Body and Mind's Q2 Revenue Flat YoY, Narrows Loss By 94%

Body and Mind Inc. BAMM BMMJ announced its financial results on Tuesday for the second quarter of fiscal year 2024 ended Jan. 31, 2024, revealing a 94% year-over-year drop in net loss.

The company said that during the quarter it has entered into a definitive agreement to divest its Nevada cultivation and production operations for a total consideration of $2 million to fund its projects in Illinois and New Jersey.

According to CEO Michael Mills these two markets "continue to be underserved and offer significant opportunities for revenue growth as we expand our brand and bring our skilled teams to these new markets.”

“The most recent quarter reflects our work to improve financial performance, improve margins and streamline our operations to support building our operations in Illinois and New Jersey,” Mills said. “Nevada’s wholesale pricing challenges and wholesale tax structure made it difficult to see the Company’s Nevada operations generating sufficient profits over the long term when compared with the opportunity presented by taking the proceeds from Nevada’s sale and continuing to build on our Illinois and New Jersey opportunities."

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See also: Body And Mind Enters Illinois Cannabis Market

Q2 2024 Financial Highlights

• Revenue totaled $4.42 million, compared to $4.43 million in the prior year period.
• Gross profit was $2.02 million, up from $1.8 million in the second quarter of fiscal 2023.
• Gross margin improved to 45.7%, as compared to 39.9% in the first quarter of fiscal 2023.
• Total operating expenses amounted to $2.9 million, down from $3.2 million in the corresponding period of last year.
• As of Jan 31. 2024, the company had roughly $18 million in total assets and $27.8 million in total liabilities, compared to $21.2 million and $30.5 million respectively on July 31, 2023.

BMMJ Price Action

Body and Mind's shares traded 15.9574% lower at $0.079 per share at the time of writing on Tuesday late morning.

Now read: Ohio Dispensary Sale To Fund Retail Expansion In Other States? This Cannabis Co. Shifts Focus

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