AUXLY ACHIEVES NEW REVENUE AND PROFITABILITY RECORDS IN Q2 2024 AND TOPS CHARTS IN ALL-IN-ONE VAPE SALES
Auxly Cannabis Group reported record revenue and profitability for Q2 2024. Net revenues reached $29.2 million, a 33% increase year-over-year and a 16% rise from the previous quarter. Gross Margin on Finished Cannabis Inventory Sold hit an all-time high of 41%, a 14% improvement year-over-year. Adjusted EBITDA surged by over 580% to $5.2 million. SG&A expenses were slightly reduced by $0.2 million compared to the same period in 2023, net of restructuring costs. Net income stood at $2.0 million, with positive cash flow from operations of $2.9 million. The company reported a 48% reduction in debt compared to the end of 2023. Auxly maintained its market leadership in the all-in-one vape category, securing over 32% of the total market share. The Back Forty brand continued to dominate with the top four all-in-one vape SKUs and achieved strong performance in dried flower and pre-rolls. Despite the gains, Auxly reported a net loss of $24.0 million for the six months ended June 30, 2024, including deferred tax expenses.
Auxly Cannabis Group ha riportato un fatturato e una redditività record per il secondo trimestre del 2024. I ricavi netti hanno raggiunto i 29,2 milioni di dollari, con un incremento del 33% rispetto all'anno precedente e un aumento del 16% rispetto al trimestre precedente. Il Margine Lordo sulle Vendite di Cannabis Finità ha raggiunto un massimo storico del 41%, con un miglioramento del 14% rispetto all'anno scorso. L'EBITDA rettificato è aumentato di oltre il 580% a 5,2 milioni di dollari. Le spese di SG&A sono state leggermente ridotte di 0,2 milioni di dollari rispetto allo stesso periodo del 2023, al netto dei costi di ristrutturazione. Il reddito netto si è attestato a 2,0 milioni di dollari, con un flusso di cassa positivo dalle operazioni di 2,9 milioni di dollari. L'azienda ha riportato una riduzione del 48% del debito rispetto alla fine del 2023. Auxly ha mantenuto la sua leadership di mercato nella categoria delle vape all-in-one, conquistando oltre il 32% della quota di mercato totale. Il marchio Back Forty ha continuato a dominare con i primi quattro SKU di vape all-in-one e ha ottenuto buone performance nel fiore secco e nei pre-roll. Nonostante i guadagni, Auxly ha riportato una perdita netta di 24,0 milioni di dollari per i sei mesi terminati il 30 giugno 2024, inclusi i costi fiscali differiti.
Auxly Cannabis Group reportó ingresos y rentabilidad récord para el segundo trimestre de 2024. Los ingresos netos alcanzaron los 29,2 millones de dólares, un 33% más que el año anterior y un 16% de aumento respecto al trimestre anterior. El margen bruto de inventario de cannabis vendido alcanzó un máximo histórico del 41%, lo que representa una mejora del 14% año con año. El EBITDA ajustado se disparó más del 580%, alcanzando los 5,2 millones de dólares. Los gastos SG&A se redujeron ligeramente en 0,2 millones de dólares en comparación con el mismo período de 2023, neto de costos de reestructuración. La utilidad neta se estableció en 2,0 millones de dólares, con un flujo de caja positivo de operaciones de 2,9 millones de dólares. La compañía reportó una reducción del 48% de la deuda en comparación con finales de 2023. Auxly mantuvo su liderazgo en el mercado en la categoría de vapeo todo en uno, asegurando más del 32% de la participación total de mercado. La marca Back Forty continuó dominando con los cuatro principales SKU de vapeo todo en uno y tuvo un buen desempeño en flores secas y pre-rolls. A pesar de las ganancias, Auxly reportó una pérdida neta de 24,0 millones de dólares para los seis meses finalizados el 30 de junio de 2024, incluyendo gastos fiscales diferidos.
Auxly Cannabis Group는 2024년 2분기에 기록적인 수익과 수익성을 보고했습니다. 순수익은 2,920만 달러에 달하며, 전년 대비 33% 증가하고 지난 분기 대비 16% 상승했습니다. 판매된 완제품 대마초 재고의 총 이익률은 41%로 사상 최고치를 기록했으며, 전년 대비 14% 개선되었습니다. 조정 EBITDA는 580% 이상 급증하여 520만 달러에 달했습니다. SG&A 비용은 2023년 같은 기간 기준으로 20만 달러 감소했습니다(구조조정 비용 제외). 순이익은 200만 달러로, 운영에서 긍정적인 현금 흐름은 290만 달러에 달했습니다. 회사는 2023년 말 대비 부채 48% 감소를 보고했습니다. Auxly는 통합형 전자담배 카테고리에서 시장 리더십을 유지하며 전체 시장 점유율의 32% 이상을 확보했습니다. Back Forty 브랜드는 통합형 전자담배 SKU 상위 4개 제품으로 계속해서 시장을 장악했으며, 건조된 꽃과 프리롤에서도 좋은 성과를 올렸습니다. 그러나 Auxly는 2024년 6월 30일 종료된 6개월 동안 순손실이 2,400만 달러에 달한다고 보고했습니다(이연 세금 비용 포함).
Auxly Cannabis Group a annoncé des revenus et une rentabilité records pour le deuxième trimestre 2024. Les revenus nets ont atteint 29,2 millions de dollars, soit une augmentation de 33 % par rapport à l'année précédente et de 16 % par rapport au trimestre précédent. La marge brute sur l'inventaire de cannabis fini vendu a atteint un niveau record de 41 %, une amélioration de 14 % par rapport à l'année dernière. L'EBITDA ajusté a explosé de plus de 580 % pour atteindre 5,2 millions de dollars. Les dépenses SG&A ont été légèrement réduites de 0,2 million de dollars par rapport à la même période en 2023, hors coûts de restructuration. Le revenu net s'est établi à 2,0 millions de dollars, avec un flux de trésorerie positif de 2,9 millions de dollars provenant des opérations. L'entreprise a signalé une réduction de la dette de 48 % par rapport à la fin de 2023. Auxly a maintenu sa position de leader sur le marché dans la catégorie des vapes tout-en-un, sécurisant plus de 32 % de la part de marché totale. La marque Back Forty a continué de dominer avec les quatre meilleures références de vapes tout-en-un et a obtenu de solides performances dans les fleurs séchées et les pré-rolls. Malgré ces gains, Auxly a annoncé une perte nette de 24,0 millions de dollars pour les six mois se terminant le 30 juin 2024, y compris les frais fiscaux différés.
Auxly Cannabis Group meldete Rekordumsätze und Rentabilität für das 2. Quartal 2024. Die Nettoerlöse erreichten 29,2 Millionen Dollar, ein Anstieg um 33% im Vergleich zum Vorjahr und ein Plus von 16% im Vergleich zum vorherigen Quartal. Die Bruttomarge auf verkaufte Fertig-Cannabis-Inventare erreichte mit 41% einen Rekordwert, was einem Anstieg von 14% im Vergleich zum Vorjahr entspricht. Bereinigte EBITDA stieg um über 580% auf 5,2 Millionen Dollar. Die SG&A-Aufwendungen wurden im Vergleich zum gleichen Zeitraum 2023 um 0,2 Millionen Dollar leicht gesenkt, bereinigt um Umstrukturierungskosten. Der Nettogewinn betrug 2,0 Millionen Dollar, bei einem positiven Cashflow aus der Betriebstätigkeit von 2,9 Millionen Dollar. Das Unternehmen meldete eine Reduzierung der Schulden um 48% im Vergleich zum Ende 2023. Auxly behauptete seine Marktführerschaft in der Kategorie der All-in-One-Vapes und sicherte sich über 32% des Gesamtmarktes. Die Back Forty Marke dominierte weiterhin mit den vier besten All-in-One-Vape-SKUs und erzielte starke Leistungen im Bereich getrockneter Blüten und Pre-Rolls. Trotz der Gewinne meldete Auxly einen Gesamtverlust von 24,0 Millionen Dollar für die sechs Monate bis zum 30. Juni 2024, einschließlich aufgeschobener Steueraufwendungen.
- Net revenues increased by 33% year-over-year and 16% from the previous quarter, reaching $29.2 million.
- Gross Margin on Finished Cannabis Inventory Sold hit a record 41%, a 14% improvement year-over-year.
- Adjusted EBITDA surged by over 580% to $5.2 million.
- SG&A expenses slightly reduced by $0.2 million compared to the same period in 2023, net of restructuring costs.
- Net income stood at $2.0 million, with positive cash flow from operations of $2.9 million.
- 48% reduction in debt compared to the end of 2023.
- Maintained market leadership in the all-in-one vape category with over 32% market share.
- Back Forty brand dominated with the top four all-in-one vape SKUs.
- Net loss of $24.0 million for the six months ended June 30, 2024, including deferred tax expenses.
- Cash and equivalents decreased by 9% compared to the end of 2023.
Q2 2024 Highlights and Subsequent Events
- The Company continues to achieve record-breaking financial results and establish new benchmarks across key metrics of revenue, margin and adjusted EBITDA;
- Net revenues of
$29.2 million 33% year-over-year and16% compared to the previous quarter; - Achieved an all-time record in Gross Margin on Finished Cannabis Inventory Sold[1] of
41% in the quarter, an improvement of14% year-over-year; - Improved adjusted EBITDA1 by over
580% compared to the same period in 2023, reporting an all-time record of$5.2 million - SG&A was
$0.2 million $0.7 million - Net income of
$2.0 million $2.9 million - A
48% reduction in the Company's debt1 compared to the end of 2023; - Continued market leadership in the all-in-one vape category with over
32% of the total market share in the category and the #2 position among licensed producers in national vape sales2; - The Back Forty brand maintains the top four all-in-one vape SKU positions nationally;
- Continued excellence in dried flower and pre-rolls where Back Forty's cultivar Liquid Imagination, proudly grown at the Auxly Leamington facility, secured a top ten position in national dried flower sales and Back Forty's non-infused pre-rolls secured two of the top five SKU positions in national sales.
___________________________________ |
1 Non-IFRS or Supplementary financial measure. Refer to the Non-GAAP Measures section in the MD&A for definitions. |
2 Hifyre IQ, as of July 17, 2024. |
FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE INDICATORS
For the three months ended: (000's) | June 30, 2024 | June 30, 2023 | Change | % Change | |
Net revenues
| $ 29,178 | $ 21,990 | $ 7,188 | 33 % | |
Gross margin on finished cannabis inventory sold* | 12, 049 | 5,955 | 6,094 | 102 % | |
Gross margin on finished cannabis inventory sold (%)* | 41 % | 27 % | 14 % | 52 % | |
Net income/(loss)
| 2,002 | (12,863) | 14,865 | 116 % | |
Adjusted EBITDA* | 5,173 | (1,078) | 6,251 | 580 % | |
Weighted Average Shares outstanding - basic | 1,250,513,293 | 1,002,014,308 | 248,498,985 | 25 % | |
For the six months ended: (000's) | June 30, 2024 | June 30, 2023 | Change | % Change | |
Net revenues
| $ 54,419 | $ 45,958 | $ 8,461 | 18 % | |
Gross margin on finished cannabis inventory sold* | 21,618 | 14,898 | 6,720 | 45 % | |
Gross margin on finished cannabis inventory sold (%)* | 40 % | 32 % | 8 % | 25 % | |
Net income/(loss)
| (24,010) | (23,112) | (898) | -4 % | |
Adjusted EBITDA* | 7,413 | (940) | 8,353 | 889 % | |
Weighted Average Shares outstanding - basic | 1,133,676,385 | 978,146,905 | 155,529,480 | 16 % | |
As at: (000's) | June 30, 2024 | December 31, | Change | % Change | |
Cash and equivalents | $ 14,257 | $ 15,608 | $ (1,351) | -9 % | |
Total assets
| 260,615 | 261,904 | (1,289) | 0 % | |
Debt
| 64,539 | 123,579 | (59,040) | -48 % | |
*Non-IFRS or supplementary financial measure. Refer to the Non-GAAP Measures section in the MD&A for definitions |
Hugo Alves, CEO of Auxly, commented: "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. Our commitment to product quality, innovation and operational efficiency continues to drive our success. 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
RESULTS OF OPERATIONS
For the periods ended: | Three months June 30, | Six months June 30, | ||
(000's) | 2024 | 2023 | 2024 | 2023 |
Revenue | ||||
Revenue from sales of cannabis products | ||||
Excise taxes | $ 43,433 | $ 34,514 | $ 81,790 | $ 72,058 |
(14,255) | (12,524) | (27,371) | (26,100) | |
Total Net Revenues | 29,178 | 21,990 | 54,419 | 45,958 |
Cost of Sales | ||||
Costs of finished cannabis inventory sold | 17,129 | 16,035 | 32,801 | 31,060 |
Inventory impairment | 473 | 1,459 | 929 | 2,132 |
Gross profit/(loss) excluding fair value items | 11,576 | 4,496 | 20,689 | 12,766 |
Unrealized fair value gain/(loss) on biological transformation | 8,817 | 4,713 | 11,590 | 8,960 |
Realized fair value gain/(loss) on inventory | (4,464) | (3,146) | (6,899) | (7,785) |
Gross Profit | 15,929 | 6,063 | 25,380 | 13,941 |
Expenses | ||||
Selling, general, and administrative expenses | 9,311 | 8,810 | 17,932 | 18,900 |
Equity-based compensation | 701 | 377 | 2,628 | 786 |
Depreciation and amortization | 1,067 | 1,673 | 2,297 | 3,418 |
Interest and accretion expenses | 2,749 | 6,457 | 9,617 | 12,265 |
Total expenses | 13,828 | 17,317 | 32,474 | 35,369 |
Other income/(loss) | 140 | (20) | (6) | |
Interest and other income | - | (2,588) | 159 | (2,588) |
Impairment of assets | 391 | 1,478 | - | 1,478 |
Gain/(loss) on settlement of assets and liabilities and other expenses | (453) | - | (243) | - |
Gain/(loss) on disposal of assets held for sale | (177) | (479) | (453) | (568) |
Foreign exchange gain/(loss) | (387) | |||
Total other income/(loss) | (99) | (1,609) | (924) | (1,684) |
Net income/(loss) before income tax | 2,002 | (12,863) | (8,018) | (23,112) |
Income tax recovery/(expense) | - | - | (15,992) | - |
Net income/(loss) | $ 2,002 | $ (12,863) | $ (24,010) | $ (23,112) |
Adjusted EBITDA | $ 5,173 | $ (1,078) | $ 7,413 | $ (940) |
Net income/(loss) per common share – basic ($) | $ 0.00 | $ (0.01) | $ (0.02) | $ (0.02) |
Net income/(loss) per common share – diluted ($) | $ 0.00 | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average shares outstanding – basic | 1,250,513,293 | 1,002,014,308 | 1,133,676,385 | 978,146,905 |
Weighted average shares outstanding - diluted | 1,304,108,532 | 1,002,014,308 | 1,133,676,385 | 978,146,905 |
Revenue
For the three and six months ended June 30, 2024, net revenues were
For the three and six months ended June 30, 2024, approximately
Gross Profit
Auxly realized a gross profit of
Realized and unrealized fair value gains and losses reflect accounting treatments associated with Auxly Leamington cultivation activities and sales and are influenced by changes in production, sales and net realizable value assumptions.
Inventory impairments during the second quarter of 2024 of
Total Expenses
Selling, general and administrative expenses ("SG&A") are comprised of wages and benefits, office and administrative, professional fees, business development, and selling expenses. SG&A expenses were
Wages and benefits were
Office and administrative expenses were
Auxly's professional fees were
Business development expenses were
Selling expenses were
Equity-based compensation for the three and six months ended June 30, 2024 was
Depreciation and amortization expenses were
Interest expenses were
Total Other Incomes and Losses
Total other incomes and losses for the second quarter of 2024 were a net loss of
Total other incomes and losses for the six months ended June 30, 2024 was a net loss of
Net Income and Loss
Net income for the three months ended June 30, 2024 was
Adjusted EBITDA
Adjusted EBITDA was
Outlook
In 2024, the Company remains dedicated to sustainable growth, improved profitability, and the excellence of its people. Auxly will prioritize focused and efficient growth in its key product categories of vape, pre-roll and dried flower and continue to optimize and improve distribution and sales of its products. The Company will continue to foster a collaborative team environment and pursue continued improvements in efficiency to reduce costs and deliver strong gross margins and increased profitability. The Company will also continue to pursue opportunities to strengthen its balance sheet.
The second quarter of 2024 reflected efficient growth in Auxly's business, with both increased revenues and increased profits, compared to the previous and comparative quarters. The improved topline performance was driven by successful innovations and improved consistency and quality resulting in increased sales in its core categories of dried flower, vape and pre-roll. Consumers have acknowledged the improved quality in the dried flower products due to continued improvements made in the manufacturing processes, while also recognizing that its products are priced competitively within each price segment they compete in. For example, the recently launched Liquid Imagination 28g dried flower SKU was a top 10 SKU nationally, despite not being available in
The Company's low-cost cultivation is an increasing competitive advantage within the current Canadian cannabis landscape. With only a few large-scale greenhouses capable of consistently producing high quality cannabis at a low cost, the Company is seeing increased demand and pricing for its bulk flower products. Given the significant capital outlay and amount of time necessary to replicate the scale, automation, consistency, and efficiency of the Auxly Leamington facility, the Company believes that Auxly Leamington provides it with a significant competitive advantage in the short and medium term. The Company intends to leverage this advantage to drive further growth in the Canadian adult-use market and in wholesale bulk cannabis sales to other industry participants.
Due to the increased demand for its branded and wholesale products, the Company has increased cultivation levels on a capital-light basis at its Auxly Leamington facility, which included increasing plant density and optimizing post-harvest processes. The Company expects that its ongoing efforts will continue to enhance the
Looking ahead, the Company will continue to grow sustainably and expect to see continued revenue expansion; gross margin improvements and enhanced profitability throughout the second half of the year, driven by the excellence of its people, increased consumer demand for its quality products, an exciting pipeline of innovative new products and its commitment to continued improvement in operational efficiency and overhead cost management.
Non- GAAP Measures
Please see the Company's MD&A dated August 14, 2024, under "Non-GAAP Measures" for a further description of the following financial and supplementary financial measures.
Financial Measures
EBITDA and Adjusted EBITDA
These are non-GAAP measures used in the cannabis industry and by the Company to assess operating performance removing the impacts and volatility of non-cash and other adjustments. The definition may differ by issuer. The Adjusted EBITDA reconciliation is as follows:
(000's) | Q3/22 | Q4/22 | Q1/23 | Q2/23 | Q3/23 | Q4/23 | Q1/24 | Q2/24 |
Net income/(loss) | $ (60,102) | $ (16,056) | $ (10,249) | $ (12,863) | $ 32,621 | $ (54,020) | ||
Interest and accretion expense | 5,507 | 5,655 | 5,808 | 6,457 | 6,613 | 6,837 | 6,868 | 2,749 |
Interest and other income | (105) | (63) | (14) | 20 | (16) | (22) | (19) | (140) |
Income tax recovery | (2,110) | (1,112) | - | - | - | (3,238) | 15,992 | - |
Depreciation and amortization |
681 |
1,296 |
1,120 |
911 |
1,151 |
1,084 |
1,292 |
1,780 |
Depreciation and amortization |
3,525 |
2,791 |
1,745 |
1,673 |
1,817 |
1,708 |
1,230 |
1,067 |
EBITDA | (52,604) | (7,489) | (1,590) | (3,802) | 42,186 | (47,651) | (649) | 7,458 |
Impairment of inventory | 2,014 | 2,062 | 673 | 1,459 | 3,233 | 5,109 | 456 | 473 |
Unrealized fair value |
(7,496) |
(2,814) |
(4,247) |
(4,713) |
(4,766) |
(2,481) |
(2,773) |
(8,817) |
Realized fair value loss/(gain) |
8,175 |
7,382 |
4,639 |
3,146 |
5,538 |
5,428 |
2,435 |
4,464 |
Restructuring related costs | 193 | - | 165 | 86 | 29 | 131 | - | 655 |
Equity-based compensation | 475 | 429 | 409 | 377 | 707 | 148 | 1,927 | 701 |
Impairment of assets | 42,831 | 676 | - | 2,588 | - | 37,118 | - | - |
Non-recurring bad debt |
- |
- |
- |
780 |
360 |
- |
- |
- |
(Gain)/loss on settlement of |
1,574 |
(1,330) |
- |
(1,478) |
(46,887) |
4,006 |
634 |
62 |
Foreign exchange loss/(gain) | (938) | 301 | 89 | 479 | (283) | 486 | 210 | 177 |
Adjusted EBITDA | $ (5,776) | $ (783) | $ 138 | $ (1,078) | $ 117 | $ 2,294 | $ 2,240 | $ 5,173 |
Supplementary Financial Measures
Gross Margin on Finished Cannabis Inventory Sold
"Gross Margin on Finished Cannabis Inventory Sold" is a supplementary financial measure and is defined as net revenues less cost of finished cannabis inventory sold divided by net revenues.
Gross Profit Margin
"Gross Profit Margin" is defined as gross profit divided by net revenues. Gross Profit Margin is a supplementary financial measure.
Debt
"Debt" is defined as current and long-term debt and is a supplementary financial measure. It is a useful measure in managing the Company's capital structure and financing requirements.
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc. (TSX: XLY)
Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in
Our vision is to be a leader in branded cannabis products that deliver on our consumer promise of quality, safety and efficacy.
Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup/.
Notice Regarding Forward Looking Information:
This news release contains certain "forward‐looking information" within the meaning of applicable Canadian securities law. Forward‐looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward‐looking information throughout this news release. Forward‐looking information includes, but is not limited to: the proposed operation of Auxly, its subsidiaries and partners; the intention to grow the business, operations and existing and potential activities of Auxly; proposed timelines for the build‐out, expansion, licencing or commercialization of the Company's facilities and projects; the Company's execution of its innovative product development, commercialization strategy and expansion plans; the Company's intention to introduce innovative new cannabis products to the market and the timing thereof; the anticipated benefits of the Company's partnerships, research and development initiatives and other commercial arrangements; expectations regarding the anticipated benefits of the Imperial Debt Conversion; the expectation, timing and quantum of future revenues, Gross Margin on Finished Cannabis Inventory Sold, SG&A and of positive Adjusted EBITDA; expectations regarding the Company's expansion of sales, operations and investment into foreign jurisdictions; future legislative and regulatory developments involving cannabis and cannabis products; the timing and outcomes of regulatory or intellectual property decisions; the ability of the Company to maintain and grow its market share; the relevance of Auxly's subsidiaries' current and proposed products with provincial purchasers and consumers; consumer preferences; political change; competition and other risks affecting the Company in particular and the cannabis industry generally.
A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward‐looking information in this release including, but not limited to, whether: the Company will be able to execute on its business strategy or achieve its goals; Auxly's subsidiaries are able to maintain the necessary governmental and regulatory authorizations to conduct business; the Company is able to successfully manage the integration of its various business units with its own; the Company's subsidiaries obtain and maintain all necessary governmental and regulatory permits and approvals for the operation of their facilities and the development of cannabis products, and whether such permits and approvals can be obtained in a timely manner; the expected benefits of the Imperial Debt Conversion materialize in the manner expected, or at all; the expected benefits of the Auxly Leamington credit facility amendment agreement materialize in the manner expected, or at all; the Company will be able to successfully launch new product formats and enter into new markets; there is acceptance and demand for current and future Company products by consumers and provincial purchasers; the Company will be able to increase and maintain revenues, maintain positive Adjusted EBITDA, and/or achieve and maintain its target Gross Margin on Finished Cannabis Inventory Sold; and general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company and its subsidiaries and partners operate will remain the same. Additional risk factors are disclosed in the annual information form of the Company for the financial year ended December 31, 2023 dated March 24, 2024.
New factors emerge from time to time, and it is not possible for management to predict all of those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward‐looking information. The forward‐looking information in this release is based on information currently available and what management believes are reasonable assumptions. Forward‐ looking information speaks only to such assumptions as of the date of this release. In addition, this release may contain forward‐looking information attributed to third party industry sources, the accuracy of which has not been verified by the Company. The forward‐looking information is being provided for the purposes of assisting the reader in understanding the Company's financial performance, financial position and cash flows as at and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such forward‐ looking information may not be appropriate for any other purpose. Readers should not place undue reliance on forward‐looking information contained in this release.
The forward‐looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward‐ looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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FAQ
What were Auxly's net revenues for Q2 2024?
What is Auxly's market share in the all-in-one vape category?
What was Auxly's adjusted EBITDA for Q2 2024?
How much did Auxly reduce its debt by the end of Q2 2024?
What was Auxly's net income for Q2 2024?
What was Auxly's gross margin on finished cannabis inventory sold in Q2 2024?
What was the net loss for Auxly in the first half of 2024?
