Canadian cannabis company Avant Brands Inc. (TSX:AVNT) (OTCQX:AVTBF) (FRA:1BU0) reported its financial results for the third quarter of fiscal 2023, disclosing net revenue of CA$6.5 million ($4.8 million) up by 64% year-over-year and down by 18.75% sequentially.

"Q3 2023 continued our trend of delivering strong year-over-year sales growth, coupled with positive cash flow from operations," stated Norton Singhavon, CEO of Avant. "Furthermore, Q3 2023 was by far our best quarter for cannabis harvests, which sets the stage for additional sales growth in Q4 2023 and beyond."

See Also: Avant Q2 FY23 Net Revenue Grows 96% YoY, What About Adjusted EBITDA

Q3 Financial Highlights

• Gross revenue was CA$7.5 million, up by 61% from the previous year, and down from a record CA$9 million in the second quarter.

• Adjusted EBITDA was a gain of CA$900,000 compared to CA$200,000 a year ago, and CA$1.7 million in the previous quarter.

• Net and comprehensive income amounted to CA$900,000 , compared to a net loss of CA$1.1 million in the same period of 2022, and net loss of CA$390,000 in the previous quarter.

• Cash flow from operations after changes in non-cash working capital of CA$1.8 million, which compares to CA$1.6 million a year ago.

• As at the end of Q3 2023 the company had approximately CA$1.7 million in cash, representing an increase of CA$0.9 million over Q2 2023. Working capital at the end of the period was CA$17.4 million.

Price Action

Avant Brands closed Monday market session 1.13% higher at $0.13 per share.
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