Lifeist Wellness Inc. LFSWF LFST, a Toronto-based cannabis and health-tech company, announced its financial results for the three months ended February 29, 2024.
The company reported net revenue of CA$4.9 million ($3.6 million), a decrease from CA$5.9 million in the same period last year. Despite the revenue fall, the company demonstrated a stronger gross profit margin of 27% compared to 25% in Q1 2023. This improvement highlights Lifeist’s strategic shift towards premium, higher-margin products.
Q1 2024 Financial Highlights
- Revenue was CA$4.9 million compared to CA$5.9 million in Q1 2023.
- Net loss from continuing operations was CA$2.5 million, or (CA$0.004) per diluted share compared to a loss of $CA3.3 million, or (CA$0.007) per diluted share, in Q1 2023.
- Adjusted EBITDA loss improved to CA$2.1 million compared to the CA$3 million in the same quarter last year.
- Gross profit was CA$1.3 million compared to the CA$1.4 million from Q1 2023.
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CEO's Perspective
"Our performance in the first quarter of 2024 reflects the challenges of operating in the present regulatory and economic landscape," said Meni Morim, CEO of Lifeist. "While our efforts to focus on premium, higher margin products and continued operational efficiencies have led to improvements in the bottom line, the quarter reflected a drop in revenue from a year ago. We are taking steps to address structural issues within our operations and will act on opportunities to increase revenue and drive toward profitability. The teams at CannMart, Aussie Vapes, and Mikra are working tirelessly to realize the goal of transforming Lifeist into a sustainable, diversified wellness company."
Organizational Changes and Future Outlook
Amid financial adjustments, Lifeist announced the appointment of Joshua Hone as the CFO, effective April 30, 2024. Hone, succeeding interim CFO John Sinclair, is expected to drive further financial improvements and sustainable profitability for the company. Sinclair will continue to serve on the board of directors and chair the audit committee.
LFSWF Price Action
LFSWF's shares were trading 0.000% lower/higher at $0.00 per share at the time of this writing around 2:30 PM ET Friday.
Related News
- Lifeist Reports Highest Quarterly Gross Profit In History, Continues To Diversify Its Wellness Business
- Canadian Company Lifeist Says Farewell To Cannabis Business Unit, Turns To Nutraceuticals
Photo: Courtesy of iQoncept via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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