07:23 AM EDT, 03/26/2024 (MT Newswires) -- Nova Cannabis Inc. ( NVACF ) reported Tuesday net earnings of $438,000, or $0.01 per share, in the fourth quarter of 2023, reversing a loss of $4.8 million, or $0.08 per share, in the year-ago quarter.

Revenue increased 10% to $67.4 million in the year-ago quarter.

Adjusted EBITDA doubled to $6.4 million from $3.2 million in the previous year.

"Nova has achieved significant milestones this year, marked by sequential gross profit growth and positive net earnings for three consecutive quarters," CEO Marcie Kiziak said. "Our success in the current market is a direct result of our sharp focus on inventory management and the strategic enhancement of our proprietary data agreements, which has contributed to our positive cash flow position this past year."

For 2024, Nova said it will focus on "tactical opportunities" in British Columbia and Ontario while noting that its Value Buds banner is "well-positioned to endure success in Canada's dynamic cannabis retail sector."

The company dropped 1.7% yesterday.