Business
Decibel Provides Preliminary Record Level Q4 2022 Results and 2023 Outlook
Decibel Provides Preliminary Record Level Q4 2022 Results and 2023 Outlook Canada NewsW...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n \n \n \n Decibel Provides Preliminary Record Level Q4 2022 Results and 2023 Outlook\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Feb. 6, 2023\n \n \n /CNW/ - Decibel Cannabis Company Inc. (the \"Company\" or \"Decibel\") (TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer, is pleased to provide preliminary unaudited fourth quarter results and 2023 financial outlook.\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n Q4 2022 record Net Revenue of\n \n $25.25\n \n –\n \n $26.25 million\n \n (>38% growth from Q3 2022)\n \n \n Q4 2022 record Adjusted EBITDA of\n \n $6.25\n \n –\n \n $7.25 million\n \n (>47% growth from Q3 2022)\n \n \n Q4 2022 achieved <3.0x Debt to trailing twelve-month Adjusted EBITDA\n \n \n Targeting 2023 Net Revenue year-over-year growth of >35%\n \n \n \n \n Management Commentary\n \n \n \n Decibel has continued its market share gains, becoming the third largest LP in\n \n Canada\n \n by market share and the fastest growing large LP with 77% growth in 2022. We remained focused on developing consumer loyalty and category expansion supported through refinement of differentiation within our products. By creating demand, it led to an abundance of attractive investment opportunities by way of automation and supply chain optimization, leading to record level gross margin in the back half of the year. Through these steps, we've grown Decibel's top and bottom line substantially, capping off the year with record level results. We are steadfast in our strategic plan that has driven our recent success, while remaining nimble to navigate a highly dynamic Canadian marketplace and ever-growing international landscape.\n \n \n We plan to grow our position to become a market leader in\n \n Canada\n \n through organic growth centered around a pipeline of new, unique, and innovative products, and a strong revenue generation engine to grow distribution. Growing our footprint and recognition in\n \n Canada\n \n will in turn create a foundation to exp...