Can B Corp. CANB released financial results for the third quarter and nine months ended September 30, 2022, revealing revenue of $2.9 million, an increase of $1.0 million, or 51%, compared with $1.9 million for the three months ended September 30, 2021.
Q3 2022 Financial Highlights
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Gross profit was $1.9 million, an increase of $500,000, or 36%, compared with $1.4 million for the three months ended September 30, 2021.
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Gross margin was 64.3%, compared with 71.7% for the same quarter last year.
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Adjusted EBITDA loss decreased by 25% to $1.5 million
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Net loss was $6.9 million, or ($1.98) per share, compared with a net loss of $3.2 million, or a net loss of ($1.61) per share, for the three months ended September 30, 2021.
Key Business Highlights for Q3 2022
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Signed manufacturing and distribution agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.
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Consolidated hemp division operations in Colorado
Marco Alfonsi, Can B’s CEO, stated, “We are thrilled with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated $2.9 million in quarterly revenue while reducing our cash burn as demonstrated by the 25% decrease in adjusted EBITDA. Our team made great strides over the past several months integrating and ramping up the various operations we strategically acquired over the past year to complete our vertical processing capabilities.”
Alfonsi concluded, “We had a vision and were confident in the assets we were assembling over the past year. It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. With our proven manufacturing and distribution capabilities, we are now executing major strategic agreements, such as the recently announced deal with Brooke Burke. Since the end of the quarter, we have started taking orders and shipping Superfood Products with Brooke Burke and are very excited about the early demand and results. Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing large box retailers, boutique vape and smoke stores, and strategic partners.”
Price Action
Can B Corp. shares were trading 51.43% lower at $1.02 per share at the time of writing Tuesday morning.
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Photo: Benzinga; Sources: courtesy of Stefan Balaz via Shutterstock and Peter Pike via Pixabay
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Can B Corp. Stock Takes A 51% Plunge On Record Quarterly Revenue - Can B (OTC:CANB) - Benzinga
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