AVNT - International Expansion Still Major Growth Driver For Canadian Cannabis Co. Avant Reports 4% YoY Increase In Q2 Net Revenue | Benzinga
Cannabis producer Avant Brands Inc. (TSX:AVNT) (OTCQX:AVTBF) (FRA: 1BUP) reported its financial results on Monday for the second quarter ended May 31, 2024.
The British Columbia-based company said in a press release that it has achieved "significant financial milestones driven by strategic international expansion and operational improvements."
Q2 2024 Financial Highlights
- Gross revenue increased by 5% reaching CA$9.4 million ($6.8 million) compared to the second quarter of 2023, while net revenue rose by 4% over the same period to CA$8.3 million, demonstrating sustained growth driven by robust international demand.
- International sales rose 26% year-over-year to reach a record CA$3.7 million, now representing 45% of net revenue.
- Gross loss amounted to CA$1.8 million, compared to a gross profit of CA$3.3 million in the prior year's quarter.
- Net ...