Vext Science (CSE: VEXT) (OTCQX: VEXTF) reported flat revenue but lower full-year profit for 2023 versus the prior year, weighed down by persistent problems in its core Arizona operations.
For the year ending Dec. 31, the Arizona-based company said its net income fell to $4.4 million from $10.9 million in 2022, according to results released after a delay that prompted a regulatory management cease trade order.
However, Vext’s revenue for 2023 held relatively steady at $34.8 million, down just 1.7% from $35.4 million the previous year, as growth in its Ohio market helped offset declines in Arizona.
“Despite sustained pressure on the consumer and ongoing market-specific challenges in Arizona, Vext continued to perform better than the market during (the fourth quarter),” CEO Eric Offenberger said in a statement.
He cited initiatives over the past year positioning the firm for future growth, including bettering balance sheet…
