DELTA 9 CANNABIS INC. (TSX:DN) (OTCQB:DLTNF) released its financial results for the three-month period ending March 31, 2023, revealing net revenue of CA$16.9 million ($12.6 million) versus CA$12.5 million for the three-month period ending March 31, 2022, an increase of 35%.
Q1 2023 Financial Highlights
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Gross profit of CA$6.3 million, an increase of 65.4% compared to CA$3.8 million in Q1 2022.
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Net loss was CA$3.1 million versus a loss of CA$4.1 million in Q1 2022.
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Adjusted EBITDA was negative CA$475,595 versus negative adjusted EBITDA of CA$1.7 million for the three-month period ending March 31, 2022.
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Cash used in operations was CA$89,530 versus cash used in operations of CA$2.5 million for the three-month period ending March 31, 2022.
"During the first quarter, we continued to focus on our highest priorities of sustaining and growing our revenues across our core business units while optimizing our vertically integrated business model to achieve positive cash flow from operations in 2023," stated John Arbuthnot, CEO of Delta 9. "We will continue our relentless focus on cost and operational efficiencies and strengthening our balance sheet to deliver sustained, profitable growth for our shareholders. Delta 9 is well positioned to generate CA$3-4 million in efficiencies from various cost cutting measures announced earlier this year as we pursue our path to profitability."
Photo by Ryan Lange on Unsplash
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