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Grown Rogue International Inc. GRUSF GRIN Q3 2022 revenue was $4.25 million, an increase of 40% compared to $3.03 million in Q3 2021.
Q3 2022 Financial Highlights
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Gross profit was $1.94 million, a 13% decrease compared to $2.24 million in Q3 2021.
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Net income was $571,406, a 137% increase compared to $240,294 in Q3 2021.
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Adjusted EBITDA was $1.17 million, a 51% increase compared to $772,366 in Q3 2021.
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Tenth consecutive quarter of positive adjusted EBITDA and fourth consecutive quarter above $1 million
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Total liabilities decreased $1.44 million from Q2 2022 and working capital increased $390,000
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Exchanged $160,000 in legacy investment assets for forgiveness of $700,000 in debt
“At Grown Rogue, we are laser-focused on our mission of delivering affordable, craft-quality cannabis to an increasing number of cannabis consumers,” stated Obie Strickler, CEO of Grown Rogue. “To further that mission, we focus on increasing our efficiencies while ensuring customers experience quality expressions of leading genetics, and our operational results continue to reflect the success of that focus. This scale and operating leverage has resulted in the leading position in the Oregon flower market and a top 10 position in Michigan.”
“I am particularly pleased with our 40% year over year revenue growth and 51% year over year adjusted EBITDA growth, despite continued market headwinds,” continued Strickler. “We are now focused on continuing to delight customers in Oregon and Michigan while evaluating opportunities to enter new markets while remaining disciplined in our capital allocation. I look forward to bringing Grown Rogue to new markets and consumers and will be updating shareholders on these efforts in the future.”
Photo by Mackenzie Marco on Unsplash
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Image and article originally from www.benzinga.com. Read the original article here.