Zinger Key Points
- Entourage Health's Q3 revenue increased 8% YoY to CA$9.5M, with a 2.1% sequential rise.
- The company reduced its net loss by 15%, from CA$10M to CA$8.4M, showing improved financial health.
- SG&A expenses dropped 32%, reflecting savings from restructuring and discontinued activities.
- Benzinga shares with you top insiders news
Canadian cannabis producer Entourage Health Corp. ENTG ETRGF 4WE announced on Friday its third quarter financial results for the three months ended Sept. 30, 2024.
The company reported an 8% year-over-year increase to CA$9.5 million ($6.8 million) in net revenue for the period. Sequentially, net revenue increased by 2.1%
George Scorsis, the company's CEO and chair, said the revenue growth is a result of a strategic shift into different markets. The move allowed the company to "diversify and tap into new opportunities," Scorsis said.
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Q3 2024 Financial Results
- Gross profit was CA$2.9 million, up from CA$2.4 million in the prior year's period.
- Gross margin improved to 30%, up from 27% in the same period last year, driven by enhanced operational efficiencies and automation.
- Net loss and comprehensive loss dropped to CA$8.4 million year-over-year from nearly CA$10 million.
- EBITDA was a loss of CA$1 million, representing a 70% improvement compared to a loss of CA$3.4 million in the third quarter of fiscal 2023.
- Selling, general and administrative expenses were reduced by 32%, reflecting savings from restructuring and discontinued activities in 2023.
What's Next
“With the holidays approaching, we are excited to introduce several highly anticipated products, demonstrating our commitment to delivering meaningful and timely offerings,” Scorsis said. “As the cannabis industry stabilizes, our team's creativity and operational focus on optimizing the business will position us as a market leader."
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ETRGF Price Action
Entourage's shares traded 18.75% higher at $0.0048 per share at the time of writing on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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