Body and Mind Inc. (CSE:BAMM) (OTCQB:BMMJ) announced on Friday its financial results for the third quarter of fiscal year 2024 ended April 30, 2024.
Michael Mills, the company's CEO, said in a press release that BaM is working on streamlining its operations. "We continue to execute our strategy of reducing our footprint and focusing on developing our most valuable assets."
In Illinois, the company's Markham-based dispensary shows signs of growth, while the building project in the Lynwood store is in its final stages, the company said.
"We're pleased that our Lynwood, Illinois location has recently received approval to connect the completed building to services and commence required roadwork," Mills continued. "We look forward to completing construction for this operation shortly.
BaM also received the New Jersey Annual license for BaM Body and Mind Dispensary NJ, Inc. The dispensary will be 4,000 square feet. The retail location in Lawrenceville is in a jurisdiction that has approved only two dispensaries.
"We believe the Illinois and New Jersey markets remain underserved and our strong locations and capabilities will support high-returning operations for the Company and shareholders," Mills added.
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Q3 2024 Financial Highlights
- Revenue totaled $4.41 million, compared to $4.17 million in the prior year's period.
- Gross profit was $1.96 million, up from $1.93 million in the third quarter of fiscal 2024.
- Net operating loss was $1.34 million, representing an increase from $1.28 million in the corresponding quarter of last year.
- Net loss totaled $2.54 million, representing an improvement from $3.61 million net loss in the prior year's period.
- As of April 30, 2024, the company had $16.2 million in total assets and $28.1 million in total liabilities, compared to $21.2 million and $30.5 million, respectively, as of July 31, 2023.
Nine-Month Period Ended April 2023/Financial Highlights
- Revenue amounted to $13.4 million, up from $13.2 million in the same period of last year.
- Gross profit was $6.05 million, representing an increase from $5.43 million in the prior year's period.
- Net operating loss was $3.26 million, down from $3.83 million in the nine months ended April 30.
- Net loss was $2.54 million, down from $9.3 million in the corresponding period of fiscal 2023.
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