Cann Group recorded operating losses of nearly A$34 million for FY23, a 28% increase on the prior year, even as the company more than doubled its sales figures.
Revenue grew 115% to reach $13.8 million, with total revenue — including government grants and tax incentives — climbing to $21.7 million.
Sales of inhalable flower products surged 500% over the course of the year.
The company attributed the growth to domestic demand, with expanded capacity and more reliable supply from its Mildura facility enabling it to broaden its customer base.
However, the scale of the losses drew scrutiny, with independent auditor William Buck flagging "material uncertainty that may cast significant doubt on the group's ability to continue as a going concern".
Beyond the headline loss, net cash outflows reached $22.9 million and the group carried a net working capital deficiency of $32 million.
Chief executive Peter Koetsier has previously defended the firm's financial position.
He said the company has made "considerable progress" during FY23, including completion of Mildura.
"This state-of-the-art facility represents a substantial investment and an asset that must be fully utilised to capitalise on its capabilities and production efficiencies," he said. "As we continue our growth towards 12.5 tonne optimal capacity, we expect Cann Group to prove to be a globally competitive and profitable business.
"The company is now focused on scaling production of its high-quality portfolio, as well as fully resourcing our sales and marketing in an effort to quickly build revenue."
Cann Group noted that its most recent harvest equated to an annualised production rate of eight tonnes, coming in 17% ahead of target, with the company expressing an "ultimate desire" to hit annualised production of 12.5 tonnes by FY25.
In its annual report, the company said its "confidence" in reaching profitability stems from the "strong revenue growth across FY23, coupled with scaled increase in annual yield occurring with many fixed costs within the Mildura facility".
