BREAKING NEWS
Avicanna Reports Q2 2024 Financial Results: Strong Revenue Growth and Positive EBITDA
TORONTO, Aug 25, 2024 /CNW/ – Avicanna Inc. (the "Company" or "Avicanna") (TSX: AVCN) (OTCQX: AVCNF), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, today announced its financial results for the second quarter ended June 30, 2024.
Key Highlights:
- Revenue increased by 35% to $2.5 million compared to $1.9 million in Q2 2023
- Gross profit margin expanded to 55% compared to 45% in Q2 2023
- EBITDA improved to a positive $0.2 million compared to a loss of $0.5 million in Q2 2023
- Cash and cash equivalents increased to $4.3 million as of June 30, 2024
Financial Results:
Revenue for the quarter ended June 30, 2024 was $2.5 million, representing a 35% increase compared to $1.9 million in the same period last year. The increase in revenue was primarily driven by the growth of the Company’s cannabis-based products in the Canadian market.
Gross profit margin expanded to 55% in Q2 2024 compared to 45% in Q2 2023, primarily due to the Company’s efforts to optimize its production processes and reduce costs.
EBITDA improved to a positive $0.2 million in Q2 2024 compared to a loss of $0.5 million in Q2 2023, demonstrating the Company’s ability to generate positive cash flow from its operations.
As of June 30, 2024, the Company had cash and cash equivalents of $4.3 million, providing a strong foundation for future growth and expansion.
CEO Comment:
"We are pleased to report another quarter of strong revenue growth and positive EBITDA," said Aras Azadian, CEO of Avicanna. "Our focus on optimizing our production processes and reducing costs has enabled us to expand our gross profit margin and improve our EBITDA. We are confident that our strategy will continue to drive growth and profitability in the future."
About Avicanna:
Avicanna is a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products. The Company’s products are manufactured at its facility in Colombia and distributed in the Canadian market.
Forward-Looking Statements:
This news release contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company’s revenue growth, gross profit margin, EBITDA, and cash and cash equivalents. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
Keywords:
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Financial highlights:
Revenue of $6.1 million for the three months ended June 30, 2024, an increase of 85% over the same period in 2023 and $12.6 million in revenue for six months ended June 30, 2024, an increase of 180% over 2023 revenue of $4.5 million.
Gross profit of $2.8 million and $5.9 million, respectively, for the three and six months ended June 30, 2024, compared to $1.5 million and $2 million for the same periods in 2023, an increase of 94% and 183%, respectively.
Adjusted EBITDA loss for the three months ended June 30, 2024, narrowed to $442,310, a 65% decrease from an adjusted EBITDA loss of $1.3 million in the same period last year.
Pr :
https://finance.yahoo.com/news/avicanna-reports-q2-2024-214500468.html
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