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CORRECTION FROM SOURCE: Avant Brands Issues Correction to Previously Reported Q2 Fiscal 2023 Results News Release
Fourth Consecutive Quarter of Positive Cash Flow from Operations Record Gross Revenues of $9...
About this update from Avant Brands Inc
[{"type":"text","content":"CORRECTION FROM SOURCE: Avant Brands Issues Correction to Previously Reported Q2 Fiscal 2023 Results News ReleaseFourth Consecutive Quarter of Positive Cash Flow from OperationsRecord Gross Revenues of $9.0 million (+101% vs Q2 2022).Positive Adjusted EBITDA1 of $1.7 million (+$2.7 million vs Q2 2022).Positive Cash Flow from Operations2 of $2.1 million (+$2.7 million vs Q2 2022).Fourth consecutive quarter of both positive Adjusted EBITDA1 and Cash Flow from Operations2.Note: This news release includes a correction to Avant's Adjusted EBITDA for Q2 2023 of $1.7 million, a Net Loss from operations of $0.27 million, and Gross margin of $2.7 million. This news release incorporates the corrections.KELOWNA, BC / ACCESSWIRE / July 18, 2023 / Avant Brands Inc (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative premium cannabis products, today reported its financial results for the second quarter ended May 31, 2023, of the Company's fiscal year (\"Q2 2023\").\"We are excited to announce another quarter of record revenues,\" said Norton Singhavon, Founder and CEO of Avant. \"Robust domestic and international demand for our products, combined with efficient operations, has allowed us to achieve positive cash flow and adjusted EBITDA. Moreover, the acquisition of the Flowr Group Okanagan has substantially enhanced our ability to fulfill this demand and continue delivering strong revenue growth.\"Financial Highlights (Q2 F2023)All figures compared with Q2 2022Gross Revenue of $9.0 million, which is a record quarter for the Company (+101% or +$4.5 million). The four most recent quarters have been the highest gross revenue quarters in the Company's history.Total Net Revenue of $8.0 million (+96% or +$3.9 million).Recreational Net Revenue of $4.8 million (+53% or +$1.6 million).Export-B2B Net Revenue of $3.2 million (+311% or +$2.4 million).Overall gross margin3 of 34% (vs. 23%), as the Company continues to withstand the impact of price compression and inflation. The Company's gross margins slightly decreased when compared to its most recent fiscal quarter (Q1 2023) as a result of liquidating inventory produced by The Flowr Group (Okanagan) Inc. (\"Flowr\") prior to its acquisition.Gross margin dollars of $2.7 million (+187% or +$1.7 million).Recreational (Dried Flower Pre-rolls, and Concentrates/I...