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Rubicon Organics reported a modest revenue of 889,166 Canadian {dollars} ($656,000) in its fourth quarter ended Dec. 31, 2023, however the hashish producer’s loss for the fiscal yr amounted to CA$1.1 million.
Rubicon’s internet income for the yr was CA$40.1 million, a 13% improve over 2022’s gross sales of CA$35.5 million, in response to the Vancouver, British Columbia-based firm’s monetary outcomes.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA), a measure of profitability, was CA$4.4 million for the yr, a rise from virtually CA$2 million in 2022.
Rubicon says it’s the nationwide chief within the premium focus market, with a 15.2% share, citing information from evaluation firm Hifyre.
The corporate additionally stated the nationwide market share of its premium flower and pre-rolls was 6.9%.
Rubicon’s Free money circulate for 2023 was CA$5 million, up from CA$2 million a yr earlier.
“I’m happy to announce that Rubicon has attained its seventh consecutive quarter of optimistic adjusted EBITDA and sixth consecutive quarter of optimistic working cashflow,” Chief Monetary Officer Janis Risbin stated in an announcement.
“Regardless of the challenges confronted within the latter half of 2023 because of aggressive pricing pressures within the Canadian hashish sector and broader damaging macroeconomic components affecting Canadian customers, we’re optimistic concerning the prospects in 2024.
“With Rubicon’s outstanding place as a number one power within the premium hashish market, I’m enthusiastic concerning the alternatives that lie forward.”
For the three months ended Dec. 31, 2023, Rubicon’s internet income amounted to CA$10 million, which is a 9.1% lower from the identical interval one yr earlier.
Trying forward, Rubicon anticipates continued working optimistic money circulate and year-over-year development in internet income.
The corporate expects a lot of the expansion to return from branded merchandise which might be produced utilizing exterior capability and decrease gross margin.
Rubicon additionally expects to see continued fierce competitors within the “distressed” Canadian hashish trade, with continued value compression throughout all classes.
The corporate additionally stated it expects to refinance its debt to a longer-term mortgage facility halfway by way of the yr.
Shares of Rubicon are traded on the TSX Enterprise change as ROMJ.
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