Zinger Key Points
- Greenway reports 52% YoY revenue growth to CA$1.8M in Q2 2024, with 78% growth in the first half of fiscal year.
- Despite revenue gains, the company posted a gross loss of CA$88,955 and a comprehensive loss of CA$1 million.
- MillRite brand remains #2 pre-roll in its size category, with a 70% increase in units sold quarter-over-quarter.
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Greenway Greenhouse Cannabis Corporation GWAY GWAYF reported on Wednesday its second-quarter interim financial statements for the three months ended Sept. 30, 2024.
The Canadian cultivator of high-quality greenhouse cannabis reported a 52% year-over-year increase in revenue to CA$1.8 million ($1.3 million). Moreover, for the first half of the fiscal year, Greenway’s net revenue increased by 78% compared to the same period in 2023.
CEO Jamie D’Alimonte highlighted the company’s revenue growth, product performance and ongoing commitment to quality cannabis production in a press release issued Wednesday.
“We have also seen our MillRite brand maintain itself as the #2 ranked pre-roll in its size category, while achieving the #2 Indica and Sativa pre-roll in the size category over the same time," D’Alimonte said. "Quarter over quarter, we have seen the total number of units sold increase by over 70%. Our plan to deliver high-quality, affordable products to Ontario users is working. I look forward to introducing additional SKUs in the New Year.” Despite reporting a net loss, the company emphasized its strong market position and ongoing improvements as drivers of long-term growth.
Read Also: Greenway Cannabis Co. Doubles Q1 Net Revenue YoY, Highest Adjusted EBITDA Results To Date
Q2 Financial Highlights
- Gross loss of CA$88,955, down from a gross profit of CA$80,972 in the prior year, reflecting increased production costs and pricing pressures.
- Loss and comprehensive loss totaled roughly CA$1 million, up from CA$662,213 loss and comprehensive loss in the same quarter of last year.
- Net cash provided by operating activities of CA$743,731 compared to cash used of CA$664,171 in the same quarter of the previous year.
- Adjusted EBITDA came in negative at CA$253,010, compared to an adjusted EBITDA loss of CA$ $112,221 in the prior year's period.
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