Executive Summary

Q3 FY2023 revenue was $7.3M (down from $7.7M in Q2), with diluted EPS of -$0.02 and adjusted EBITDA loss of $0.7M; adjusted EBITDA improved 46% QoQ as cost controls took hold .
Net loss widened to $3.6M due to non‑cash items, including a ~$0.9M impairment and ~$0.2M stock‑based compensation, despite operating loss improving to $1.6M from $1.8M in Q2 .
Subsequent event: the Markham, Illinois dispensary opened with a Grand Opening on May 27, 2023—management cites Chicagoland as underserved, positioning the store as a growth catalyst .
Portfolio refinement continues: the Michigan dispensary was divested to focus time and capital on Illinois and New Jersey; New Jersey licensing advanced with formal planning committee approval .
Wall Street consensus (S&P Global) was unavailable for BMMJ this quarter, so no beat/miss analysis versus estimates could be performed (S&P Global data not available for this ticker).

What Went Well and What Went Wrong

What Went Well

Adjusted EBITDA loss improved to -$0.7M from -$1.3M in Q2—an improvement of 46% QoQ, reflecting cost reductions and operational streamlining .
Strategic expansion milestones: Markham, Illinois dispensary opened post‑quarter (Grand Opening May 27), with management citing underserved demand in the Chicagoland market .
Product expansion: Ohio processing launched Pretzel Bites, Turbo, and vaporization cartridge products to drive wholesale momentum .

Selected management quote: “Our most recent quarter reflects a 46% improvement in adjusted EBITDA over last quarter as we continue to streamline our operations and expand into new markets… the Grand Opening of the Markham, Illinois dispensary was a significant milestone for the Company.” — CEO Michael Mills .

What Went Wrong

Topline softness: revenue declined to $7.3M from $7.7M in Q2 amid continued development expenses and market dynamics .
Net loss widened to $3.6M from $2.7M, driven by non‑cash impairment of ~$0.9M and stock‑based comp of ~$0.2M, despite better operating performance .
Gross profit slipped to $2.07M from $2.26M QoQ as revenue softened and development/startup costs continued to weigh on results .

Financial Results

Metric	Q1 FY2023	Q2 FY2023	Q3 FY2023
Revenue ($USD Millions)	$7.8	$7.7	$7.3
Gross Profit ($USD Millions)	$1.6	$2.26	$2.07
Net Operating Income (Loss) ($USD Millions)	($2.0)	($1.8)	($1.6)
Net Income (Loss) ($USD Millions)	($3.0)	($2.7)	($3.6)
Diluted EPS ($)	($0.03)	($0.02)	($0.02)
Adjusted EBITDA ($USD Millions)	($1.6)	($1.3)	($0.7)
Common Shares Outstanding (End of Period)	146,636,974	146,636,974	146,636,974

Balance sheet snapshot:

Metric	Q1 FY2023	Q2 FY2023	Q3 FY2023
Total Current Assets ($USD Millions)	$6.7	$8.1	$7.2
Total Assets ($USD Millions)	$29.0	$32.6	$32.6
Total Current Liabilities ($USD Millions)	$7.6	$8.5	$10.8
Total Liabilities ($USD Millions)	$21.9	$27.6	$31.0

Non‑GAAP reconciliation highlights (Q3 FY2023):

Item	Q3 FY2023
Net Loss ($USD)	($3,608,770)
Interest Expense ($USD)	$484,522
Tax ($USD)	$939,028
Depreciation/Amortization ($USD)	$351,247
EBITDA ($USD)	($1,851,973)
Loss on impairment ($USD)	$944,015
Stock‑based compensation ($USD)	$177,642
Adjusted EBITDA ($USD)	($730,316)

Notes:

Segment revenue breakdown not disclosed in the company’s press release/8‑K for these quarters .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue/EPS guidance	FY2023/Q4	None provided	None provided	Maintained (no formal financial guidance)
Illinois (Markham) opening timeline	Spring 2023	“Projected first retail sale… in April 2023”	“Grand Opening… May 27, 2023”	Slightly delayed; executed post‑quarter
New Jersey retail license status	2023	“State license application submitted; design/planning commenced”	“Formal planning committee approval; design/architectural plans underway; working with authorities to complete state license”	Progressed through planning approvals

Earnings Call Themes & Trends

No earnings call transcript was found for Q3 FY2023; themes below are synthesized from management’s press releases and 8‑K disclosures.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Illinois retail build‑out (Markham)	Q1: Construction commenced, keystone mall location . Q2: >90% complete; projected April 2023 first sale .	Grand Opening May 27, 2023; management sees Chicagoland as underserved .	Execution milestone achieved; ramp catalyst
New Jersey licensing	Q1: State license application submitted; design/planning started .	Formal planning committee approval; design/architectural plans continuing; advancing licensing .	Steady progress toward opening
Pricing/macro (Nevada wholesale)	Q1: Flower price declines pressured results . Q2: Increased wholesale flower pricing in Nevada improved gross profit and op loss .	Not highlighted in Q3 release .	Stabilized commentary
Portfolio optimization	Not highlighted in Q1/Q2	Michigan dispensary divested to focus on IL/NJ .	Footprint rationalization
Product expansion	Q2: Began selling BaM‑branded vape cartridges in Arkansas .	Ohio processing launched Pretzel Bites, Turbo, and vapes .	Broader product offerings

Management Commentary

“Our most recent quarter reflects a 46% improvement in adjusted EBITDA over last quarter as we continue to streamline our operations and expand into new markets… the Grand Opening of the Markham, Illinois dispensary was a significant milestone for the Company.” — Michael Mills, CEO .
Management emphasized operational focus on Illinois and New Jersey and continued work with state/local authorities to advance projects and apply for licenses in new jurisdictions .

Q&A Highlights

No Q3 FY2023 earnings call transcript identified; therefore, there are no Q&A highlights to report [ListDocuments showed 0 transcripts for 2023].

Estimates Context

S&P Global consensus estimates for BMMJ were unavailable due to missing CIQ mapping, so we cannot benchmark Q3 FY2023 revenue or EPS versus Street expectations (S&P Global data unavailable for this ticker).
In the absence of published consensus, investors should focus on QoQ trajectory (notably the 46% adjusted EBITDA improvement) and the potential revenue ramp from the newly opened Illinois dispensary .

Key Takeaways for Investors

Adjusted EBITDA trajectory is improving: losses narrowed from ($1.6M) in Q1 to ($1.3M) in Q2 to ($0.7M) in Q3, driven by cost controls and operational efficiencies .
The net loss widened in Q3 due to non‑cash impairment (~$0.9M) and stock‑based compensation (~$0.2M) despite a better operating loss; watch for non‑cash adjustments in coming quarters .
The Illinois Markham dispensary opened post‑quarter and represents a near‑term revenue catalyst in an underserved Chicagoland market, per management commentary .
New Jersey remains a medium‑term growth lever with planning approvals achieved; continued licensing progress could add another retail node .
Portfolio rationalization (Michigan divestiture) reflects capital allocation discipline toward higher‑ROI markets (IL/NJ) .
Balance sheet shows rising liabilities and current liabilities; watch liquidity and working capital as new stores scale (Q3 current assets $7.2M vs. current liabilities $10.8M) .
With no formal guidance and no published Street consensus, near‑term stock reaction is likely to hinge on IL ramp data points, further cost discipline, and visibility on NJ timing .

Sources: Q3 FY2023 8‑K and press release (June 21, 2023) ; Q2 FY2023 8‑K and press release (March 23, 2023) ; Q1 FY2023 8‑K and press release (January 25, 2023) .

BODY & MIND INC. (BMMJ)·Q3 2023 Earnings Summary