XLY - Auxly Cannabis Achieves Record Q1: Adjusted EBITDA Soars 1523% Revenue Grows 5% Strong 2024 Ahead | Benzinga
Auxly Cannabis Group Inc. (TSX:XLY) (OTCQB:CBWTF), a Toronto-based producer of cannabis consumer packaged goods (CPG), announced Monday its financial outcomes for the first quarter ending March 31, 2024. The company announced record-breaking Q1 results, emphasizing significant gains in key financial metrics.
Q1 2024 Financial Highlights
- Net revenue was CA$25.2 million ($18.4 million), an increase of 5% compared to the same period in 2023.
- Net loss was CA$26 million, representing a net loss of CA$0.03 per share on a basic and diluted basis, compared to a net loss of CA$10.2 million in Q1 2023.
- Adjusted EBITDA was CA$2.2 million, an improvement of CA$2.1 million or 1,523% over the same period last year.
- Gross profit was CA$9.5 million, compared to CA$7.9 million during the same period in 2023.
Operational Performance
Operational highlights included the conversion of over CA$123 million in debt into equity by Imperial Brands plc, resulting in a 19.8% ownership stake, and the extension of the Auxly Leamington credit facility to the end of 2025.
The company continues to maintain a strong market position, ...