Irwin Naturals Revenue Sluggish In Q2, Net Loss Grows YOY

Author: Jelena Martinovic | August 28, 2023 09:26am

Irwin Naturals Inc. (CSE:IWIN) (OTC:IWINF) (FRA: 97X) reported its financial results for the second quarter of fiscal 2023, the period ended June 30, revealing a slight year-over-year improvement in revenue - up by 1.5% to $22.1 million.

"During the first half of 2023, we successfully launched our branded licensing initiative in our cannabis sector," Sean Sand, the company's CFO, said. "Sales have exceeded our expectations and we look forward to continuing our licensing efforts in the space."

Irwin is an herbal supplement formulator and leader in the nutrition industry at the forefront of the "psychedelics renaissance." It is also considered one of world's largest seller of CBD in the mass market. Klee Irwin, who serves as the company's CEO and chairman, spoke at last year's Benzinga Psychedelics Capital Conference.

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Q2 2023 Financial Highlights

• Gross profit amounted to $9.9 million, up from $9.5 in the corresponding quarter of 2022.
• Net loss totaled $5.4 million, up from $ 111,000 in the prior year's period.
• Adjusted EBITDA came in negative at $1.2 million compared to a positive adjusted EBITDA of $ 668,000 in the second quarter of last year.
• Selling, general and administrative expenses were $11.7 million, up from roughly $9 million in the same quarter of last year.
• Income from operations decreased $2.4 million from $500 000 million in the second quarter of 2022 to a loss of $1.9 million.
• As of June 30, the company had $79.5 million in total assets and $61.4 million in total liabilities, compared to $78.8 million and $48.5 million, respectively, on December 31, 2022.

 

Business Highlights For Year-To-Date June 30

• Completed the acquisition of Serenity Health, LLC, one of the leading ketamine clinics in Louisville, Kentucky, on February 17, 2023.
• Announced the successful acquisition of Keta Media, LLC, dba Ketamine Media, the nation's foremost advertising company dedicated to raising awareness about the clinical use of ketamine, on March 17, 2023.
• During the first half of 2023, the company's partners launched the first products to the continental cannabis market and have signed ten brand licensing deals that will see Irwin Naturals products enhanced with THC being offered in places like California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma, and Canada.

Related News

• Irwin Naturals FY22 Revenue Declines 10.8%, What About Adjusted EBITDA?
• Irwin Naturals Launches Trio Of Cannabis Tinctures In California
• Irwin Naturals Q1 FY23 Revenue Stagnates YoY, What About Adjusted EBITDA?

IWINF Price Action

Irwin's shares traded 10.8% lower at $0.9542 per share after the market close on Friday afternoon.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo: Courtesy of Josh Appel on Unsplash

Posted In: CSE:IWIN IWINF