Cannara Biotech Inc. (TSXV:LOVE) (OTCQB:LOVFF) (FRA: 8CB0) announced its fiscal second quarter 2024 financial and operating results for the three and six-month periods ended Feb. 29, 2024.
The company reported a 68% year-over-year increase in revenues for the first half of fiscal 2024, a metrics CFO Nicholas Sosiak called "a testament to our growing influence in the Quebec, Ontario, Alberta, and BC markets."
"Our proactive steps towards streamlining assets align with our ambition to fortify our financial foundation as we relentlessly stay focused on gaining market share and becoming the leader in Canada, the second-largest cannabis market in the world," Sosiak said. "As for our long-term vision, we do see our future extend beyond our borders where Cannara is a globally recognized brand synonymous with excellence and value in cannabis."
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Q2 2024 Financial Results
- Total net revenue amounted to CA$19.7 million ($14.4 million) up from CA$13 million in the prior year's period.
- Gross profit before value adjustments totaled CA$7.1 million, up from CA$4 million in the second quarter of fiscal 2023.
- Operating expenses totaled CA$6.1 million, up from CA$3.6 million in 2022.
- Net loss was CA$3.4 million, compared to CA$618,055 net loss in the prior year's period.
- Adjusted EBITDA came in positive at CA$3.5 million, representing a twelfth consecutive quarter of positive Adjusted EBITDA, compared to an adjusted EBITDA gain of CA$3.2 million in the second quarter of 2022.
FY 2024 Financial Highlights
- Total revenues amounted to CA$39.1 million, up from CA$23.3 million in the first half of fiscal 2023.
- Gross profit before value adjustments was CA$15 million, up from CA$8 million in the six months ended Feb. 28.
- Operating expenses totaled CA$10.9 million, up from CA$7.3 million in the prior year's period.
- Net loss was CA$1.3 million, compared to CA$615,104 net loss in the first half of last year.
- Adjusted EBITDA came in positive at CA$8.7 million, up from roughly CA$5 million adjusted EBITDA gain in the first half of 2022.
- As of Feb. 29, 2024, the company had CA$145.8 million in total assets, up from CA$141.5 million as of Aug. 31, 2023.
- Total current liabilities amounted to CA$60 million as of Feb. 29, up from CA$21.2 million as of Aug. 31, 2023.
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