Auxly Cannabis Q3 Revenues Climb To $24.5 Million
Auxly Cannabis (TSX: XLY) is quickly becoming a darling of the Canadian cannabis landscape. The firm continues to improve results, posting Q3 revenues of $24.5 million for the quarter. The firm however continued to post a net loss despite the major improvement in its operations.
Revenues for the quarter were up 17% on a quarter over quarter basis, climbing from $20.9 million to $24.5 million. On a year over year basis, its one of the few public operators that has seen increasing revenue, with revenue climbing 95% from $12.6 million in the year ago period.
In terms of market share, the company reportedly has managed to grab a 7.3% stake in the Canadian market, along with a 15.6% stake in the Cannabis 2.0 market.
The firm reported a gross profit before fair value adjustments of $4.7 million for the quarter, which notably has fallen dramatically from the $7.7 million recognized in the second quarter. Expenses meanwhile amounted to $17.7 million, largely driven by SG&A of $11.6 million, followed by interest expenses of $3.9 million.
The company overall reported a net loss of $13.5 million for the third quarter, along with an adjusted EBITDA loss of $6.5 million.
Auxly Cannabis last traded at $0.335 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
