Business
Wildpack Beverage Announces Q3 2023 Financial Results
Third Quarter 2023 Highlights (in USD): Q3 2023 Sales Revenue grew 80.9% to $14.78 million ...
About this update from Wildpack Beverage Inc.
[{"type":"text","content":"Wildpack Beverage Announces Q3 2023 Financial ResultsThird Quarter 2023 Highlights (in USD):Q3 2023 Sales Revenue grew 80.9% to $14.78 million compared to $8.17 million in Q3 2022.Production volume for Q3 2023 grew 96.4% to 34.85 million cans compared to 17.75 million cans in Q3 2022.Plant Utilization in Q3 2023 grew to 40.7% from 24.2% in Q3 2022.Gross Profit in Q3 2023 was 8.5% compared to a Gross Loss of 6.1% in Q3 2022.Confirmed Customer Orders grew 37.5% in Q3 2023 to $14.58 million from $10.60 million Q3 2022.VANCOUVER, BC / ACCESSWIRE / November 29, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) (\"Wildpack Beverage\" or the \"Company\") a leading US middle market co-packer of canned goods announces unaudited financial results for the third quarter (\"Q3\") ending September 30, 2023. All currencies referenced herein are US Dollars, unless otherwise indicated.\"In Q3, our year-over-year results are promising. Despite ongoing production challenges in Baltimore due to the line upgrade, we remain optimistic about the overall positive trajectory,\" commented Mitch Barnard, CEO of Wildpack Beverage. \"This period of transformation is a testament to our commitment to constant improvement, and we are confident that overcoming these hurdles will lead to even greater success in the future.\"Q3 2023 Condensed Consolidated Interim Statements of Loss & Comprehensive Loss (Unaudited) Three months ended September 30, Nine months ended September 30, Note 2023 2022(Restated, note 21) 2023 2022(Restated, note 21) Sales 13 $14,776 $8,171 $42,570 $25,611 Cost of sales Production costs 14 12,894 7,662 36,397 23,358 Depreciation and amortization 6, 7, 8 633 1,004 1,796 2,313 Cost of sales 13,527 8,666 38,193 25,671 Gross profit 1,249 (495) 4,377 (60)Operating expenses Selling 857 673 2,752 1,979 Salaries, wages, and benefits 1,136 1,587 4,561 5,254 Depreciation and amortization 6, 7, 8 1,007 968 2,840 2,858 Office and administrative 613 552 1,796 1,472 Share-based compensation 12 494 116 1,026 297 Professional fees 52 294 939 1,216 Bad debt 350 529 730 655 Other operating 136 199 428 11 Operating expenses 4,645 4,918 15,072 13,742 Other expenses Bank and finance charges 10 1 4 157 25 Interest on long-term debt 10 2,627 1,233 5,754 3,753 Interest on lease obligations 9 156 177 415 570 Loss on derivative asset 11 - (2) - 151 Forei...