BZAM Ltd. BZAM BZAMF released its financial results for the three months ended March 31, 2023, revealing record quarterly net revenues of CA$24.1 million ($17.7 million), an increase of 40% compared to CA$17.2 million in Q4 2022, and an increase of 127.9% compared to CA$10.6 million in Q1 2022.

Q1 2023 Financial Highlights:

• Gross profit was CA$3 million, a decrease of 46.9% compared to CA$5.6 million in Q1 2022.

• Gross profit margin was 12.3% compared to 52.7% in Q1 2022.

• Net loss from operations was CA$19.3 million compared to a loss of CA$13.2 million in Q 2022.

• Adjusted EBITDA was negative CA$3.9 million, compared to negative CA$6.8 million in Q4 2022.

• Cash and cash equivalents, at the end of the period were CA$1.8 million.

Matt Milich, CEO of the company, stated: "We delivered strong net revenue growth in Q1 2023, from both the full impact of our November merger and the company's organic sales growth. Further to the progress we made in Q1 2023, we continue to execute on our plans to improve margin and reduce SG&A, including the headcount rationalization and cost savings measures we have just implemented this month, which we expect to generate about CA$2.5 million in annual savings across both cost of goods sold and SG&A."

"We are looking forward to a robust second half of the year. We continue to leverage our industry leading lab and innovation folks, with the launch of over 20 new products across Canada in the next six months. And, we continue to build momentum in the export market, having received our EU GMP certification earlier this month, we are executing on distribution agreements in Germany and the UK – with branded products expected to land in the UK market by Q4 this year."

Photo: Benzinga edit with photo by Kindel Media on Pexels

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