Lowell Farms Reports 35% Revenue Drop In Q1: Following Cannabis Cultivation Exit, Net Loss Down 27.5%
Lowell Farms Reports 35% Revenue Drop In Q1: Following Cannabis Cultivation Exit, Net Loss Down 27.5%
Consumer packaged goods (CPG) revenue dipped 11% year-over-year but rose 10% from the previous quarter. Bulk product revenue dropped 73% year-over-year and 66% from Q4 2023. Revenue from Lowell Farm Services (LFS) decreased 41% year-over-year and 93% from the previous quarter.California-based cannabis company Lowell Farms Inc. (OTC:LOWLF)
总部位于加利福尼亚州的大麻公司Lowell Farms Inc. (OTC: LOWLF)。
released its financial and operational results on Tuesday afternoon for the first quarter of 2024, ending March 31.
周二下午发布了截至2024年3月31日第一季度的财务和运营结果。
The company reported a 35% decrease in net revenue, which fell to $4.9 million from $7.5 million in the same quarter last year. However, net revenue showed a 35% increase from $3.6 million in Q4 2023.
公司报告净收入下降35％，从去年同季度的750万美元降至490万美元。但净收入与Q4 2023相比增长了35％，达到360万美元。
Consumer packaged goods (CPG) revenue dipped 11% year-over-year but rose 10% from the previous quarter. Bulk product revenue dropped 73% year-over-year and 66% from Q4 2023. Revenue from Lowell Farm Services (LFS) decreased 41% year-over-year and 93% from the previous quarter.
包装消费品（CPG）收入同比下降11％，但环比上涨10％。散装产品收入同比下降73％，环比下降66％。Lowell Farm Services (LFS)的收入同比下降41％，环比下降93％。
Mark Ainsworth, co-founder and CEO, remarked, "Our recent strategic decisions have bolstered our manufacturing and distribution capabilities, allowing us to navigate the industry landscape. By optimizing efficiencies, we're poised for steady growth and positive impact."
创始人兼首席执行官Mark Ainsworth表示：“我们最近的战略决策增强了我们的制造和分销能力，使我们能够应对行业市场环境。通过优化效率，我们的公司处于稳定增长和积极影响的前景。”
Financial Losses Improve Despite Gross Margin Challenges
营业收入衰减，毛利率挑战仍在改善。
- Lowell Farms reported a gross loss of $0.8 million for the quarter, translating to a negative gross margin of 17%, primarily due to the company's exit from its cultivation facility. This means the company faced significant financial challenges as it transitioned away from cultivation, impacting its overall profitability.
- The operating loss for Q1 2024 was $2.9 million, compared to $2.4 million in Q1 2023 and $9.6 million in Q4 2023.
- The net loss for the quarter was $2.9 million, an improvement from the $4.0 million net loss in the same quarter last year (27.5% YoY) and better than the $13.1 million net loss in Q4 2023 (77.9% QoQ).
- Adjusted EBITDA stood at negative $1.1 million, consistent with the same quarter last year but an improvement from negative $4.1 million in the previous quarter.
- Lowell Farms本季度亏损80万美元，变成了17％的负毛利率，主要是由于公司退出种植设施造成的。这意味着，随着公司从种植业转型，它面临着重大的财务挑战，这影响了整体盈利能力。
- Q1 2024年的营业亏损为290万美元，而去年Q1为240万美元，Q4 2023年为960万美元。
- 这个季度的净亏损为290万美元，较去年同季度的400万美元净亏损（同比下降27.5％）和Q4 2023年的1310万美元净亏损（环比下降77.9％）有所改善。
- 调整后的EBITDA为负110万美元，与去年同季度持平，但较上个季度的负410万美元有所改善。
To learn more about the cannabis business and how to invest in the sector, don't miss the opportunity to join us at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry's future. Secure your tickets now before prices increase by following this link.
要了解有关大麻业务以及如何投资该行业的更多信息，请勿错过参加于10月8日至9日在芝加哥举行的第19th Benzinga大麻资本会议的机会。与高管、投资者、政策制定者和倡导者互动，探索该行业的未来。跟随链接在价格上涨之前现在就预订门票。此链接.
Photo: AI-Generated Image.
照片：AI生成的图像。