Can B Corp. (OTCQB:CANB) released its financial results for the twelve months ended December 31, 2022, revealing revenue increased 45% to $6.7 million, compared with $4.6 million in 2021.

Financial Highlights for 2022

• Gross profit decreased 13% to $2.6 million.

• Gross margin decreased to 39.1%, compared to 65.0% in 2021.

• Adjusted EBITDA loss decreased by 25% to $2.1 million.

• Net loss was $14.9 million, or ($4.18) per share, an increase of $2.8 million, or 23%, compared with a net loss of $12.1 million, or a net loss of ($9.06) per share, for the twelve months ended December 31, 2021. On a per-share basis this loss is a 46% reduction over 2021.

• Total assets at $15.6 million.

Corporate Debt Restructuring to Position for Uplisting to National Securities Exchange

Through the restructuring, Can B raised $1.55 million of new capital and extended previously due notes payable totaling $7.0 million to September 1, 2023, and December 31, 2024, to give the company an additional window to deploy the capital from the new raise. A key component of the restructuring was the sale of $5.7 million of accounts receivable from Can B's Duramed Inc. and Duramed MI, LLC divisions to fund payments on two promissory notes for $2.5 million and $1.5 million due to Can B Corp's largest institutional investor.

Marco Alfonsi, Can B's CEO, stated, "2022 was a transition year for us, for as we increased revenue as expected and achieved record annual revenue of $6.7 million, we had to deal with consolidating business and integrating our acquisitions. We are pleased with the position of our business heading into the remainder of 2023."

Alfonsi concluded, "While we generated an all-time high in annual revenue, we were able to also reduce our cash burn as demonstrated by the 25% decrease in adjusted EBITDA loss to $2.1 million. Our team made great strides over the past several months integrating and ramping up the various operations. We strategically acquired additional processing equipment to complete our vertical hemp processing capabilities from biomass to crude to distillate to isolate to isomers- all now located in our Colorado operation. We are executing on major strategic agreements, such as Pure Health Products' deal with Brooke Burke Superfood, and are very excited about the demand and results thus far. As we look forward in 2023, we are enthusiastic regarding the growth opportunities and prospects for our business and are in position for an uplisting to a national securities exchange."

Photo by Esteban López on Unsplash

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