Althea has heralded March as a “landmark turning point” after generating its first monthly operating profit.
The company said it recorded a positive cash flow of A$1.49 million for the month, with record customer receipts for the quarter of $9.24m, up almost 70% on the same period last year.
Its net operating loss of $1.63m was a 24% improvement on the previous corresponding period, helped by an 11% reduction in staff expenditure as it continued to cut costs.
Chief executive Josh Fegan said: “March 2023 was a landmark turning point for the company as we achieved record monthly cash receipts and a maiden monthly operating profit.
“To close out the quarter with such a strong month sets us up well for an expected substantial improvement in cash flow position, and a quarterly operating profit, for the final quarter of FY23.”
Althea’s medical division generated receipts of $3.75m, up 11% on the prior quarter, with recreational business Peak Processing up 57% to $5.15m.
The company said sales of its first soft-gel capsules were continuing to rise as more doctors become familiar with the product.
Two further soft-gel formulations are expected to be released in the June quarter, while Althea also launched 30g packs of its THC18 and THC25 flower.
Althea shares remained unchanged at $0.045c in early trading today.
