Ayurcann Holdings Corp (OTCQB:AYURF), a leading Canadian cannabis extraction company, announced its financial and operational results on Wednesday for the three months ended September 30, 2023.

Q1 2024 Financial Highlights

• Net revenue was CA$6.5 million (US $4.8 million) for the three months ended September 30, 2023. This represents a significant increase compared to the CA$2 million reported for the same period in 2022.
• Net loss reported was CA$180 thousand, a strong decrease compared to the CA$968,000 from the same period last year.
• Adjusted EBITDA was not included in the earnings report.
• Gross profit reported CA$2.3 million, also showing a strong uptick in comparison to the CA$366,000 from the same period last year.

The company, specializing in derivative cannabis 2.0 and 3.0 products in the recreational cannabis market, reported a significant 249% increase in gross revenue, reaching CA$11.9 million ($8.7 million) in Q1 2024, a substantial rise from CA$3.6 million ($2.5 million) in the previous year.

Alongside this revenue growth, Ayurcann maintained a gross margin of 35%, reflecting their operational efficiency and market impact. Additionally, the company's cash reserves have improved, with cash on hand totaling CA$1.5 million at the end of the period, compared to CA$1 million last year.

Entering the rapidly expanding infused pre-roll sector, Ayurcann aligns with market trends where pre-rolls, particularly infused ones, have seen exponential growth in both the U.S. and Canada.

CEO's Outlook

"We feel that the awareness of our brands in the market and the quality and flavor profile we are introducing will enable Ayurcann to gain market share quickly. Offering value and potency in a segment that is primed to grow even more," said Igal Sudman, CEO.

AYURF Price Action
AYURF's shares were trading at $0.015 per share, the same as yesterday's closing price, at the time of this writing around noon ET Wednesday.