Blooming: Flora Growth's First Profitable Quarter Amid Strategic Shifts

November 10, 2023 11:59am Comments

Global cannabis company Flora Growth Corp (NASDAQ:FLGC) announced its financial results for the quarter ended September 30, 2023.

Q3 2023 Financial Highlights

Revenue climbed to $17.3 million, marking a 78% increase from the previous year’s quarter.
Net loss of $47.3 million compared to $39.6 million in the comparable period.
Gross profit rose to $4.9 million, up 6% from the previous year.
Adjusted EBITDA for Q3 2023 showed a loss of $231,000.
Operating expenses were $5.5 million, showing a 40% decrease year-over-year.

This quarter reflects the first time Flora has seen profitability, with an EBITDA of $0.9 million, shifting from a comparable loss last year. CEO Clifford Starke attributed this to strategic cost reductions and a refocused business model.

"The business transformation has been productive, and we have achieved our short-term goals. Now we will focus on execution and growing the businesses for scale and profitability," Starke said.

Year-To-Date Financial Health

Year-to-date metrics further underscore the company’s growth, with revenue rising to $58.1 million, a 154% increase. Gross profit for the same period rose to $14.2 million, demonstrating a 39% growth from last year. However, the net loss widened to $47.3 million, reflecting one-time charges and discontinued operations costs.

FLGC Price Action

FLGC's shares were trading 7.32% higher at $0.805 per share at the time of this writing around 1 PM EST Friday.