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CBUS Nasdaq· Cibus CorpClass A
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CBUS Nasdaq· Cibus CorpClass A
Earnings report Q3 2023

Cibus, Inc. Reports Impressive Revenue Growth in Latest Quarter

Segments of revenue

In the third quarter of 2023, Cibus, Inc. generated $0.5 million in revenue, representing a significant increase of $0.4 million or 1,031 percent compared to the same period in 2022. This growth was primarily driven by the addition of Cibus Global revenue, which included amounts earned from collaboration agreements related to contract research for rice and soybean. Additionally, revenue from Legacy Calyxt's operations, associated with the company's agreement to develop a palm oil alternative for a large food ingredient manufacturer, contributed to the overall revenue.

Strengths

Cibus, Inc. demonstrated impressive revenue growth in the latest quarter, with a substantial increase of $0.4 million or 1,031 percent compared to the same period last year. This growth can be attributed to the addition of Cibus Global revenue and the successful collaboration agreements for contract research. The company's strategic alignment with a large food ingredient manufacturer to develop a palm oil alternative also contributed to the revenue growth. Management's focus on expanding the product portfolio and entering into strategic partnerships has proven to be successful in driving revenue growth.

Challenges

Despite the positive revenue growth, Cibus, Inc. reported a net loss of $34.5 million in the latest quarter. The company's research and development expenses significantly increased by $14.5 million or 481 percent compared to the third quarter of 2022. This substantial increase in expenses indicates the company's ongoing investment in its pipeline of productivity traits. As a result, Cibus, Inc. expects to continue incurring significant expenses and operating losses in the coming years.

Noteworthy

Cibus, Inc.'s revenue growth of $0.4 million or 1,031 percent in the third quarter of 2023 is noteworthy. The addition of Cibus Global revenue and successful collaboration agreements for contract research played a crucial role in driving this exceptional growth. Furthermore, the company's strategic alignment with a major food ingredient manufacturer to develop a palm oil alternative demonstrates its commitment to innovation and meeting market demands.

Summary

Cibus, Inc. delivered an impressive performance in the latest quarter, with a significant increase in revenue of $0.4 million or 1,031 percent compared to the same period last year. This growth was primarily driven by the addition of Cibus Global revenue and successful collaboration agreements for contract research. However, the company reported a net loss due to substantial research and development expenses. Despite the challenges, Cibus, Inc. remains focused on expanding its product portfolio and entering into strategic partnerships to drive future revenue growth.

Source documents

Form 10-Q  filed on Nov 09, 2023
32 pages scanned

Reference data

Company financials Q3 revenue 475k
Analyst estimates Q3 EPS beat by 37.07%
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