Carl Goyette, president and CEO of Guru Organic Energy (Photo: Martin Flamand)
The company Guru Organic Energy (GURU, $2.27) published net revenues up 15% for the third quarter of 2023 reaching $8.9 million, compared to $7.7 million in the same period. quarter last year.
Its sales in Canada increased by 7% to $7.5 million while sales in the United States climbed 38% to $1.4 million.
“Increased sales velocity, primarily in major Canadian urban centers, along with our new Guru Fruit Punch, continued to fuel our growth,” said Carl Goyette, President and CEO of Guru Organic Energy , by press release.
Guru’s gross margin, which includes distribution, sales and merchandising costs, was 51.2%, down slightly from last year when it reached 54.8%.
Loss before taxes, interest and amortization was $3 million, compared to a loss of $6.5 million in the third quarter of 2022, for a loss per share of -$0.09.
The company continued to reduce operating, sales, marketing and administrative expenses. They amounted to $8.1 million for the quarter, compared to $11 million for the same period last year. Sales and marketing expenses decreased to $5.7 million from $8.5 million.
The company reports that it has $48.7 million in cash and undrawn credit facilities.
To reread: Guru and Nuvei, one year later
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