Cannabis-focused consumer packaged goods company Auxly Cannabis Group Inc. (TSX:XLY) (OTCQB:CBWTF) released its financial results on Friday for the three and nine months ended Sept. 30, 2024.
"Our continued focus on efficient revenue growth and enhanced profitability has delivered another record-breaking quarter of financial results, highlighted by an 18% year-over-year increase in net revenue and record adjusted EBITDA of $8.3 million," said Hugo Alves, the company's CEO.
Q3 2024 Financial Highlights
- Net revenue totaled CA$33.3 million ($24 million), compared to CA$28.2 million in the prior year's period, representing an increase of 18%.
- Gross profit was CA$17.1 million, up from CA$4.6 million in the prior year's quarter.
- Total expenses amounted to CA$14.1 million, down from CA$19.1 million in the same period of last fiscal year.
- Net income amounted to CA$3.2 million, down from CA$31.6 million net income in the corresponding quarter of last year.
- Adjusted EBITDA came in positive at CA$8.3 million, up from an adjusted EBITDA gain of CA$117 000 in the same quarter of last year.
- Selling, general and administrative expenses were CA$8.5 million in the third quarter of 2024, CA$1.6 million or 16% lower than the same period in 2023.
Read Also: Auxly Cannabis Co Sets Q2 Record In Revenue Following 33% YoY Increase, Reports Best Quarter In History
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Nine Months Ended Sept. 30, Financial Highlights
- Net revenue totaled CA$87.7 million, compared to CA$74.2 million in the prior year's period, representing an increase of 18%.
- Gross profit was CA$42.5 million, up from CA$18.5 million in the prior year's quarter.
- Total expenses amounted to CA$46.6 million, down from CA$54.5 million in the same period of last fiscal year.
- Net loss amounted to CA$20.8 million, compared to CA$9.5 million net income in the corresponding quarter of last year.
- Adjusted EBITDA came in positive at CA$15.7 million, up from an adjusted EBITDA loss of $CA823 000 in the same quarter of last year.
Outlook
Going forward, Auxly will prioritize focused and efficient growth in its key product categories of vape, pre-roll and dried flower and continue to optimize and improve distribution and sales of its products.
CBWTF Price Action
Auxly's shares traded 4.57% higher at $0.0366 per share at the time of writing on Friday.
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