Cannara Biotech Inc. LOVE LOVFF 8CB announced its fiscal second quarter 2024 financial and operating results for the three and six-month periods ended Feb. 29, 2024.
The company reported a 68% year-over-year increase in revenues for the first half of fiscal 2024, a metrics CFO Nicholas Sosiak called "a testament to our growing influence in the Quebec, Ontario, Alberta, and BC markets.”
"Our proactive steps towards streamlining assets align with our ambition to fortify our financial foundation as we relentlessly stay focused on gaining market share and becoming the leader in Canada, the second-largest cannabis market in the world," Sosiak said. "As for our long-term vision, we do see our future extend beyond our borders where Cannara is a globally recognized brand synonymous with excellence and value in cannabis.”
If you are interested in the financial outcomes of the cannabis industry, then you might be interested in attending Benzinga's New Jersey Market Spotlight on June 17. Network with key industry players, hear from the top operators, and close deals that will shape the future. Act now— spots are filling fast. Get your tickets here.
Q2 2024 Financial Results
- Total net revenue amounted to CA$19.7 million ($14.4 million) up from CA$13 million in the prior year's period.
- Gross profit before value adjustments totaled CA$7.1 million, up from CA$4 million in the second quarter of fiscal 2023.
- Operating expenses totaled CA$6.1 million, up from CA$3.6 million in 2022.
- Net loss was CA$3.4 million, compared to CA$618,055 net loss in the prior year's period.
- Adjusted EBITDA came in positive at CA$3.5 million, representing a twelfth consecutive quarter of positive Adjusted EBITDA, compared to an adjusted EBITDA gain of CA$3.2 million in the second quarter of 2022.
FY 2024 Financial Highlights
- Total revenues amounted to CA$39.1 million, up from CA$23.3 million in the first half of fiscal 2023.
- Gross profit before value adjustments was CA$15 million, up from CA$8 million in the six months ended Feb. 28.
- Operating expenses totaled CA$10.9 million, up from CA$7.3 million in the prior year's period.
- Net loss was CA$1.3 million, compared to CA$615,104 net loss in the first half of last year.
- Adjusted EBITDA came in positive at CA$8.7 million, up from roughly CA$5 million adjusted EBITDA gain in the first half of 2022.
- As of Feb. 29, 2024, the company had CA$145.8 million in total assets, up from CA$141.5 million as of Aug. 31, 2023.
- Total current liabilities amounted to CA$60 million as of Feb. 29, up from CA$21.2 million as of Aug. 31, 2023.
Related News
- Cannara Biotech Q1 Results: Revenue, Net Income And Market Share Up, Quarter Also Marks Company’s First Export Sale
- Olymbec Investments Increases Its Ownership In Cannara Biotech
- Cannara Biotech Q2 FY23 Revenue Grows 76% YoY To $9.6M, Here Are The Details
- Cannara Biotech Secures An Additional $10M In Non-Dilutive Capital With Its Lead Credit Provider, BMO Commercial Banking
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.