Diamond Estates Wines & Spirits (TSE:DWS) has released an update.
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Diamond Estates Wines & Spirits Inc. reported a decrease in first-quarter revenue to $6.2 million from the previous year’s $7.9 million, attributed to a drop in Agency division sales, despite the Winery division’s growth. The company’s gross margin improved, and their adjusted EBITDA saw a less negative outcome, moving from a negative $0.9 million to a negative $0.3 million. A net loss was realized, although narrower than the previous year, alongside a recent private placement to bolster working capital.
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