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.
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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.
