Record topline quarterly performance, supported by increased sales velocities and solid results from Theanine Fruit Punch launch across Canada, another #1 ranked innovation.1Q3 2023 net revenue increased
MONTRÉAL, Sept. 14, 2023 -- GURU Organic Energy Corp. , Canada's leading organic energy drink brand1, today announced its results for the third quarter ended July 31, 2023. All amounts are in Canadian dollars unless otherwise indicated.
"Q4 has started strong with additional wins in the grocery sector in Canada through our distribution partner, increasing our energy drinks' availability in grocery stores. September will also see the start of a rotational program with a leading wholesale club in Quebec. The fourth quarter will continue to be active with The Amazing Race Canada sponsorship, our fall Feel Good Energy Challenge and University Campus programs.
Gross profit totalled $4.5 million, compared to $4.2 million in Q3 2022. Gross margin, which is comprised of distribution, selling and merchandizing fees, amounted to 51.2% in Q3 2023, compared to 54.8% for the same period a year ago. The decrease in gross margin was mainly due to higher costs of goods sold and more promotional activity. For the nine-month period, gross profit totalled $11.3 million, compared to $12.2 million a year ago. Gross margin for the nine-month period was 52.
Adjusted EBITDA2 amounted to a loss of $3.0 million in Q3 2023, compared to a loss of $6.5 million for the same quarter a year ago. The improvement in Adjusted EBITDA loss for the quarter was mainly due to lower selling and marketing expenses during the period. Adjusted EBITDA for the first nine months of the year was a loss of $8.1 million in 2023, compared to a loss of $13.3 million in 2022.
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