The following is a summary of the SLANG Worldwide Inc. (SLGWF) Q4 2023 Earnings Call Transcript:
Financial Performance:
SLANG Worldwide reported a gross profit of $18.68 million before fair value adjustment of biological assets in 2023, an increase of 6.0%.
The company successfully reduced operating expenses to $24.61 million, marking a 21% decrease.
Q4 2023 revenue was $7.42 million, a decrease of 37% compared to Q4 2022, mainly due to challenging market conditions in Colorado and Vermont.Full fiscal year 2023 revenue also decreased by 7% YoY to $35.68 million.
The company reported an adjusted EBITDA loss of $1.9 million in fiscal 2023, an improvement from a loss of $3.65 million in fiscal 2022.
Business Progress:
SLANG Worldwide expanded into new markets, including Maryland and West Virginia in 2023, and plans to launch its vape brand in Arizona.
The company unveiled a 2-gram disposable vape line and launched a THC-Free product line which contributed to a 54% YoY increase in e-commerce sales.
SLANG has moved into Vermont's retail market with wholesale sales reaching over $1 million.
More details: SLANG WORLDWIDE INC IR
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