07:59 AM EDT, 03/25/2024 (MT Newswires) -- Auxly Cannabis Group Inc. ( CBWTF ) reported Monday a net loss of $54.0 million in the fourth quarter of 2023, widening year over year from a net loss of $16.1 million.

Net revenues increased 9% to $26.9 million while adjusted EBITDA stood at $2.3 million from an adjusted EBITDA loss of $783,000 in the previous year.

For full-year 2023, Auxly posted a net loss of $0.04 per share, narrowing the 2022 net loss of $0.15.

Revenue increased 7% to a record $101.1 million while adjusted EBITDA totaled $1.5 million compared to an adjusted EBITDA loss of $16.9 million in 2022.

"For the first time in our corporate history, we achieved full year adjusted EBITDA profitability; broke one hundred million dollars in net revenue; and generated positive cash flow from operations," CEO Hugo Alves said. "We focused and optimized our business, resulting in meaningful cost savings and industry-leading margins, all done while delivering quality products and meeting the ongoing demands of our consumers."

For 2024, Auxly said it will focus on growing key product categories of vape, pre-roll and dried flower while improving distribution and sales of its products.

The company surged 33.3% on Friday.