TSX:XLY - Post Discussion
Post by
1hot-techwoman on Aug 15, 2024 7:37am
Record Breaking Revenue and Profit !! :) $$$$$
- The Company continues to achieve record-breaking financial results and establish new benchmarks across key metrics of revenue, margin and adjusted EBITDA;
- Net revenues of $29.2 million, an increase of 33% year-over-year and 16% compared to the previous quarter;
- Achieved an all-time record in Gross Margin on Finished Cannabis Inventory Sold[1] of 41% in the quarter, an improvement of 14% year-over-year;
- Improved adjusted EBITDA1 by over 580% compared to the same period in 2023, reporting an all-time record of $5.2 million;
- SG&A was $0.2 million lower compared to the same period in 2023, net of non-recurring restructuring costs of $0.7 million;
- Net income of $2.0 million and positive cash flow from operations of $2.9 million;
- A 48% reduction in the Company's debt1 compared to the end of 2023;
- Continued market leadership in the all-in-one vape category with over 32% of the total market share in the category and the #2 position among licensed producers in national vape sales2;
- The Back Forty brand maintains the top four all-in-one vape SKU positions nationally;
- Continued excellence in dried flower and pre-rolls where Back Forty's cultivar Liquid Imagination, proudly grown at the Auxly Leamington facility, secured a top ten position in national dried flower sales and Back Forty's non-infused pre-rolls secured two of the top five SKU positions in national sales.
These achievements reflect our drive for continued growth and innovation, our dedication to reaching new financial milestones and delivering exceptional results for our shareholders. As we look ahead, we remain passionately committed to our consumers, focused on surpassing expectations, leading with excellence and achieving sustainable, profitable growth."
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