15 Aug 2022 10:35 ET
10:35 AM EDT, 08/15/2022 (MT Newswires) -- Rubicon Organics Inc. (TSXV: ROMJ), a producer of premium cannabis, on Monday was trading more than 27% higher after reporting a 92% jump in Q2 revenue and turning an adjusted EBITDA profit. Net revenue for the quarter ended June 30 was $8.8 million, up from $4.6 million a year earlier. The company said it achieved positive adjusted EBITDA of $0.26 million for Q2, compared with an adjusted EBITDA loss of $0.34 million a year earlier. Loss from operations narrowed to $0.9 million from $4.9 million a year earlier. Jesse McConnell, Rubicon's CEO, said the company reached profitability due to the success of its Simply Bare Organic premium flower and pre-roll brand and market share gains of its mainstream brand 1964 Supply Co. "We expect to see our products in international markets in either late 2022 or the first part of 2023," McConnell said. "I am also pleased to increase our guidance to achieve positive adjusted EBITDA for FY 2022 and as well as operating cash flow positive in the second half of 2022." |