Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. Announces Second Quarter 2023 Financial Results
- Revenue increased by 21% to $251,047 in Q2 2023 from $207,653 in Q2 2022, demonstrating positive growth.
- CEO's emphasis on investing in future products and plans to introduce them to the market before the end of 2023.
- Strategic investments made by the Company to fuel its growth and innovation, positioning BYND as a pioneer in the sexual wellness industry.
- Company remains well-capitalized to support its growth and expansion plans, indicating financial stability.
- Gross Profit decreased to 57% for the six-month period ended June 30, 2023, from 59% in 2022, indicating a decline in profitability.
- Net loss increased by 242% to $1,147,324 in Q2 2023 from $473,386 in Q2 2022, reflecting a significant negative impact on the Company's financial performance.
VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) (“BYND” or the “Company”) has released its financial results for the six-month period ended June 30, 2023. Full versions of BYND's unaudited consolidated interim financial statements and management discussion and analysis for the period can be found on www.sedar.com.
Q2 2023 Financial Highlights:
- Revenue increased
21% to$251,047 in Q2 2023 from$207,653 in Q2 2022. - Gross Profit decreased to
57% for the six-month period ended June 30, 2023, from59% in 2022. - Net loss increased
242% to$1,147,324 in Q2 2023 from$473,386 in Q2 2022. - Working capital decreased to 1,021,170 on June 30, 2023, from
$2,987,975 on December 31, 2022. - Total assets decreased to
$47,946,377 for June 30, 2023, from$49,903,208 for December 31, 2022. - The total shares outstanding as of June 30, 2023, were 37,899,386.
Summary of Quarterly Comparison of Revenue, Gross Profit and Net Loss
| Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | |||||||
| Revenue | 251,047 | ||||||||||||
| Gross Profit | 66,239 | ||||||||||||
| Net Loss | (1,147,324) | ||||||||||||
Mr. Yftah Ben Yaackov, BYND's CEO, noted, "We are very pleased with the Company's financial results during Q2 of 2023 as we were able to increase revenues while investing in our future products. With the proceeds from the recent public offering, we are able to continue investing in our patent registrations and the creation of the EZ-G prototype, and we plan to introduce the products to the market before the end of 2023."
Despite the decline in gross profit percentage, the Company remains focused on its long-term growth strategy and product development initiatives. The net loss for Q2 2023 increased significantly compared to the same period last year. This can be attributed to the strategic investments made by the Company to fuel its growth and innovation. These investments are part of a well-defined plan to bring new products to the market, enhancing BYND's position as a pioneer in the sexual wellness industry.
The decrease in working capital and total assets is a result of planned expenditures and investments for the development of new products and the enhancement of existing ones. The Company remains well-capitalized to support its growth and expansion plans.
Investors and stakeholders are encouraged to review the complete consolidated interim financial statements and management discussion and analysis for deeper insights into BYND's financial performance during Q2 2023. BYND believes in its long-term strategy and the positive impact it will have on the Company's growth and profitability as they continue to focus on expanding its patent portfolio and advancing product development.
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets "Benefit CRM," a proprietary customer relationship management (CRM) software product enabling small and medium‐sized businesses to optimize their day‐to‐day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on our 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible, and price-transparent market. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction.
For Further Information, please refer to information available on the Company’s website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR: www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including future financial performance, unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the company with the Canadian securities regulatory authorities, including (without limitation) in the company's management's discussion and analysis for the year ended December 31, 2022 and annual information form dated March 31, 2023, which are available under the company's profile at www.sedar.com, and in the Company’s Annual Report on Form 20-F for the year then ended that was filed with the U.S. Securities and Exchange Commission on April 27, 2023. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.
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