GLG Life Tech Corporation Reports 2023 Annual & Fourth Quarter Financial Results

GLG Life Tech Corporation (TSX:GLG), a leader in zero-calorie natural sweeteners, announced financial results for the three and twelve months ended December 31, 2023. The financial statements and management discussion are available on SEDAR and the company's website.

For the fourth quarter of 2023, GLG reported revenues of $4.4 million, a 69% increase from $2.6 million in the fourth quarter of 2022. Annually, 2023 revenues were $10.3 million, slightly down from $10.5 million in 2022. The company recorded $2.2 million in gross profit for 2023, with a 20% gross profit margin, down from 29% in 2022.

Net income for the fourth quarter of 2023 was $3.6 million, a decrease from $8.3 million for the same period in 2022. The annual net loss was $13.0 million, up from $8.9 million in 2022. The company is undergoing a delisting review by the TSX but is considering an application to the TSX-V.

Significant corporate developments include an agreement to transfer Qingdao Runde Biotechnology Company, expected to benefit GLG's production and resolve significant bank debt. Additionally, a failure-to-file cease trade order was issued due to delays in filing financial statements.