Little Green Pharma reported a net cash operating deficit of almost A$10 million in the financial year to March, despite pulling in revenues of around $20m.
The firm generated customer receipts of $6.7m in the final quarter, up from $6m in the prior three-month period and more than double that of the previous corresponding period.
Unaudited revenue for the 12 months climbed to around $20m, LGP said. The company reported revenue of $10.3m in the nine months to March 31 2022.
The shortened year followed a change in LGP’s financial reporting calendar to align with its Danish business.
Despite healthy revenue growth, net cash used in operating activities between January and March totalled $1.2m, rising to $9.8m for the full year.
Product, manufacturing and operating costs for the full year neared $15m with staff costs of nearly $10m.
The company ended the period with $12.4m cash at bank.
Meanwhile, flower sales continued to rise during the fourth quarter, climbing nearly 50% from the previous three months. Oil sales remained steady, LGP said.
Its Danish operation saw a 25% increase in flower sales to Europe.
