PharmaCielo Ltd. (TSXV:PCLO) (OTCQX:PCLOF) the Canadian parent of Colombia's cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced its financial results on Wednesday for the third quarter ended Sept. 30, 2023.
The company narrowed its net loss and selling, general and administrative expenses significantly year-over-year as well as an adjusted EBITDA loss, the report showed.
"Our team has built a focused and lean organization over the past twelve months, and effectively re-positioned the product portfolio on higher margin products," Marc Lustig, chairman and CEO said. "With total SG&A expenses down over 40% from Q3 of last year, and no meaningful capital expenditures necessary to get to full commercial scale, we are even better placed to generate higher profitability and cash flows as our sales efforts pay off."
Q3 2023 Financial Results
- Total revenue amounted to CA$351,688 ($258,777), down from CA$475,323 in the prior year's period.
- Gross loss totaled CA$349,187, up from $305,850 gross loss in the same quarter of 2022.
- Total selling, general, and administrative expenses amounted to roughly CA$2 million, down from CA$3.4 million in the corresponding period of last year.
- Net loss for the period totaled CA$2.8 million, down from CA$5.2 million in the prior year's period.
- Adjusted EBITDA came in negative at CA$1.4 million, compared to a negative adjusted EBITDA of CA2.4 million in the third quarter of 2022.
- As of Sept. 30, 2023, total assets amounted to CA26.6 million and total liabilities were CA$23.8 million, compared to CA$25.1 million and CA$18.7 million, respectively on Dec. 31, 2022.
PCLOF Price Action
PharmaCielo's shares traded 6.8453% lower at $0.1311 per share after the market close on Tuesday afternoon.
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