Lovesac Co. Stock Price, News & Analysis

Cannara Biotech Inc. reported strong fiscal second quarter 2023 results, with net revenues of $13 million, reflecting a 76% increase year-over-year. For the first half of 2023, revenues reached $23.4 million, up 67%. The company achieved positive Adjusted EBITDA of $3.2 million, a remarkable 1500% increase compared to Q2 2022. Gross profit before adjustments was $4 million for the quarter, with a 54% increase year-over-year. Significant operational expansion includes the activation of additional growing zones, boosting total production capacity to an annual estimate of 27,000 kg. With a solid working capital of $25.6 million, the company is positioned for further growth in the Canadian cannabis market.

The Lovesac Company reported strong financial results for Q4 and fiscal year 2023, despite macroeconomic challenges. Net sales increased by 21.7% to $238.8 million in Q4 and 30.8% to $651.5 million for the full year. However, net income fell to $27.6 million in Q4 and $28.2 million in fiscal 2023, down 15.3% and 38.5% year-over-year, respectively. Adjusted EBITDA surged 51.0% in Q4 to $48.3 million and 8.7% for the fiscal year to $60.4 million. For fiscal 2024, the company expects net sales between $700 million and $740 million.

The Lovesac Company (Nasdaq: LOVE) announced its upcoming participation in a fireside chat at the Canaccord Genuity eCommerce Sustainable Advantage Virtual Forum on March 23, 2023, at 9:30 AM ET. This event will be webcast live on the Company's Investor Relations website, with an archive available post-presentation. Lovesac is known for its innovative furniture, particularly the Sactionals modular couches and Sacs foam chairs, emphasizing sustainability and quality through their Designed for Life approach. The brand combines technology and responsible production, supported by a portfolio of utility patents.