Irwin Naturals Inc. (CSE:IWIN) (OTC:IWINF) (FRA: 97X), a nutraceutical company leveraging its brand into the cannabis and psychedelics sectors, reported its financial results for the third quarter of fiscal 2023, revealing revenue of $19.1 million, down from $22.0 million in the same period last year and $22.1 million in the previous quarter.
"During the first three quarters of 2023, we successfully launched our branded licensing initiative in our cannabis sector," Sean Sand, CFO, stated. "Sales have exceeded our expectations and we look forward to continuing our licensing efforts in the space. We also continued to expand our mental health footprint through the acquisition of an industry-leading marketing and patient acquisition platform, Ketamine Media, enabling greater treatment availability and market expansion."
Q3 Financial Highlights
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Gross profit was $7.8 million, which compares to $10.6 million in the third quarter of 2022.
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Net loss amounted to $1.96 million, versus net loss of $583,000 in the same period last year.
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Income from operations decreased $2.9 million from $0.6 million in Q3 2022 to a loss of $2.3 million in Q3 2023. The decline is primarily attributed to the continued startup costs related to the company's 2022 and 2023 acquisitions via Irwin Naturals Emergence.
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In the third quarter, the company sold the assets of underperforming clinics and shifted its focus to clinics that are wholly owned and operated by Irwin Naturals Emergence.
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As of June 30, the company had $70.86 million in total assets and $56.97 million in total liabilities, compared to $78.8 million and $48.5 million, respectively, on December 31, 2022.
Operational Highlights
During the first half of 2023, Irwin Naturals launched the first products to the continental cannabis market and signed ten brand licensing deals that will make THC-enhanced Irwin Naturals products available in places like California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma and Canada.
Additionally, to date, the company owns and operates five mental health clinics and one advertising company specializing in ketamine treatments. It will continue to build upon this solid foundation and make the necessary investments to support our growth objectives within the psychedelics sector.
Related Links:
Irwin Naturals Revenue Sluggish In Q2, Net Loss Grows YOY
Irwin Naturals Launches Trio Of Cannabis Tinctures In California
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