Unrivaled Brands, Inc. (OTCQB: UNRV), a cannabis company with operations throughout California, today reported financial results for its fiscal first quarter ended March 31, 2023, revealing revenue of $8.7 million, a decrease of 52.7% compared to $18.5 million in Q1 FY 2022.
Q1 FY 2023 Financial Highlights
Gross profit was $4.2 million, a decrease of 26.7% compared to $5.7 million in Q1 FY 2022.
Gross margin increased to 48% as compared to 44% during the prior quarter and up from 31% from the quarter ended March 31, 2022.
Net income was $410,000 compared net loss of $8.6 million in Q1 FY 2022.
Adjusted EBITDA from continuing operations was negative $1.15 million compared to positive $1.4 million in the previous quarter.
Q1 FY 2023 Other Highlights
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