The following is a summary of the Verde Agritech Ltd. (VNPKF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Verde Agritech reported a 53% drop in 2023 revenue to CAD 37.9 million due to decreased potash prices and sales volume.

• Notable net loss of over CAD 6 million in 2023 due to reduced revenue, increased ECL's, depreciation, and interest expenses.

• Company secured additional loans in Q3 and Q4 increasing cash by $5.8 million YoY.

• Total non-current assets in 2023 were $73.1 million, up from $65.2 million in 2022.

• There was a significant reduction in cash used in investing to $4 million in 2023 from $42 million in 2022, attributable to investments in Factory 2.

Business Progress:

• Verde Agritech is committed to adapting its strategy to overcome 2023 challenges and achieve growth objectives.

• The company is working towards preselling carbon credits and exploring niche markets and new pricing strategies to boost sales.

• It is changing sales approach from traditional long-distance sales to more direct field sales targeting.

• Following customer reduction, the company plans for direct interactions with clients.

• Verde Agritech successfully secured loans from Bank of Brazil and Banco Bradesco in Q3 and Q4.

• Plans for the future involve reducing G&A, adapting product strategy and boosting sales to be cash flow positive.

• The company is also negotiating with BNDS and BDMG for better terms for farmers and exploring product improvements such as granulation techniques.

More details: VERDE AGRITECH LTD IR

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