Grown Rogue International Inc. GRUSF GRIN released its fiscal first quarter 2023 results for the three months ended January 31, 2023, revealing revenue of $4.5 million, an increase of 21% compared to $3.7 million in Q1 2022.
Q1 2023 Financial Highlights
Gross profit was $2.5 million, compared to $2.3 million in Q1 2022.
Net income was $592,537, compared to $155,441 in Q1 2022.
Adjusted EBITDA was $1.3 million, an increase of 33% compared to $1 million in Q1 2022.
Cash balance at the end of the quarter was $3.5 million compared to $1.6 million at the end of Q1 2022.
“We continue to demonstrate our operating abilities by generating substantial free cash flow margins while operating in extremely competitive markets. Our financial results for Q1 2023 were improved from Q4 2022 due to of our continued pursuit of operating efficiencies, and a modest increase in average wholesale pricing in Oregon,” stated Obie Strickler, CEO of Grown Rogue.
“As we move forward, we are proactively ramping up our genetics programs in both Oregon and Michigan to make sure we stay on the front line of delivering industry-leading quality to our consumers. We believe that our philosophy and practice of constant iteration and improvement will engender more customer trust and deepen the relationship we have with our existing fans,” Strickler continued.
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