Auxly Cannabis Co.: Q3 Net Revenue Climbs 18% YoY, Adjusted EBITDA Soars

Cannabis-focused consumer packaged goods company Auxly Cannabis Group Inc. XLY CBWTF released its financial results on Friday for the three and nine months ended Sept. 30, 2024.

“Our continued focus on efficient revenue growth and enhanced profitability has delivered another record-breaking quarter of financial results, highlighted by an 18% year-over-year increase in net revenue and record adjusted EBITDA of $8.3 million," said Hugo Alves, the company's CEO.

Q3 2024 Financial Highlights

• Net revenue totaled CA$33.3 million ($24 million), compared to CA$28.2 million in the prior year's period, representing an increase of 18%.
• Gross profit was CA$17.1 million, up from CA$4.6 million in the prior year's quarter.
• Total expenses amounted to CA$14.1 million, down from CA$19.1 million in the same period of last fiscal year.
• Net income amounted to CA$3.2 million, down from CA$31.6 million net income in the corresponding quarter of last year.
• Adjusted EBITDA came in positive at CA$8.3 million, up from an adjusted EBITDA gain of CA$117 000 in the same quarter of last year.
• Selling, general and administrative expenses were CA$8.5 million in the third quarter of 2024, CA$1.6 million or 16% lower than the same period in 2023.

Read Also: Auxly Cannabis Co Sets Q2 Record In Revenue Following 33% YoY Increase, Reports Best Quarter In History

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Nine Months Ended Sept. 30, Financial Highlights

• Net revenue totaled CA$87.7 million, compared to CA$74.2 million in the prior year's period, representing an increase of 18%.
• Gross profit was CA$42.5 million, up from CA$18.5 million in the prior year's quarter.
• Total expenses amounted to CA$46.6 million, down from CA$54.5 million in the same period of last fiscal year.
• Net loss amounted to CA$20.8 million, compared to CA$9.5 million net income in the corresponding quarter of last year.
• Adjusted EBITDA came in positive at CA$15.7 million, up from an adjusted EBITDA loss of $CA823 000 in the same quarter of last year.

Outlook

Going forward, Auxly will prioritize focused and efficient growth in its key product categories of vape, pre-roll and dried flower and continue to optimize and improve distribution and sales of its products.

CBWTF Price Action

Auxly's shares traded 4.57% higher at $0.0366 per share at the time of writing on Friday.

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