Elixinol Wellness (ASX:EXL) announced financial results for the quarter ended 30 September 2022.

Q3 FY22 revenue of $2.0m1, up 18% on the prior quarter (Q2 FY22: $1.7m), driven by growth across all key markets.

Hemp Foods Australia revenue 18% up on prior quarter, driven by Seed Mix launch into Coles plus addition of Costco New Zealand to customer mix.

Elixinol Americas revenue 13% up on prior quarter, driven by sales to a newly appointed exclusive distributor for Brazil, higher margin e-commerce and subscription revenues.

Operating cash used, excluding non-recurring items, during Q3 FY22 was $1.6m, a 24% reduction on the prior quarter (Q2 FY22: $2.1m), due to previously announced annualised cost savings of $3.2m, other one-off savings. Additionally, a $0.5m nonrecurring cash tax refund was received from the IRS.

Strong funding position at end Q3 FY22, with funds of $7.2m2 and reduced capex due to simplified and capital light business model.

Following the announcement the company?s share price rose 9.677%.