Decibel Cannabis booked a net loss of 569,000 Canadian dollars ($418,000) in the first fiscal quarter of 2023, marking a substantial improvement over the Calgary, Alberta-based company’s CA$4.4 million loss in the same period last year.
Decibel reported adjusted net income of CA$3.3 million in the quarter, a CA$5 million improvement year-over-year and up of 87% over the prior quarter.
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Adjusted net income accounts for changes in the fair value of biological assets.
Cash flow from operations was CA$2.3 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) – a measure of profitability – amounted to CA$6.8 million in the January-March quarter.
In a news release disclosing the quarterly results, Decibel said it was the eleventh quarter of consecutive quarterly positive adjusted EBITDA.
Decibel has been one of the leading licensed producers in Canada based on market share.
Citing data from Canadian cannabis retail data
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