Cannabis consumer packaged goods company $Auxly Cannabis Group Inc (XLY.CA)$ (OTCQB:CBWTF) announced on Thursday its second quarter financial results for the three months ended June 30, 2024, revealing net revenues of CA$29.2 million ($21.3 million). That's an increase of 33% year-over-year and 16% compared to the previous quarter.

"After our best start to a year ever, we are thrilled to report our best Q2 in history, with exceptional financial performance setting a new Q2 record in revenue and all-time records in gross margin and adjusted EBITDA," said CEO Hugo Alves. "We are particularly proud of our significant gains in market share across all three of our core product categories, especially in the vapor segment where we are currently leading the growing all-in-one category, securing an impressive 32% share of market."

Q2 2024 Financial Highlights

• Gross profit was CA$15.9 million, resulting in a 55% gross margin compared to CA$6.1 million resulting in a 28% gross margin in the prior year's period.

• Selling, general and administrative expenses were CA$9.3 million in the second quarter of 2024, CA$0.5 million or 6% higher than the same period in 2023, primarily due to non-recurring restructuring-related costs during the period.

• Net income was CA$2 million as compared to a net loss of CA$12.9 million in the same period of 2023.

• Total other incomes and losses were a net loss of CA$0.1 million compared to a net loss of CA$1.6 million in the comparative period of 2023.

• Adjusted EBITDA came in positive at CA$5.2 million representing an improvement of CA$6.3 million over the same period of 2023, primarily due to improvements in gross profits and SG&A.