cost cutting measures. Overall, the company has increased revenues by 23% year over year and we remained laser focused on continuing to generate positive cashflow from operations, which we have now achieved for two straight quarters. In the course of our regular balance sheet review, we have identified the need to record a non-cash goodwill impairment of $17.4 million pertaining to the acquisition of LEEF Holdings Inc. during the quarter. We believe the impairment is reflective of the current challenges in the California cannabis market that we continue to navigate.”
Price Action
LEEF Brands shares were trading 6.66% higher at $0.0192 per share at the time of writing Tuesday morning.
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