Very Exciting Indeed, can’t twist the Facts CANB Continues to make Massive Strides in the right Direction :)
No Wonder Accumulation Continues Weekly/Monthly…More Facts from the last 2nd Record Quarterly Report, Boy Exciting Times Ahead for CANB for Sure in 2023 :)
$$$$$
CEO is correct in what he said in reduction in cash loss, Smart Moves Continues!
“It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. “
:
As Forecasted, Another Record Quarterly Revenue Record for CANB!
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History
Can B Corp
Tue, November 22, 2022 at 9:30 AM
In this article:
Can B Corp
Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands
Adjusted EBITDA Loss Decreased by 25% to $1.5 Million
HICKSVILLE, NY, Nov. 22, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a health and wellness company specializing in developing, producing, and selling hemp-derived cannabinoid products, today announced the Company's financial results for the third quarter and nine months ended September 30, 2022.
Key Financial Highlights for Q3 2022
Revenue increased 51% to $2.9 million
Gross profit increased 36% to $1.9 million
Gross margin decreased to 64.3%
Adjusted EBITDA loss decreased by 25% to $1.5 million
Accounts receivable at $7.0 million
Inventory at $2.3 million
Total assets at $16.7 million
Total stockholders’ equity at $4.5 million
Key Financial Highlights for 9 Months Ended September 30, 2022
Revenue increased 130% to $6.0 million
Gross profit increased 59% to $2.8 million
Gross margin decreased to 46.0%
Adjusted EBITDA loss decreased by 15% to $4.5 million
Key Business Highlights for Q3 2022
Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.
Consolidated Hemp Division Operations in Colorado
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, 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.