Village Farms reports $34.6 million in produce sales in first quarter

Village Farms, in its first quarter financial reports, says it had $34.6 million in produce sales in the first quarter of 2023. Overall sales, including its produce, cannabis and other interests, totaled $48.1 million. 

“In our Fresh Produce business, again this quarter we achieved considerable improvement in our operations, which drove a $6.6 million turnaround in adjusted EBITDA," said CEO Michael DeGiglio. "We are benefitting from the first steps in our multi-part plan to return this strategic and important part of our business to profitability. The much improved first quarter, helped by some macro-environment stabilization, continues to support our confidence in substantially improved financial performance from Fresh Produce for this year.”

Overall net losses for the fist quarter in the produce sector were $2.6 million compared with a net loss of $5.6 million in the previous quarter. Additionally, Village Farms says its adjusted earnings before interest, taxes, depreciation, and amortization improved for a third straight quarter. In the first quarter of 2023, EBITDA was at negative million. It was negative $6.2 million in the previous quarter. 

Per the report, the company reported overall losses of $6.6 million, or $0.06 per share. 

Also in the report, Village Farms disclosed that it has commenced the sale process of its greenhouse in Permian Basin, Texas.