MTL Cannabis Corp's Q1 2024 Results: Net Revenue Up 121% Amid Strong Gross Profits

MTL Cannabis Corp. MTLC announced its Q1 2023 financial outcomes on Monday through its subsidiary, Montréal Cannabis Médical Inc.

MTL Cannabis CEO Michael Perron expressed confidence in the company's growth trajectory, driven by a robust business model and customer satisfaction.

"Our team has done an outstanding job to help drive significant growth in both revenues and cash flows from operations over the last year. The results affirm that we have built a sound business model focused on premium quality cannabis, which is confirmed by our customers' appreciation for the products produced at MTL," Perron stated.

Operating Income Adjusts And Cash Inflows

• Net Revenue surged to $12,763,787 CAD, marking a 121% YoY increase from $5,766,128 CAD in the same quarter last year.
• Gross profits reached $3,274,781 CAD, with a rise of $602,069 CAD compared to $2,672,712 CAD in the corresponding quarter of the previous year.
• Operating Income experienced a decline of $207,219 CAD, settling at $599,599 CAD from $806,818 CAD in the prior year's quarter.
• The company reported net cash inflows from operating activities of $2,140,029 CAD, a significant improvement from a deficit of ($690,847) CAD in the same quarter last year.

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Photo: Bob G via Pixabay.