Cargojet reported C$231.9 (US$ 170.5) million revenue in first quarter 2023 (Q1 2023) revenue, down on the C$233.6 million for 2022. Gross margin for the quarter was C$45.5 million compared to Q1 2022’s C$66.9 million, with adjusted EBITDA at C$75 million compared to Q1 2022’s C$83 million. Adjusted free cash flow was almost the same, at C$42.5 million compared to C$42.7 million. Net income for the quarter was C$30.5 million, or C$6 million excluding warrant valuation gain, up on the net C$56.4 million loss for Q1 2022. “Consumers shifted from buying goods to spending on services during the post-pandemic period,
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