@5 cents.
Over the first quarter of 2023, the Sacramento, California-based company implemented efficiency and cost-savings initiatives that resulted in "encouraging" gross margin improvements, a trend Vibe CEO Mark Waldron expects to continue seeing in the future.
"In the second half of 2023 - through new retail sales initiatives, improved cost controls, and new business efficiencies - Vibe should be able to increase gross margins further as it sets a course toward profitability," Waldron said
Vibe Growth Corporation (CSE:VIBE) (OTCQX:VIBEF), a vertically integrated cannabis company in California, released its financial results Wednesday for the three and six months ending June 30, 2023.
In terms of EBITDA, the adjusted loss for Q2 2023 was $557,056, marking an improvement from the previous quarter's $2,706,964 loss.
Vibe CEO Mark Waldron noted the groundwork for centralized purchasing and distribution, resulting in better gross margins. He also highlighted upcoming strategies like new product launches and increased marketing efforts.
Financial Results: Q2 2023
- Total Revenue: $3,690,295
- Gross Margin: $1,312,675
- Net Loss: ($1,397,542)
- Adjusted Funds Flow: ($1,012,428)
- EBITDA: ($641,893)
- Adjusted EBITDA: ($557,056)
Cash Position, Dispensary Sales, And EBITDA Trends
The company reported a cash position of $3.19 million as of June 30, 2023. Dispensary