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CubicFarm Systems Reports Q1 Fiscal Year 2023 Financial Results
Monday, May 29, 2023Company Profile | Follow Company
Langley, BC, May 18, 2023--(T-Net)--CubicFarm Systems Corp. (TSX:CUB) reports its quarterly financial and operating results for three months ended March 31, 2023. All amounts are in Canadian dollars, unless otherwise stated.
First Quarter Financial Results
First Quarter Operational Highlights
"We reported our first quarter financial results, which demonstrate revenue growth and a significant reduction in net losses compared to the previous year. Our diligent cost reduction measures have yielded positive results, with operating expenses substantially reduced," said Interim CFO Michael Kyne. "Additionally, our strategic partnerships and successful installations continue to drive operational progress. We remain committed to delivering value to our shareholders and pursuing opportunities for sustainable growth in the agricultural industry."
The Company's first quarter financial statements and management's discussion and analysis will be issued and filed on SEDAR at www.sedar.com on May 15, 2023, and are available here.
About HydroGreen
HydroGreen produces Automated Vertical Pastures™, a type of smart farming equipment that uses a unique process to sprout grains such as wheat and barley, in a controlled growing environment to efficiently produce a high-performance feed ingredient for livestock 365 days a year. HydroGreen's equipment is simple and easy to operate and performs all growing functions automatically, including seeding, watering, lighting, harvesting, and re-seeding, which allows livestock businesses to feed consistent nutrition every day with minimal labour. When balanced correctly in the ration, HydroGreen sprouted grain modifies animal digestion which enhances productivity and reduces the amount of enteric methane emitted in ruminant livestock. The result also enables environmental benefits to the farm while helping to meet increasing demand for valuable farm-based inset and offset carbon credits.
About CubicFarms
CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "target," "believe," "plan," "outlook," "estimate," or "expect" and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. [ MORE ] |
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