Canadian Marijuana Company Rubicon Organics Reports Flat Revenue, Adjusted EBITDA Loss, Provides Positive Outlook
Rubicon Organics Inc. (TSXV:ROMJ) (OTCQX:ROMJF) reported its financial results Wednesday for the first quarter ended March 31, 2024, with revenue of CA$8.9 million ($6.5 million), a 1% increase from CA$8.8 million in the prior year period.
“We anticipated a challenging Q1 due to typical seasonality and the overhang of weak consumer sentiment from 2023,” stated CEO Margaret Brodie. “I expect to recover from this temporary dip from our streak of positive Adjusted EBITDA in Q2. In Q1, a changing product mix reduced our gross margin, but this spring we’ve shifted focus to higher-margin products, expecting improved results in Q2 and beyond. Our Q1 working capital investment for product launches is expected to come to fruition delivering further net revenue growth starting in Q2. Additionally, our first-half results are influenced by the ongoing one-time ERP implementation.
“Rubicon Organics holds the …