Canadian biotech and cannabis processing company Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) reported its fiscal year 2023 results, showing a rise in revenue and the achievement of a debt-free status.
The company disclosed total gross revenue of nearly $10 million for the fiscal year, up $4.6 million compared to the previous fiscal year. The revenue increase was coupled with gross profit of $2.3 million.
Nextleaf also reported positive cash flow for four consecutive quarters.
A good portion of the revenue growth is attributed to the company’s performance in the fourth quarter of the fiscal year. In that quarter alone, Nextleaf generated approximately $3.3 million in revenue, 77.7% increase versus the same period in the previous year.
Nextleaf also retired its senior note, resulting in the company becoming debt-free.
The company introduced 15 new cannabis products in the Canadian market, including softgels, ingestible oils, and vapes. Nextleaf also extended its market reach to Alberta and Manitoba, with its brand Glacial Gold gaining traction in Alberta’s softgel and oil segments.
“This was a monumental year for our business,” interim CEO Emma Andrews said in a statement. “2023 delivered the framework for financial stability. This provided the confidence that we have the tenacity, talent, technology, and tactics to ride the waves inherent in this industry. Despite the complexity, we’ve remained very focused on delivering one simple premise … value.”
“We’ve worked through growing pains and roadblocks, overcoming setbacks and stigma. It has fortified our team, and I’m proud of how far we’ve come. We’ve put in a lot of hard work to get here, and we’re just getting started. There’s a collective understanding of the unique inflection point we are at.”