Nova Cannabis Inc. Achieves Record Q3 2023 Revenue and Gross Margin Growth
Nova Cannabis Inc. (TSX: NOVC, OTCQB: NVACF) reported its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023.
Q3 Financial Highlights
- Total Revenue: Nova Cannabis recorded record revenue of CA$67.7 million ($52.6 million) for Q3 2023, marking a 15.0% increase from the same period in 2022 and a 5.8% increase from the previous quarter.
- Gross Margin: Achieving a record gross margin of CA$17.0 million (13.2 million) in Q3 2023, representing 25.1% of revenue. This was a significant 52.8% increase from Q3 2022 and a 16% increase from the previous quarter.
- Net Earnings: Reporting net earnings of CA$2.1 million (1.63 million) in Q3 2023, compared to a net loss in Q3 2022. This represents a substantial increase in net earnings from the previous quarter.
- Adjusted EBITDA: Reporting Adjusted EBITDA for Q3 2023 at CA$6.8 million ($5.29 million) (10.0% of revenue), compared to previous quarters.
“We are confident that our long-term strategic plan to expand our footprint nationwide will offer (…) new opportunities and further solidify our leadership position in the Canadian cannabis retail market,” said Marcie Kiziak, CEO of Nova.
Price Action: NVACF shares were trading up 12.65% at $0.5929 per share on Thursday afternoon
Indivior PLC: Strong Financial Performance in YTD and Q3 2023, Led By Sublocade Growth
Indivior PLC (NASDAQ: INDV) announced its financial results for the period ending September 30, 2023.
Year to Date/Q3 Financial Highlights
- Total Net Revenue: YTD 2023: $800 million (21% increase compared to YTD 2022). Q3 2023: $271 million (17% increase compared to Q3 2022).
- Operating Performance: YTD 2023 reported an operating loss. Q3 2023: Operating loss.
- Net Earnings: Q3 2023: Net loss. Earnings Per Share: Q3 2023: Diluted (Loss)/Earnings Per Share.
- Product Highlights: Q3 2023 Sublocade (buprenorphine) Net Revenue of $167 million, an increase of 55% compared to Q3 2022. Full-year 2023 Sublocade net revenue is now expected to be between $610 million and $630 million.
“We delivered double-digit top-line performance led by strong growth of SUBLOCADE, which continues to shift the paradigm for the treatment of opioid use disorder (OUD). Additionally, we made good progress against our strategic priorities,” said Mark Crossley, CEO of Indivior PLC.
Price Action: INDV shares were trading down at 8.84% at $17.59 per share on Thursday afternoon.
NewLake Capital Partners: Q3 2023 Financial Results On Track With Expectations
NewLake Capital Partners, Inc. (OCTQX: NLCP), a leading provider of real estate capital to state-licensed cannabis operators, released its financial results for the third quarter ending September 30, 2023.
Q3 2023 Financial Highlights
- Revenue in the third quarter of 2023 was $11.5 million, a 4.9% decrease compared to the same period in 2022.
- Net income attributable to common stockholders for Q3 2023 was $6.0 million, as compared to $6.5 million in Q3 2022.
- Funds from Operations (FFO) in Q3 2023 totaled $9.6 million, down from the previous year.
- Adjusted Funds from Operations (AFFO) for Q3 2023 amounted to $10.1 million, with a decrease compared to Q3 2022.
“Our financial results quarter-over-quarter were consistent and in line with our expectations,” said Anthony Coniglio, president and CEO of NewLake Capital Partners.
Price Action: NLCP shares were trading up at 1.94% at $13.15 per share on Thursday afternoon
Read Next: Corona Beer Maker Walks Away From Remaining Warrants Of Weed Giant Canopy Growth
Image by El Planteo
