CubicFarm Systems (TSE:CUB) has released an update.
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CubicFarm Systems Corp., a leader in local chain agricultural technology, reported an increase in annual revenue to $4.3 million for 2023, up from $3.6 million the previous year, attributing the rise to higher machine sales. The company also announced a significant reduction in corporate overhead by 65% compared to the prior year, aligning with its cost reduction strategy. Despite these improvements, CubicFarms experienced a net loss of $16.4 million, although this was markedly lower than the $61.2 million loss reported for the previous year.
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