AUXLY REACHES NEW FINANCIAL MILESTONES IN RECORD-BREAKING Q3 2024 AND GROWS OVERALL NATIONAL MARKET SHARE
Canada NewsWire
TORONTO, Nov. 8, 2024
TORONTO, Nov. 8, 2024 /CNW/ -
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) ("Auxly" or the "Company") a leading consumer packaged goods company in the cannabis products market, today released its financial results for the three and nine months ended September 30, 2024. These filings and additional information regarding Auxly are available for review on SEDAR+ at www.sedarplus.ca.
Q3 2024 Highlights and Subsequent Events
-- The Company continues to outperform, delivering another record-breaking quarter of financial results across key metrics of revenue, margin and adjusted EBITDA; -- Established a new all-time record in net revenues of $33.3 million, an increase of 18% year-over-year and 14% quarter-over-quarter; -- Set a new all-time record in Gross Margin on Finished Cannabis Inventory Sold1 of 47% in the quarter, an improvement of 17% year-over-year; -- SG&A continued to remain substantially flat quarter-over-quarter, with a notable 16% decrease year-over-year; -- Fifth consecutive quarter of positive adjusted EBITDA1, achieving a new all-time record of $8.3 million, representing a 60% quarter-over-quarter increase and a remarkable 6,982% increase compared to the same period in 2023; -- Net income of $3.2 million and cash flow provided by operating activities of $12.9 million; -- The Company continued to make improvements to its balance sheet by reducing its debt1, by 54% compared to the end of 2023, including repaying the outstanding principal on the Company's standby financing facility; -- The Company saw improvements in its overall national market share, moving into the #4 LP position in national recreational sales for the quarter2; -- Market leadership in the all-in-one vape category, securing over 36% of the total market share in the category and 50% of the top 10 vape SKU positions nationally; -- Back Forty's Liquid Imagination 28g SKU continued to win with consumers, ending the quarter as the #1 selling flower nationally; -- The Company's pre-roll product suite saw a 19% increase in national sales compared to the previous quarter with Back Forty's Wedding Pie and Banana OG, securing the #3 and #4 position respectively, in national non-infused pre-roll sales for the quarter.