Cronos Australia is well positioned to cross the A$100 million revenue threshold after recording $26m in cash receipts across the first quarter of the 2023 financial year.
That figure was up $3m, or 13%, on the prior quarter, with September alone accounting for nearly $10m in revenue — a new high for the company.
The strong quarter translated into a net operating cash flow exceeding $3.8m.
Units sold through the company's CanView platform, which received an overhaul during the period, rose 30% to 214,000, bringing the running total to 830,000.
Cronos shares gained 1% in Wednesday morning trade to $0.93c before pulling back to $0.925, a decline of 0.54%.
Cronos Australia chief executive Rodney Cocks said: "Building on the company's record year in FY22, the momentum that CAU has worked hard to establish has continued into FY23, with significant growth being achieved across all key performance metrics during the first quarter.
"We remain laser focused on our core strategy objectives and delivering growth and shareholder value during the remainder of FY23 and beyond."
The company, which distributed a $5.5m shareholder dividend earlier in the month and launched a new distribution warehouse in Melbourne, reported that 230 pharmacy accounts and 80 doctor accounts were added to CanView during the quarter, pushing the respective totals to 3,038 and 800.
Providing an update on board composition, Cronos said the departure of former chief medical officer and board director Ben Jansen prompted a review of the company's clinic operations, which are now described as being "reset for growth."
No further details were provided.
Following the appointments of Jenelle Frewen and Dr Simone Scovell to the board in September, Cronos said 60% of its directors are now independent non-executives and 60% are female.
"The company is confident that the board is now well-positioned to execute on the company's strategic vision and objectives and to deliver further shareholder value," the company said.
Ben Jansen's wife, acting as trustee for Stanford Investment Trust — a significant Cronos shareholder — has filed her intention to pursue her husband's reinstatement, while Dr Jansen's cousin, Matua, is seeking the removal of chief executive Rodney Cocks and director Guy Headley.
Both resolutions are scheduled to be put to shareholders at the company's AGM next month.
