Red Light Holland Reports 20.3% Revenue Growth YoY, Remains 'Strategically Focused On The Long Game'

Red Light Holland Corp. TRIP TRUFF reported its financial results Monday for the year ended March 31, 2024, revealing annual revenue of CA$4.7 million ($3.4 million), up by 20.3% from CA$3.9 million in the prior year.

The Ontario-based producer of psilocybin truffles, functional mushrooms and mushroom home-grow kits went public with zero sales in May 2020. Since then until March 31, 2024, Red Light achieved CA$11.0 million in sales.

“The entire team at Red Light Holland is proud of our 2024 audited year-end results, as we continue to grow our revenues," Todd Shapiro, Red Light Holland CEO and director, said in a statement. "We remain strategically focused on the long game, while other companies in our space continue to burn cash at a frightening rate, have small runways, or march towards the eve of insolvency as the overall sector, to be frank, has been unimpressive. In our opinion, the harsh reality is that governments are uncertain, even despite recent groundbreaking emerging psilocybin developments, on their direct path forward – hence they are slower to introduce this much needed therapeutic approach to patients in need."

Read Also: Canadian Biotech Duo Hits Psilocybin Extraction Milestone For API Development At Scale

FY 2024 Financial Highlights

• Net loss amounted to CA$7.71 million, compared to CA$5.8 million in the previous year.
• Gross profit was CA$2.02 million, compared to CA$1.71 million in 2023.
• Gross profit margin was 42.5%, versus 43.3% in the prior year.
• Cash burn was CA$3.3 million, compared to CA$3.8 million in 2023.
• At the end of the reporting period, the company had a cash balance of CA$14.1 million, compared to CA$18.29 million on March 31, 2023.
• Total assets amounted to CA$24.08 million, compared to CA$30.14 million on March 31, 2023.

"Red Light Holland had anticipated this slower path, which is why we are pleased with our pivot a few years ago creating our ‘everything mushroom’ vision,” Shapiro continued, “Our core focus remains on profitability while we continue to advocate for the ‘right to try’ and push for adult access to psilocybin for those in need – and our hard work, goals, and strategy continue to show positive momentum.”

Price Action

Red Light Holland shares closed Monday market session 2.78% lower at $0.035 per share.

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