CLS Reports Fiscal Third Quarter 2023 Financial Results
CLS Holdings USA, Inc. (CLSH) reported its Q3 2023 financial results, showing net revenue of $5.437 million, a 3% decrease year over year. Dispensary revenue rose by 6% to $3.529 million, while production revenue fell by 15% to $1.908 million. Gross profit stood at $3.019 million, representing a 56% gross margin. However, the company reported a net loss of $1.030 million, which marks a 3% increase in losses compared to Q3 2022. EBITDA improved to $505,000, a remarkable 402% increase from the previous year. Looking ahead, CLS continues to pursue growth while navigating challenges posed by the cannabis market.
- Dispensary revenue increased 6% to $3.529 million.
- Gross profit reached $3.019 million, with a gross margin of 56%.
- EBITDA improved significantly, increasing by 402% to $505,000.
- Overall net revenue declined by 3% to $5.437 million.
- Production revenue decreased 15% to $1.908 million.
- The company reported a net loss of $1.030 million, a 3% increase in losses year over year.
LAS VEGAS, NV / ACCESSWIRE / April 10, 2023 / CLS Holdings USA, Inc. (OTCQB:CLSH)(CSE:CLSH), (the ''Company'' or ''CLS''), a diversified cannabis company operating as Cannabis Life Sciences, today announced its financial results for the fiscal quarter ended February 28, 2023 ("Q3 2023"). All amounts are expressed in U.S. dollars.
Q3 2023 Financial & Operational Highlights
- Net revenue for Q3 2023 was
$5,437 million . - Dispensary revenue increased
6% to$ 3,529 million . - Production revenue decreased
15% to$1,908 million . - Gross profit for Q3 2023 was
$3,019 million , or56% of net revenue. Net loss for Q3 2023 was$1,030 million . - EBITDA for Q3 2023 was
$505 thousand .
Outlook
A detailed discussion on Q3 2023 results presented by the Chairman and CEO of CLS Holdings USA, Inc., Mr. Andrew Glashow is available on the CLSH website: www.clsholdingsinc.com/ and on the CLSH YouTube channel: https://youtu.be/UgrIxetjX34.
Q3 2023 Financial Results
| Three Months Ended February 28, | ||||||||
(In thousands) | 2023 | 2022 | YoY% Change | |||||
Net Revenue | $ | 5,437 | $ | 5,588 | - | |||
Production Revenue | $ | 1,908 | $ | 2,255 | - | |||
% of revenue Production | ||||||||
Dispensary Revenue | $ | 3,529 | $ | 3,333 | ||||
% of revenue | ||||||||
Gross Profit | $ | 3,019 | $ | 2,887 | ||||
Gross Margin | ||||||||
Net Income | $ | (1,030) | $ | (997) | - | |||
Net Income Attributable to CLS | $ | (900) | $ | (992) | ||||
EBITDA | $ | 505 | $ | 101 | ||||
The Company's consolidated financial statements, as well as its accompanying management discussion and analysis ("MD&A") have been included in its Quarterly Report on Form 10-Q filed on EDGAR (www.sec.gov) as well as SEDAR (www.sedar.com). Please refer to the Company's MD&A for additional detail and discussion on the Company's results from operations.
Financial results are also available on the Company's website: https://www.clsholdingsinc.com/investors
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. https://www.clsholdingsinc.com. Twitter: @CLSHoldingsUSA
Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas, in combination with its delivery service to residents, allows it to efficiently serve both locals and tourists in the Las Vegas area. In February 2019, it was named "Best Dispensary for Pot Pros" by Desert Companion Magazine. In August 2017, Oasis commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. http://oasiscannabis.com
Founded in 2017, City Trees is a Nevada-based cannabis cultivation, production and distribution company that offers a wide variety of products with consistent results. City Trees products are available in numerous dispensaries throughout the state of Nevada. https://citytrees.com
Forward-Looking Statements
This press release contains certain ''forward-looking information'' within the meaning of applicable Canadian securities legislation and ''forward-looking statements'' as that term is defined in the Private Securities Litigation Reform Act of 1995 (collectively, the ''forward-looking statements''). These statements relate to, among other things, the impact of the COVID-19 virus on our business, the results of our initiatives to retain our employees and strengthen our relationships with our customers and community during the pandemic, the effect of our initiatives to expand market share and achieve growth, the expected development of our business and joint ventures, results of operations and financial performance, future liquidity, working capital and capital requirements, the effects of the additional dilution in our common stock that may occur as a result of the amendments to our convertible debentures, and anticipated future events. The continued spread of COVID-19 could have, and in some cases already has had, an adverse impact on our business, operations and financial results, including through disruptions in our cultivation and processing activities, supply chains and sales channels, and retail dispensary operations as well as a deterioration of general economic conditions including a possible national or global recession. In some cases, you can identify forward-looking statements by terminology such as ''may,'' ''might,'' ''will,'' ''should,'' ''intends,'' ''expects,'' ''plans,'' ''goals,'' ''projects,'' ''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' ''potential,'' or ''continue'' or the negative of these terms or other comparable terminology. These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered together with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events. See CLS Holdings USA filings with the SEC and on its SEDAR profile at www.sedar.com for additional details.
Corporate Contact Information:
Andrew Glashow,
Chairman and CEO
Info@clsholdingsinc.com
888-260-7775
SOURCE: CLS Holdings USA, Inc.
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https://www.accesswire.com/748215/CLS-Reports-Fiscal-Third-Quarter-2023-Financial-Results
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