Elixinol Wellness Limited's FY2023 Financial Performance

Elixinol Wellness Limited (ASX: $EXL) has reported a loss of $7,507,000 for the year ended 31 December 2023, a decrease from the loss of $10,571,000 in the previous year. The Group's revenue from continuing operations reached $8,269,000, showing an increase from $7,055,000 in the year ended 31 December 2022.

Executive Commentary on FY2023 Performance

The directors consider EBITDA and Adjusted EBITDA to reflect core earnings of the Group. The Group's loss for the year was impacted by non-recurring transaction costs and non-cash impairments of intangibles and other assets. The Australian segment reported revenue of $5,587,000, with an Adjusted EBITDA loss of $1,115,000. The Americas segment reported a revenue decline of 20% compared to the previous year, amounting to $2,638,000 in FY2023.

Summary of FY2023 Report and Outlook

Elixinol Wellness Limited's FY2023 financial report reflects a decrease in loss compared to the previous year, with an increase in revenue from continuing operations. The Group's performance was impacted by non-recurring transaction costs and non-cash impairments. The Australian segment saw revenue growth, driven by strong sales and the acquisition of The Sustainable Nutrition Group Ltd. However, the Americas segment experienced a decline in revenue due to regulatory challenges. The Group's future outlook may be influenced by the sale of non-core assets and the expansion of distribution channels.