Glow Lifetech Delivers 480% Quarter-Over-Quarter Revenue Growth with Industry-Leading 70% Gross Margin
Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) reported strong Q1 2024 results, with revenue increasing 480% quarter-over-quarter to $148,107 and an impressive 70% gross margin. The company's net loss improved by 40% compared to Q4 2023. Glow launched 4 new cannabis products in Ontario during Q1, expanding its MOD™ drops and .decimal™ capsules ranges. Retail distribution accelerated, reaching ~500+ stores in Ontario. The company's MOD™ drops secured the #1 position in the water-soluble drop brand category and became the #3 brand in the broader Oils category in Ontario. Glow strengthened its balance sheet post-Q1, raising $605,000 through a private placement and settling $211,837 of indebtedness.
Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) ha riportato risultati solidi per il Q1 2024, con un aumento del fatturato del 480% rispetto al trimestre precedente, raggiungendo i 148.107 dollari e un margine lordo impressionante del 70%. La perdita netta dell'azienda è migliorata del 40% rispetto al Q4 2023. Glow ha lanciato 4 nuovi prodotti a base di cannabis in Ontario durante il Q1, espandendo le sue gamme di gocce MOD™ e capsule .decimal™. La distribuzione al dettaglio ha accelerato, raggiungendo circa 500+ negozi in Ontario. Le gocce MOD™ dell'azienda hanno ottenuto la posizione #1 nella categoria dei marchi di gocce idrosolubili e sono diventate il #3 marchio nella più ampia categoria degli oli in Ontario. Glow ha rafforzato il proprio bilancio dopo il Q1, raccogliendo 605.000 dollari attraverso un collocamento privato e risolvendo 211.837 dollari di indebitamento.
Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) informó resultados sólidos para el Q1 2024, con un aumento del 480% en los ingresos en comparación con el trimestre anterior, alcanzando los 148,107 dólares y un margen bruto impresionante del 70%. La pérdida neta de la empresa mejoró un 40% en comparación con el Q4 2023. Glow lanzó 4 nuevos productos de cannabis en Ontario durante el Q1, expandiendo sus gamas de gotas MOD™ y cápsulas .decimal™. La distribución minorista se aceleró, alcanzando alrededor de 500+ tiendas en Ontario. Las gotas MOD™ de la empresa aseguraron la posición #1 en la categoría de marcas de gotas solubles en agua y se convirtieron en la marca #3 en la categoría más amplia de aceites en Ontario. Glow fortaleció su balance después del Q1, recaudando 605,000 dólares a través de una colocación privada y liquidando 211,837 dólares de deuda.
Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF)는 2024년 1분기 강력한 실적을 보고했으며, 전분기 대비 매출이 480% 증가하여 148,107달러에 달하고 70%의 인상적인 총 마진을 기록했습니다. 회사의 순손실은 2023년 4분기와 비교하여 40% 개선되었습니다. Glow는 1분기 동안 온타리오에서 4개의 새로운 대마 제품을 출시하여 MOD™ 드롭과 .decimal™ 캡슐 라인을 확장했습니다. 소매 유통이 가속화되어 온타리오에서 약 500개 이상의 매장에 도달했습니다. 회사의 MOD™ 드롭은 물에 용해되는 드롭 브랜드 카테고리에서 #1 자리를 확보하였고 온타리오의 보다 넓은 오일 카테고리에서 #3 브랜드가 되었습니다. Glow는 1분기 이후 강력한 재무 상태를 유지하며 605,000달러를 사모 배정 방식으로 모금하고 211,837달러의 부채를 상환했습니다.
Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) a annoncé de solides résultats pour le 1er trimestre 2024, avec une augmentation de 480 % des revenus par rapport au trimestre précédent, atteignant 148 107 dollars et une marge brute impressionnante de 70 %. La perte nette de l'entreprise s'est améliorée de 40 % par rapport au 4e trimestre 2023. Glow a lancé 4 nouveaux produits à base de cannabis en Ontario au cours du 1er trimestre, élargissant ses gammes de gouttes MOD™ et de capsules .decimal™. La distribution au détail a accéléré, atteignant environ 500+ magasins en Ontario. Les gouttes MOD™ de l'entreprise ont obtenu la 1ère position dans la catégorie des marques de gouttes solubles dans l'eau et sont devenues la 3ème marque dans la catégorie plus large des huiles en Ontario. Glow a renforcé son bilan après le 1er trimestre, levant 605 000 dollars par le biais d'un placement privé et réglant 211 837 dollars de dettes.
Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) meldete starke Ergebnisse für das 1. Quartal 2024, mit einem Anstieg des Umsatzes um 480% im Vergleich zum Vorquartal auf 148.107 Dollar und einer beeindruckenden Bruttomarge von 70%. Der Nettoverlust des Unternehmens verbesserte sich um 40% im Vergleich zum 4. Quartal 2023. Glow launchte 4 neue Cannabisprodukte in Ontario im 1. Quartal und erweiterte sein Sortiment an MOD™ Tropfen und .decimal™ Kapseln. Die Einzelhandelsdistribution beschleunigte sich und erreichte ca. 500+ Geschäfte in Ontario. Die MOD™ Tropfen des Unternehmens sicherten sich die Position #1 in der Kategorie der wasserlöslichen Tropfenmarken und wurden die Marke #3 in der breiteren Ölkategorie in Ontario. Glow stärkte nach dem 1. Quartal seine Bilanz, sammelte 605.000 Dollar durch eine Privatplatzierung und beglich 211.837 Dollar an Schulden.
- Revenue increased 480% quarter-over-quarter to $148,107
- Achieved 70% gross margin in Q1 2024
- Net loss improved by 40% compared to Q4 2023
- Launched 4 new cannabis products in Ontario during Q1 2024
- Expanded retail distribution to ~500+ stores in Ontario
- MOD™ drops secured #1 position in water-soluble drop brand category in Ontario
- Became #3 brand in the broader Oils category in Ontario
- Raised $605,000 through private placement post-Q1
- Settled $211,837 of indebtedness
- Net loss of $261,826 for Q1 2024
Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) (FSE: 9DO) ("Glow" or the "Company") is pleased to provide a business update following strong revenue growth in Q1 2024, ending March 31, 2024. Glow achieved a
Financial Performance Highlights
Strong Revenue Growth: Glow achieved
$148,107 revenue for Q1 2024, up480% from the previous quarter and compared to zero revenue in the year prior (Q1 2023). This marks a significant achievement in our development, reflecting a successful launch of our new cannabis products, and continued momentum in our market. Net loss was$261,826 for Q1 2024, a40% improvement over Q4 2023.High Gross Margins: Delivered gross margins of
70% for Q1 2024, demonstrating Glow's focus on delivering healthy, sustainable gross margins. A notable achievement that underscores the Company's lean & efficient business model and ability to deliver profitable revenue growth.Strengthening Balance Sheet: Following Q1 2024, Glow strengthened its balance sheet, improving its financial health and flexibility. The Company expects further enhancements in 2024 to provide greater financial flexibility to execute its growth strategy. On April 26, 2024, Glow completed a private placement raising
$605,000 1 (see Glow release dated April 26, 2024) and settled$211,837 of indebtedness on Feb 16, 2024 (see Glow release dated Feb 16, 2024).2
"We are pleased to report strong Q1 results, achieving a significant step forward in revenue growth combined with a
Recent Business Highlights
New Product Launches: In Q1 2024, Glow launched 4 new cannabis products into the Ontario market, expanding its MOD™ drops and .decimal™ capsules product ranges, more than doubling its available SKU portfolio to 7 SKUs total. In Q2 2024, the Company launched an additional 3 SKUs for a total of 10 SKUS available in Ontario, further bolstering its revenue generating activities.
Growing Store Penetration: Retail distribution continues to accelerate in Ontario, achieving store penetration of ~100+ stores by Q1 2024 and quickly ramping up to ~500+ stores in Ontario to-date as a result of increased sales & marketing efforts. The Company is firmly focused on expanding store penetration in Ontario to solidify its winning position, and expanding to new provinces across Canada.
Category-leadership: Glow's innovative technology and differentiated products continue to build momentum in the market. MOD™drops have quickly risen to secure the #1 water-soluble drop brand in Ontario and notably has become the #3 brand in the broader Oils category as of June 2024 (based on OCS Wholesale data).
"In Q1 2024, we established a solid foundation for future growth and remain optimistic about accelerating market share, as we launch more SKUs, scale-up retail distribution, and capitalize on growth opportunities across the country," said Rob Carducci, CEO, Glow Lifetech. "Our innovative products are proven winners in the market, as demonstrated by MOD™ drops having already secured the #1 water-soluble brand in Ontario."
Glow's early commercial success and growing demand for its innovative product portfolio reinforce leadership's confidence in their strategic direction. In 2024, Glow will maintain a disciplined and measured approach while aggressively advancing a growth agenda. With proprietary technology, differentiated & category-leading products, and a sustainable business model, the Company is well-positioned for success in the Canadian cannabis market and beyond.
SUBSCRIBE: For more information on Glow or to subscribe to the Company's mail list visit: https://www.glowlifetech.com/news
About Glow Lifetech Corp
Glow Lifetech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has a groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.
Website: www.glowlifetech.com
Contact:
James Van Staveren
Glow Lifetech Corp.
TF. 855-442-GLOW (4569)
ir@glowlifetech.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.
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1 https://glowlifetech.com/news/glow-announces-closing-of-non-brokered-private-placement/
2 https://glowlifetech.com/news/glow-announces-closing-of-debt-settlement/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219824
FAQ
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