Auxly Cannabis Swings To Profit In Q3, Reports 42% Increase In Net Revenues

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) announced its third quarter financial results for the three months ended Sept. 30, 2023, revealing net revenues of CA$28.2 million ($20.4 million), up by 42% compared to the same period of last year.
Our Q3 results reflect the tireless efforts of our talented employees and their commitment to making incredible products that help people live happier lives, Hugo Alves, CEO of Auxly, said. We are united in our mission, encouraged by our quarterly results and dedicated to building on those positive achievements."
Q3 2023 Financial Highlights
Gross profit was CA$4.6 million, compared to CA$2.21 million in the same quarter of last year.
Net income was CA$32.6 million, compared to a net loss of CA$60.1 million for the same period of 2022/
Adjusted EBITDA came in positive at CA$117,000, compared to an adjusted EBITDA loss of CA$5.8 million in the prior years period.
Selling, general and administrative expenses were CA$10 million, CA$1.5 million lower than the third quarter of 2022.
"During the quarter we continued to take positive steps to focus our operations, reduce costs and improve profitability, Alves continued. The successful consolidation of our manufacturing activities, enhancements in pre-roll automation and disciplined spending have directly improved margins and resulted in better overall financial performance.