Business
Avant Brands Reports Q1 Fiscal 2023 Results with Third Consecutive Quarter of Positive Adjusted EBITDA and Cash Flow from Operations
Gross Revenue of $7.9 million (+71% vs. Q1 2022) Record Adjusted EBITDA 1 of $1.8 million (...
About this update from Avant Brands Inc
[{"type":"text","content":"Avant Brands Reports Q1 Fiscal 2023 Results with Third Consecutive Quarter of Positive Adjusted EBITDA and Cash Flow from OperationsGross Revenue of $7.9 million (+71% vs. Q1 2022)Record Adjusted EBITDA1 of $1.8 million (+2,158% vs. Q1 2022)Positive Cash Flow from Operations2 of $1.8 million (+2,123% vs. Q1 2022)Overall Gross Margin3 increased to 42%Record Adjusted Net Income4 of $0.2 million (+131% vs. Q1 2022)Third consecutive quarter of both positive Adjusted EBITDA1 and Cash Flow from Operations2Achieved Positive Adjusted Net Income and Net Income from OperationsKELOWNA, BC / ACCESSWIRE / April 12, 2023 / Avant Brands Inc (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative and award-winning cannabis products, today reported its financial results for the first quarter ended February 28, 2023, of the Company's fiscal year (\"Q1 2023\").\"Continuing on our momentum from a record 2022 fiscal year, as one of the fastest growing Canadian cannabis companies, we have commenced the 2023 fiscal year with record adjusted EBITDA1 while generating meaningful cash flows from operations,\" said Norton Singhavon, Founder and CEO of Avant.\"Furthermore, we expect that the acquisition of the Flowr Group (Okanagan) Inc., will facilitate a continuation of our strong year-over-year growth in sales, cash flow and profitability.\"First Quarter 2023 Financial HighlightsAll figures compared with Q1 2022Gross Revenue of $7.9 million, which is the Company's second highest revenue quarter to date (+71% or +$3.3 million)Total Net Revenue of $7.0 million (+67% or +$2.8 million)Recreational Net Revenue of $4.2 million (+64% or +$1.6 million)Export Net Revenue was a record of $2.8 million (+86% or +$1.3 million)Overall Gross margin3 of 42% (vs. 23%)Total Gross Margin of $2.9 million (+207% or +$2.0 million)Recreational (Dried Flower & Pre-rolls) Gross Margin of 51% (vs. 47%)Export Gross Margin of 50% (vs. 47%)Total of 1,424 kg of cannabis sold (+61% or +540 kg)Weighted Overall Average Selling price of $5.08 (+6%), with recreational cannabis average selling price of $6.86 (-4%)Cash Flow from Operations of $1.8 million (+2,123% or +$1.7 million)Adjusted EBITDA1 was a record of $1.8 million (+2,158% or +$1.7 million)Adjusted EBITDA Margin1 (% of Net Revenue) of 25% (vs. 2%)Net loss from operations of $0.1 mil...