Jushi Holdings Inc. (OTCQX: JUSHF) (CSE:JUSH) achieved revenue of $69.9 million in Q1 2023, an increase of 12.9% compared to $61.9 million in Q1 2022.
Q1 2023 Financial Highlights
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Gross profit of $29.9 million, an increase of 56.7% compared to $19.1 million in Q1 2022.
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Gross profit margin was 42.9% of revenue, compared to 30.9% in Q1 2022 and 28.6% in Q4 2022
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Net loss of $12.4 million, a favorable decrease of 91.1% compared to a net loss of $139 million in Q4 2022, and a favorable decrease of 37% compared to net loss of $19.8 million in Q1 2022.
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Adjusted EBITDA of $7.6 million, an improvement of $8.5 million year-over-year and $1.6 million sequentially
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Cash, cash equivalents, and restricted cash of $19.4 million as of quarter end
Recent Developments
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Strengthened financial position with the closing of a $20.0 million non-dilutive debt financing with FVCbank in April 2023
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Announced change of auditor to Macias Gini & O'Connell LLP effective April 20th
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Implemented new, optimized retail labor model beginning in Q2, which is expected to significantly reduce labor …