Cronos Australia is on course to break the A$100 million revenue barrier after generating $26m in cash receipts during the first quarter of the 2023 financial year.
The figure represented growth of $3m, or 13%, on the previous quarter with September alone pulling in almost $10m of revenue, a record for the company.
The result helped Cronos report a net operating cash flow of more than $3.8m.
Meanwhile, the number of units sold through the firm’s CanView platform, which underwent a revamp during the quarter, climbed 30% to 214,000, taking the cumulative total to 830,000.
Cronos shares climbed 1% in Wednesday morning trading to $0.93c per share before slipping back to $0.925, down 0.54%.
Cronos Australia chief executive Rodney Cocks said: “Building on the company’s record year in FY22, the momentum that CAU has worked hard to establish has continued into FY23, with significant growth being achieved across all key performance metrics during the first quarter.
“We remain laser focused on our core strategy objectives and delivering growth and shareholder value during the remainder of FY23 and beyond.”
The firm, which paid a shareholder dividend of $5.5m earlier this month and opened a new distribution warehouse in Melbourne, said it added 230 pharmacy and 80 doctor accounts to CanView during the quarter, taking the totals to 3,038 and 800 respectively.
In an update on its board structure, Cronos said the exit of former chief medical officer and board director Ben Jansen triggered a review of the company’s clinic businesses with the operations now “reset for growth”.
No other details were disclosed.
With the addition of Jenelle Frewen and Dr Simone Scovell, who joined the board in September, Cronos said 60% of its board are now independent non-executive directors and 60% are female.
“The company is confident that the board is now well-positioned to execute on the company’s strategic vision and objectives and to deliver further shareholder value,” it said.
The wife of Ben Jansen, acting as a trustee for Stanford Investment Trust, a major Cronos shareholder, has lodged her intention to seek the reinstatement of her husband, while Dr Jansen’s cousin, Matua will seek the removal of chief executive Rodney Cocks and director Guy Headley.
Both resolutions will be put forward at the firm’s AGM next month.