## Auxly Cannabis Group Reports Record Q3 2024 Earnings with 18% Revenue Increase
Auxly Cannabis Group Inc. (XLY, CBWTF), a leading cannabis-focused consumer packaged goods company, announced its financial results for the three and nine months ended Sept. 30, 2024, showcasing impressive growth and profitability.
The company reported a remarkable 18% year-over-year increase in net revenue for the third quarter, reaching CA$33.3 million ($24 million). This strong performance was attributed to a continued focus on efficient revenue growth and enhanced profitability, as highlighted by CEO Hugo Alves.
“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 Alves.
Key Financial Highlights for Q3 2024:
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Net revenue:
CA$33.3 million, an 18% increase compared to the same period in 2023.*
Gross profit:
CA$17.1 million, a significant jump from CA$4.6 million in the prior year’s quarter.*
Total expenses:
CA$14.1 million, demonstrating a decline from CA$19.1 million in the corresponding period of last fiscal year.*
Net income:
CA$3.2 million, a decrease from CA$31.6 million net income in Q3 2023.*
Adjusted EBITDA:
CA$8.3 million, a substantial improvement from an adjusted EBITDA gain of CA$117 000 in the same quarter of last year.*
Selling, general and administrative expenses:
CA$8.5 million, a 16% reduction from the same period in 2023.Nine-Month Performance:
Auxly also reported strong results for the nine months ended Sept. 30, 2024. Key highlights include:
*
Net revenue:
CA$87.7 million, a notable 18% increase compared to the same period in 2023.*
Gross profit:
CA$42.5 million, up from CA$18.5 million in the prior year’s quarter.*
Total expenses:
CA$46.6 million, down from CA$54.5 million in the same period of last fiscal year.*
Net loss:
CA$20.8 million, compared to CA$9.5 million net income in the corresponding quarter of last year.*
Adjusted EBITDA:
CA$15.7 million, a positive turnaround from an adjusted EBITDA loss of $CA823 000 in the same quarter of last year.Looking Ahead:
Auxly plans to continue its focused and efficient growth strategy, prioritizing its key product categories of vape, pre-roll, and dried flower. The company remains committed to optimizing and improving the distribution and sales of its products.
CBWTF Share Performance:
Auxly’s shares traded 4.57% higher at $0.0366 per share at the time of writing on Friday.
The company’s impressive financial performance demonstrates its commitment to growth and profitability within the dynamic cannabis industry. As Auxly continues to expand its market presence and optimize its operations, investors will be watching closely to see how the company navigates the evolving landscape of the cannabis sector.
