Halo Collective has announced that it has now been delisted from the CBOE Exchange as it reported dual sets of ‘challenging’ financial results.
Yesterday (August 15), the company published its Q2 2023 financial results, reporting plummeting year-on-year sales figures.
In the three months to June 30, 2023, Halo saw its revenues drop 48.1% to $3.6m, while the total amount of product sold dropped 31.5% to 1.4m grams.
It attributed these declines to ongoing oversupply in its key markets of Oregon and California, which saw sales declines of 27.1% and 77.7% respectively during the period.
Meanwhile gross profits dropped 16.5% to $1.8m, while EBITDA losses for the quarter came in at $4.5m, which the company said ‘reflected its dedication to managing operational costs’, which dropped by 67.4% year-on-year.
Amid the announcement, Halo announced that as of August 14, it had been delisted from the CBOE exchange, but offered little explanation.
The news came just days after Halo published its long-delayed Q4 results, and its Q1 2023 results, following a change in auditor.
These results failed to provide much solace for investors, seeing revenues drop from $8.4m in Q4 2021 to $4.6m in Q4 2022, again attributed to challenges in Oregon and California.
Similarly, while gross profits improved from a loss of $1.3m to $45,236 over the same period, its EBITDA loss grew from $7.7m to $12.3m.
Meanwhile, for the first quarter of 2023, revenues stayed flat from the previous quarter at $4.6m, representing a 38.9% year-on-year decline.
Gross profits edged up to $1.7m, a 36% year-on-year increase, while EBITDA was positive at $204,351.