Cannabis CPG Co. SLANG Worldwide Narrows Q4 Loss By 56% YoY, Reports Dip In Revenue

SLANG Worldwide Inc. SLNG SLGWF announced its financial results Friday for the three and twelve months ended Dec. 31, 2023, revealing a double-digit decrease in both fourth quarter and full year 2023 loss.

“In 2023, we took a deliberate approach to advancing our strategy of profitable growth, creating a leaner, more nimble SLANG. As a result, we ended the year with increased gross profit, higher margins, and lower operating expenses which resulted in significantly lower total comprehensive loss and lower adjusted EBITDA loss,” said John Moynan, the company's CEO. “With the fourth quarter historically our seasonally lowest revenue quarter, we took the opportunity to further fortify our business and refine our product offering, which will help us make meaningful progress on the path to profitability.”

As yet another earnings season winds down, reported financial results will surely be one of the hot topics at the upcoming Benzinga Cannabis Capital Conference which returns to Florida on April 16 and 17.

Q4 2023 Financial Highlights

• Revenue from continuing operations totaled CA$ 7.42 million ($5.4 million), compared with CA$ 11.78 million in the same period of last year, representing a 37% decrease year-over-year.
• Gross profit of CA$3.80 million (51% gross margin), compared with CA$4.70 million (40% gross margin) in the corresponding period of 2022, representing a 19% decrease in gross profit and an 11% increase in gross margin year-over-year.
• Operating expenses totaled CA$6.63 million, compared with CA$8.17 million in the fourth quarter of last year, representing a 19% decrease year-over-year.
• Total comprehensive loss of CA$7.45 million, compared with CA$16.96 million in the same period of last year, representing a 56% decrease year-over-year.
• Adjusted EBITDA came in negative at CA$1.48 million, compared with CA$0.06 million adjusted EBITDA loss in the same quarter of last year.

FY 2023 Financial Highlights

• Revenue from continuing operations was CA$35.68 million, compared with CA$38.19 million in the year ended Dec. 31, 2022, representing a 7% decrease year-over-year.
• Gross profit of CA$18.62 million (52% gross margin), compared with CA$16.45 million (43% gross margin) in 2022, representing a 13% increase in gross profit and a 9% increase in gross margin year-over-year.
• Operating expenses of CA$24.61 million, compared with CA$31.33 million in the prior year, representing a 21% decrease year-over-year.
• Total comprehensive loss of CA$19.59 million, compared with CA$29.65 million in 2022, representing a 34% decrease year-over-year.
• Adjusted EBITDA came in negative at CA$1.90 million, compared with CA$3.65 million in 2022.
• CA$9.04 million in cash and restricted cash on Dec. 31, 2023, compared to CA$11.92 million on Dec.31, 2022.

SLGWF Price Action

SLANG Worldwide's shares traded 5.8824% lower at $0.028 per share at the time of writing on Friday morning.

Related News

• SLANG Shares Surging: Growth Continues For Cannabis Co. As Q3 Revenue And Gross Profit Increase
• SLANG Q2 Revenue Declines 14.5% YoY, What About Adjusted EBITDA?

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!