Rubicon Organics Inc. ROMJ ROMJF, a trailblazer in organic certified, top-tier cannabis production, celebrates its financial achievements for the year concluded on December 31, 2023, symbolizing remarkable progress.
A net revenue of $40.1 million was attained, showcasing a 13% upsurge from the previous year. This exponential growth was catalyzed by Rubicon Organics’ diverse product line and robust brand recognition in the high-end cannabis industry.
Janis Risbin, CFO, expressed delight, stating “Rubicon has hit its seventh straight quarter with positive Adjusted EBITDA and sixth quarter with positive operating cash flow. Despite hurdles faced in the latter part of 2023 due to competitive pricing and broader macroeconomic strains affecting Canadian consumers, we remain hopeful for 2024.”
Increased Gross Profit And Margin
The gross profit pre fair value adjustments surged to $14.1 million, representing a 15% escalade from 2022. This uptick in gross profits underscores Rubicon Organics’ effective operational approaches and dedication to excellence, pivotal in maintaining competitive margins.
Consistent EBITDA And Cash Flow
Adjusted EBITDA for the year stood at $4.4 million, showcasing the company’s seventh consecutive quarter with profitability in Adjusted EBITDA. Operating cash flow amounted to $5.0 million, signifying the sixth straight quarter with positive cash flow.
Rubicon Organics continues its strong foothold in the premium cannabis market, holding substantial market shares in premium products like flower, pre-rolls, and concentrates. The Wildflower™ brand stands out as the top topical brand in Canada, boasting a commanding 21.8% market share.
Forward-Looking Optimism From Management
Despite challenges in 2023, Rubicon Organics sets its sights on 2024 with renewed optimism. The launch of full spectrum extract resin vapes under the 1964 Supply Co. is anticipated to be a significant growth catalyst. With a robust financial base and strong market position, Rubicon Organics is prepared for sustained success in the ever-evolving cannabis landscape.
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