CubicFarm Systems Corp. has filed its audited financial statements for the fiscal year ending December 31, 2023. The company reported a revenue increase to $4.3 million, driven by higher machine sales, and a significant reduction in overhead costs by 65%, thanks to a cost-cutting plan initiated in 2022. Despite improvements, CubicFarms posted a net loss of $16.4 million, down from $61.2 million in the prior year.
"As we move forward, CubicFarms is committed to continue operating as a lean, efficient business focused on disciplined growth," said Interim CEO of CubicFarms and President of HydroGreen, John de Jonge. "We continue to explore all options and remain optimistic about future prospects. With HydroGreen, we are well-positioned to serve the dairy and cattle industries, which have a strong demand for our technology and feed solution. The world continues to face challenges such as climate change, drought, and land scarcity, and so we remain dedicated to providing innovative indoor growing solutions that conserve agricultural resources and provide superior nutritious feed to benefit dairy and beef animals."
The company is also addressing a cease trade order (FFCTO) issued in July 2024 for missing filing deadlines. CubicFarms plans to resolve this by filing its interim financial statements by October 24, 2024, after which it will apply to revoke the FFCTO.
For more information:
CubicFarms
Tel.: 1-888-280-9076
[email protected]
www.cubicfarms.com