Marijuana Extraction Company Ayurcann Reports 127.7% YoY Revenue Growth For The Third Quarter

Ayurcann Holdings Corp. AYUR AYURF (FSE:3ZQ0) reported its financial results Monday for the three and nine months ended March 31, 2024. For the third fiscal quarter, the Toronto-based company earned net revenue of CA$6.49 million ($4.76 million), compared to CA$2.85 million in the same period last year.

During the last six months, the company secured 24 new stock keeping units in the vape, pre-roll and concentrate categories in Ontario, Alberta, Manitoba, Saskatchewan and British Columbia and began selling in Newfoundland and Yukon.

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Fiscal Q3 Financial Highlights

• Gross revenue increased to CA$11,66 million, compared to CA$5.89 million for the same period last year, representing an increase of 97%.
• Net loss amounted to CA$349,581 or CA$0.002 per share, versus a net loss of CA$1.05 million or CA$0.007 per share in the same quarter last year.
• Adjusted EBITDA was a gain of CA$271,813, which compares to an adjusted EBITDA loss of CA$744,328, for the same periods last year.
• Gross margin, calculated based on net revenue, was 37%.
• Expenses amounted to CA$2.72 million, up from CA$1.88 million in the same period of fiscal 2023.

Price Action

Ayurcann shares closed Friday market session 1.21% higher at $0.03 per share.

See Also: Canadian Cannabis Companies Could See Valuations Soar By Up To 300% With Tax Reform, New Report Shows

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