MariMed Q1 revenue up 10% YoY to $34.4M but GAAP net loss of $0.7M vs prior-year profit

MARIMED INC.

2023-Q1 EPS reported $0.00 revenue$34,380,000

Revenue $34.4M vs $31.3M YoY (+10%); GAAP gross margin fell to 45% from 54%.
GAAP net loss $(0.7)M vs net income $4.2M a year ago; non-GAAP net income $0.3M.
Adjusted EBITDA $7.1M (21% margin) down from $10.4M (33% margin) in Q1 2022.
CEO notes 13th consecutive quarter of positive adjusted EBITDA; expects 4th straight year of positive operating cash flow.
Non-GAAP adjusted EBITDA margin declined to 21% from 33% on higher costs and product mix.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MARIMED INC. reported the first quarter ended March 31, 2023 results: revenue $34.4, net income $(0.7).

Period: the first quarter ended March 31, 2023
Revenue: $34.4
Net income: $(0.7)
Result: reported results

Exact text from the filing

Financial Highlights 1 The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts): Three months ended March 31, 2023 2022 Revenue $ 34.4 $ 31.3 GAAP Gross margin 45 % 54 % Non-GAAP Gross margin 46 % 54 % GAAP Net (loss) income $ (0.7) $ 4.2 Non-GAAP Net income $ 0.3 $ 6.9 Non-GAAP Adjusted EBITDA $ 7.1 $ 10.4 Non-GAAP Adjusted EBITDA margin 21 % 33 %

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Source: SEC EDGAR

accession 0001522767-23-000075

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