Lowell Farms Navigates Challenging Terrain With 35% Revenue Dip: A Look At 2023’s Financial Outcomes
Lowell Farms Inc (OTCQB:LOWLF), a California-based cannabis company with advanced production capabilities, reported Thursday its audited financial and operational results for Q4 and the full year 2023.
Q4 2023 Financial Highlights
Revenue decreased 19% to $7.5 million, as compared to $9.3 million for Q4 2022.
Net loss was $13.1 million, compared to a net loss of $11.1 million for the quarter ended December 31, 2022.
Adjusted EBITDA was negative $4.1 million, similar to the negative $4.1 million for the same quarter last year.
Gross profit for the quarter was not included in the earnings report.
Full 2023 Financial Highlights
Revenue was $28.3 million, down 35% from the $43.5 million for the year ended December 31, 2022.
Net loss was $37.3 million, compared to net loss of $24.6 million for FY 2022.
Adjusted EBITDA was negative $7.7 million compared to negative $9.5 million for the year ended December 31, 2022.
Gross profit was negative $7.4 million, compared to the negative $1.8 million from the previous fiscal year.
Top executives leading some of the largest cannabis operators are slated to share valuable …