PharmaCielo Ltd. (TSXV:PCLO) (OTCQX:PCLOF), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced its financial results on Tuesday for the second quarter ended June 30, 2023.
"Our sales and finance teams have made measurable progress and I expect these efforts to continue to pay off over the next several quarters," stated Marc Lustig, chairman and CEO of PharmaCielo. "(...) Our finance team has delivered on our targeted 25% reduction in ongoing overhead expenses ahead of budget and with no meaningful impact on our ability to execute on existing contracts and go out and win new ones."
Related Content: PharmaCielo Layoffs And Voluntary Salary Reductions To Decrease Its Annualized Fixed Costs By ~25%
Q2 2023 Financial Highlights
- Revenue: $160,000 CAD ($117.989), down from $2.1 million CAD ($1.5M) in Q2 2022.
- Adjusted EBITDA: Loss of $2.1 million ($1.5M), deeper than the $1.8 million CAD ($1.3M) loss in Q2 2022.
- Net Loss: $3.58 million CAD ($2.5M), a slight increase from the $3.51 million CAD ($2.58M) loss in Q2 2022.
All figures are in Canadian dollars - CAD ($) unless otherwise specified.
"I strongly believe that the initiatives we have underway will result in meaningful growth in the top line, and with all material capex behind us, will translate into cash flow and growth in shareholder value," said Lustig.
PharmaCielo Recent Developments
- On July 11, 2023, PharmaCielo appointed Marc Lustig as Chairman and CEO.
- As of August 10, 2023, the company has seen steady sales progress, expecting its first shipment to a third Brazilian customer in Q4, continued shipments to a German customer, achieved a 25% reduction in overhead expenses year-over-year by Q2 2023, and reduced staff to 132 without compromising contract fulfillments.
Related Content: Top Talent To Lead Two New US Marijuana Markets And Latest Key Hires In Cannabis Industry
Interested in learning about how to invest in cannabis stocks, consider joining us at the 17th edition of the Benzinga Cannabis Capital Conference, which is returning to Chicago on Sept 27-28.
Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Price Action
PharmaCielo's shares traded 0.46% lower at $0.1195 per share at the time of writing on Tuesday afternoon.
Image by El Planteo