Unrivaled Brands, Inc. (OTCQB: UNRV) reported its third quarter financial results Tuesday for the three months ended Sept. 30, 2023, revealing an 11.4% year-over-year drop in revenue to $8.6 million.
The Santa Ana, California-based company said that 94% of revenue was driven by its four retail stores and sales of our in-house cultivated flower and Korova-branded products. The retail gross margin was 52% for the quarter.
“Despite the formidable challenges in the regulated cannabis market, we've proven resilient,” Patty Chan, Unrivaled’s CFO said. “We will remain committed to prioritizing customer retention and delivering an exceptional retail experience with high-quality, curated products. We will continue to navigate the evolving cannabis landscape, particularly in California, as we look to a fully federally legal market and ripe opportunities.”
Q3 2023 Financial Results
- Gross profit amounted to roughly $4 million, up from $42,000 gross loss in the same quarter of last year.
- Gross profit margin was 46% compared to 52% in the prior quarter.
- Net loss was $3.4 million, compared to $119.9 net loss in the prior year’s period.
- Adjusted EBITDA came in negative at $1.2 million, compared to $9.2 …