LEAFBUYER TECHNOLOGIES, INC. [LBUY], a leading cannabis technology platform, has reported a net loss of $585.2 million for the year ended June 30, 2023. Despite the loss, the company generated annual revenue of $5.09 million, representing a solid performance in the highly regulated cannabis industry.
Leafbuyer Technologies, Inc. recorded a gross profit of $2.25 million, a significant improvement compared to the previous year's gross profit of $1.09 million. The company's operating expenses decreased slightly from $2.69 million to $2.67 million. However, the loss from operations narrowed from $1.60 million to $420,221, demonstrating the company's efforts to improve its operational efficiency.
The company experienced a notable increase in revenue, with a 34% growth year over year. This growth can be attributed to Leafbuyer Technologies' expanded presence in the cannabis market, as well as its focus on providing innovative technology solutions to dispensaries and consumers. The increasing adoption of cannabis and the legalization of recreational use in numerous states have also contributed to the company's revenue growth.
Leafbuyer Technologies, Inc. maintained a strong financial position, with total assets amounting to $1.83 billion as of June 30, 2023. The company's current assets stood at $610.5 million, including $445.7 million in cash and cash equivalents. Its noncurrent assets, comprising fixed assets and intangible assets, were valued at $1.23 billion.
The company reported a loss per share of $0 for the year ended June 30, 2023. This is a significant decrease compared to the previous year's earnings per share of $0.01. The increase in the number of outstanding shares contributed to the lower earnings per share. The weighted average common shares outstanding for the year were 95.92 million on a basic level and 143.09 million on a fully diluted level.
Looking ahead, Leafbuyer Technologies, Inc. remains focused on driving revenue growth and improving its bottom line. The company plans to further expand its customer base by enhancing its product offerings and increasing its market share in the rapidly growing cannabis industry. Additionally, Leafbuyer Technologies will continue to invest in technological advancements, aiming to provide best-in-class solutions for dispensaries and consumers.
Despite the net loss, Leafbuyer Technologies, Inc. has made significant progress in expanding its operations and increasing its revenue. The company's focus on innovation, combined with the favorable regulatory environment for cannabis, positions it well for future growth. With a robust financial position and a strategic outlook, Leafbuyer Technologies is poised to capitalize on the increasing demand for cannabis technology solutions in the market.