The following is a summary of the Rubicon Organics Inc. (ROMJF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Rubicon Organics increased its revenue YoY by 13% in 2023 and reported an adjusted EBITDA of $4.4 million, an operating cash flow of $5.1 million, and a free cash flow of $2.5 million.

• The Q4 2023 net revenue was $10 million, a 9% fall compared to the same period last year, while the gross profit was $3.2 million, representing a 32% gross margin.

• Despite challenges in the latter half of 2023, Rubicon reported positive adjusted EBITDA in its 7th consecutive quarter.

• Company highlighted the decrease in operating expenses in Q4 and plans to refinance an existing debt of CAD 7M to CAD 10M at potentially lower interest rates than the current 7.5%.

Business Progress:

• Rubicon Organics launched a record number of SKUs across all its major brands, stepped into the premium edibles market with a substantial 14% market share, and expects to initiate into the growing vape category in 2024 with its brand 1964.

• The company added five new independent directors, targeting brand development and strategy, and installed additional infrastructure to boost capacity in 2024.

• They launched new products under their flagship brands, Simply Bare Organic and 1964, and plan on enhancing yield and cultivation, maximizing premium opportunities, improving process efficiency, and motivating their team for improved results.

• Amidst expected pricing pressures on ounce products, they are hopeful of a rebound in pricing by end of 2024 or beginning of 2025. The company's 2024 capital budget will be at maintenance levels, with openness to additional investments sparking quality, safety, or efficiency improvements.

More details: RUBICON ORGANICS INC IR

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