Red Light Holland Corp., known for its production and sale of functional mushrooms and mushroom home grow kits, reported strong financial and operational results for the first quarter of fiscal 2025, ending June 30, 2024. The Ontario-based company, which also offers a premium brand of psilocybin truffles to the legal recreational market in the Netherlands, saw its revenue increase by a notable 29.7% year-over-year.
Todd Shapiro, CEO and director of Red Light Holland, attributed this positive performance to the company’s strategic commitment to growth while maintaining a strong focus on cash management. “Unlike many companies in our sector facing severe financial challenges, Red Light Holland continues to move forward with positive momentum, driven by our diversified revenue streams and prudent cash use. We look forward to continued, patient growth and we are excited to discuss our updated strategy in mid-to-late September 2024, as we’ll host a live Q&A for our loyal shareholders,” he said.
The first quarter of 2025 saw a significant boost in revenue, reaching CA$1.5 million ($1.15 million), compared to CA$1.2 million in the same quarter of the previous year. Gross profit also saw a year-over-year increase, rising to CA$624,673 from CA$523,097 in the first quarter of fiscal 2024. While the company reported a net loss of CA$1.4 million, this was an improvement from the CA$1.9 million net loss in the corresponding quarter of the previous year.
As of June 30, 2024, Red Light Holland held a cash balance of CA$14.13 million, including restricted cash, similar to the cash balance position of CA$14.37 million as of March 31, 2024.
Looking ahead, Red Light Holland remains committed to its strategic path toward profitability. The company continues to advocate for responsible adult access to psilocybin and the ‘right to try’ psilocybin for those in need. Following the announcement, Red Light Holland’s shares traded 2.31% higher at $0.031 per share after the market close on Thursday afternoon.
