09:10 AM EDT, 04/02/2024 (MT Newswires) -- Lifeist Wellness Inc. ( LFSWF ) overnight Monday reported a net loss from continuing operations of $6.3 million, or a loss of $0.005 per diluted share, in the fourth quarter of 2023, compared to a year-ago loss of $8.1 million, or a loss of $0.005 per diluted share. The company attributed the improvement to operational efficiencies that resulted in higher gross profit and lower operating costs.

Net revenue came in at $4.7 million in the fourth quarter of 2023, declining from $6.2 million in the previous year, driven by supply chain challenges impacting CannMart's cannabis revenue.

Gross profit increased to a record $2.0 million in the fourth quarter of 2023 from $1.9 million in the same period last year.

Adjusted EBITDA loss improved to $5.0 million in the fourth quarter of 2023 compared to a loss of $5.5 million a year ago.

"Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company's history," CEO Meni Morim said.

The company said it is looking to implement more cost and operational efficiency measures in 2024.