Hang Tight and sell nothing! Next Q even better $$$$ 12:07 PM EDT, 08/15/2024 (MT Newswires) -- Auxly Cannabis (XLY.TO) said Thursday that it swung to profit in the second quarter after booking record revenue during the period.
Auxly posted a net income of $2 million, reversing a net loss of $12.9 million, driven by improved gross profits and a reduction in expenses.
Revenue increased to a record $29.2 million from $22 million.
The company also reported a record adjusted EBITDA of $5.2 million, improving from an adjusted EBITDA loss of $1.1 million.
"After our best start to a year ever, we are thrilled to report our best Q2 in history, with exceptional financial performance setting a new Q2 record in revenue and all-time records in gross margin and adjusted EBITDA," CEO Hugo Alves said.
Auxly said it will remain focused on growth in its key product categories of vape, pre-roll and dried flower while continuing to improve distribution and sales of its products.
The company's share price at last look surged 11.1% to $0.05 in early Thursday trading.