The following is a summary of the Vext Science, Inc. (VEXTF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vext Science recorded Q1 2024 revenue of $8.4 million, steady quarter-over-quarter but down year-over-year.

• Adjusted EBITDA for the quarter rose to $1.9 million, up from $0.5 million in the previous quarter, with margins at 23.3%.

• The rise in Q1 operating expenses compared to last year was due to increased depreciation related to Ohio and Eloy cultivation facilities and non-cash amortization expenses.

• The company closed the quarter with a cash balance of $4.5 million and has a standby credit facility of $2 million for additional liquidity.

Business Progress:

• Wholesale operations in Ohio saw strong growth, expecting to be boosted further with the imminent introduction of adult-use sales.

• Despite the decline in revenue in Arizona, the company outperformed state averages, supported by its vertically integrated operations.

• The fully-operational Eloy facility provides scope for expansion to increase the company's retail footprint in the market over the next few years.

• Vext is preparing to expand operations in Ohio, with potential for a third-party wholesale business, and is also preparing for a rapid transition to adult-use licensing in the state.

• The pending acquisition and launch of adult-use sales in Ohio is anticipated to make Vext a larger, more diversified operator with significant potential across limited-licensed states.

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