Village Farms International, Inc. (NASDAQ:VFF) reported its financial results Thursday for the third quarter ended Sep. 30, 2024. The British Columbia-based cannabis company disclosed revenue of $83.37 million, compared to $69.51 million in the same period a year ago.
"Strong performance in our fresh produce business, continued growth in Canadian cannabis and a doubling of international medicinal cannabis sales drove 20% year-over-year growth in consolidated sales, with both positive Adjusted EBITDA and cash flow from operations during the third quarter," stated Michael DeGiglio, president and CEO. "Our Canadian cannabis business continues to deliver strong growth with leading market share as we realized revenue growth in all sales channels and positive EBITDA and operating cash flow. We were once again the fastest growing producer in Canada over the last year in terms of market share and, for the first time ever, were number one in Quebec, making us the top producer in Canada's two most populus provinces."
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Q3 Financial Highlights
- Gross profit was $15.71 million, compared to $14.62 million in the same quarter last year.
- Net loss was $800,000 or $0.01 per share, compared to loss of $1.3 million or $0.01 per share in the third quarter of 2023
- Adjusted EBITDA was $5.3 million, compared to $3.25 million in the same period last year.
- Consolidated cash flow from operations was $4.3 million compared with $12.1 million in the corresponding quarter of 2023.
DeGiglio added that the company continued sales increases to its German, Australian and UK partners and that its Dutch business has "the potential to become a strong contributor of profitability and cash flow generation, driven by more favorable pricing and taxes in the Dutch market compared to Canada."
Price Action
Village Farms shares closed Wednesday's market session 11.02% lower at 80 cents per share.
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