Third Quarter 2023 Consolidated Financial Highlights for MTL:
Income Statement:
- Revenue of
$22,395,199 , an improvement of$13,699,958 , or 158%, compared to$8,695,241 in the same quarter of last year. - Net Revenue of
$19,331,624 , an improvement of$12,608,804 , compared to$6,722,820 in the same quarter of last year. - Gross Profit of
$8,994,030 , an improvement of$6,688,626 , compared to$2,305,404 in the same quarter of last year. - Operating Income of
$1,876,890 , an improvement of$3,507,951 , compared to ($1,631,061 ) in the same quarter of last year. - Net Income and Comprehensive Loss of (
$248,286 ), an improvement of$1,493,190 , compared to ($1,741,476 ) in the same quarter of last year.
Statement of Cash Flows:
- Net cash inflows from operating activities of
$10,076,585 , compared to ($1,023,979 ) in the same period of last year. - Net cash used in investing activities of (
$1,769,216 ), compared to ($975,204 ) in the same period of last year. - Net cash used in financing activities of (
$7,690,329 ), compared to$2,508,372 in the same period of last year. - Overall net cash increased to
$1,054,591 , an improvement of$617,040 , from$437,551 at the beginning of the period.
Year to Date Highlights (9 months):
- Revenue of
$62,405,421 , an improvement of$41,872,376 , or 204%, compared to$20,533,045 in the same period of last year. - Gross Profit of
$18,565,107 , an improvement of$12,338,457 , compared to$6,226,650 in the same period of last year. - Operating Income of
$3,319,848 , an improvement of$4,235,902 , compared to ($916,054 ) in the same period of last year. - Net Income and Comprehensive Income of
$1,558,005 , an improvement of$3,438,516 , compared to ($1,880,511 ) in the same period of last year.
Management Commentary:
"I could not be more proud of our team for their relentless passion, focus, and discipline as we continue to integrate our operations and grow the business" commented
MTL is the parent company of Montréal
As a flower-first company built for the modern street, MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques to produce products that are truly craft for the masses. MTL Cannabis focuses on craft quality cannabis products, including lines of dried flower, pre-rolls and hash marketed under the "MTL Cannabis", "Low Key by MTL" and "R'belle" brands for the Canadian market through nine distribution arrangements with various provincial cannabis distributors. MTL Cannabis has also developed several export channels for bulk and unbranded GACP quality cannabis.
It is MTL's goal for
For further information, please visit www.mtlcorp.ca/ or the Company's public filings at www.sedarplus.ca.
Cautionary Statement Regarding Forward-Looking Information.
This press release contains forward- looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, the regulations related to cannabis use under the Cannabis Act (
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
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