Glow Lifetech Reports 49% Q/Q Revenue Growth, 73% Gross Margins, and Strengthened Balance Sheet in Q3 2024
Glow LifeTech Corp. reported strong Q3 2024 financial results with 49% quarter-over-quarter revenue growth to $227,052 and improved gross margins of 73%, up from 68% in Q2. The company strengthened its balance sheet through a $1.2 million financing in September and a subsequent $900,000 private placement, while settling $591,000 in debt. The EBITDA loss narrowed by 17% to $156,144 compared to Q2. The company's MOD™ brand achieved significant market penetration, reaching 650+ stores in Ontario and ranking as the #3 brand in the oils category. The launch of MOD™ THC Drops 300 demonstrates continued product innovation.
Glow LifeTech Corp. ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con una crescita del fatturato del 49% rispetto al trimestre precedente raggiungendo $227,052 e un miglioramento nei margini lordi del 73%, in aumento rispetto al 68% del secondo trimestre. L'azienda ha rafforzato il proprio bilancio attraverso un finanziamento di $1,2 milioni a settembre e un successivo collocamento privato di $900,000, saldando nel contempo $591,000 di debiti. La perdita EBITDA si è ristretta del 17% a $156,144 rispetto al secondo trimestre. Il marchio MOD™ dell'azienda ha ottenuto una significativa penetrazione di mercato, raggiungendo oltre 650 negozi in Ontario e classificandosi come il marchio n.°3 nella categoria oli. Il lancio di MOD™ THC Drops 300 dimostra un'innovazione continua nei prodotti.
Glow LifeTech Corp. reportó resultados financieros sólidos para el tercer trimestre de 2024, con un crecimiento de ingresos del 49% en comparación con el trimestre anterior, alcanzando $227,052 y unos márgenes brutos del 73%, en comparación con el 68% en el segundo trimestre. La empresa fortaleció su balance mediante un financiamiento de $1.2 millones en septiembre y una posterior colocación privada de $900,000, mientras saldaba $591,000 en deudas. La pérdida de EBITDA se redujo en un 17% a $156,144 comparado con el segundo trimestre. La marca MOD™ de la empresa logró una penetración significativa en el mercado, alcanzando más de 650 tiendas en Ontario y posicionándose como la marca n.º 3 en la categoría de aceites. El lanzamiento de MOD™ THC Drops 300 demuestra una continua innovación en productos.
Glow LifeTech Corp.는 2024년 3분기 강력한 재무 실적을 보고하였으며, 전분기 대비 49%의 매출 성장으로 $227,052에 도달하고 73%의 총 매출 이익률을 개선하였습니다. 이는 2분기의 68%에서 증가한 것입니다. 회사는 9월에 $1.2백만의 자금 조달과 이후 $900,000의 사모 공모를 통해 재무 구조를 강화했으며, $591,000의 부채를 상환하였습니다. EBITDA 손실은 2분기 대비 17% 줄어든 $156,144로 집계되었습니다. 회사의 MOD™ 브랜드는 온타리오주에서 650개 이상의 매장에 진출하며 기름류 카테고리에서 3위 브랜드로 자리잡았습니다. MOD™ THC Drops 300의 출시가 지속적인 제품 혁신을 보여줍니다.
Glow LifeTech Corp. a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec une croissance des revenus de 49% par rapport au trimestre précédent, atteignant 227,052 $ et une amélioration des marges brutes de 73%, contre 68% au deuxième trimestre. L'entreprise a renforcé son bilan grâce à un financement de 1,2 million de dollars en septembre et un placement privé subséquent de 900 000 $, tout en réglant 591 000 $ de dettes. La perte d'EBITDA a été réduite de 17% à 156 144 $ par rapport au deuxième trimestre. La marque MOD™ de l'entreprise a atteint une pénétration de marché significative, atteignant plus de 650 magasins en Ontario et se classant comme la marque n ° 3 dans la catégorie des huiles. Le lancement de MOD™ THC Drops 300 démontre une innovation continue des produits.
Glow LifeTech Corp. hat starke finanzielle Ergebnisse für das dritte Quartal 2024 berichtet, mit einem Umsatzwachstum von 49% im Vergleich zum Vorquartal, welches $227,052 erreicht hat, und verbesserten Bruttomargen von 73%, gegenüber 68% im zweiten Quartal. Das Unternehmen hat seine Bilanz durch eine Finanzierung von $1,2 Millionen im September und eine anschließende Privatplatzierung von $900,000 gestärkt und gleichzeitig $591,000 an Schulden beglichen. Der EBITDA-Verlust hat sich um 17% auf $156,144 im Vergleich zum 2. Quartal verringert. Die Marke MOD™ des Unternehmens hat eine signifikante Marktpenetration erreicht und ist mit über 650 Geschäften in Ontario die drittwichtigste Marke in der öl Kategorie. Die Einführung der MOD™ THC Drops 300 zeigt eine kontinuierliche Produktinnovation.
- Revenue increased 49% QoQ to $227,052
- Gross margins improved to 73% from 68% in Q2
- EBITDA loss reduced by 17% compared to Q2
- Secured $2.1M in total financing
- Achieved #3 ranking in Ontario's oils category
- Expanded retail presence to 650+ stores in Ontario
- Continuing EBITDA losses of $156,144
- Required significant debt settlement of $591,000
Toronto, Ontario--(Newsfile Corp. - December 2, 2024) - Glow LifeTech Corp. (CSE: GLOW) (OTC Pink: GLWLF) (FSE: 9DO) ("Glow" or the "Company") is pleased to report its financial results for the third quarter ended September 30, 2024 ("Q3 2024"). In Q3 2024, the Glow achieved record revenue, robust gross margins, and key balance sheet improvements, reflecting the Company's commitment to delivering sustainable, profitable growth.
"In Q3 2024, we delivered a transformational quarter for Glow – record revenue, sustained high gross margins, and significantly improved our balance sheet - we are well positioned to accelerate the business momentum in the balance of the year and 2025," said Rob Carducci, CEO, Glow LifeTech. "We remain laser focused on our path to profitability and with strong demand for our products in Ontario, coupled with a highly efficient operating model, we see a clear path to drive profitable growth in Canada and beyond."
Q3 2024 Financial & Subsequent Highlights:
Revenue Growth: Gross revenue Increased
49% to$227,052 compared to Q2 2024, driven by increasing demand and expanded market reach.Robust Gross Margin: Achieved strong
73% gross margins, a further improvement from68% in Q2 2024, reflecting the Company's focus on sustained operational efficiency.Strengthened Balance Sheet: Completed at
$1.2 million financing on September 24, 2024[1], and subsequently closed a$900,000 private placement and settled$591,000 in debt on November 29, 2024[2], greatly improving the Company's financial health and ability to make strategic growth investments.Improved Profitability: EBITDA[3] loss narrowed to
$156,144 , an improvement of17% from Q2 2024, underscoring the Company's continued progress toward achieving sustainable profitability.
"The fundamentals of our business are stronger than ever, and we're particularly pleased that the majority of our recent financings have consisted of management, directors, strategic partners, and long-term shareholders. This alignment demonstrates a shared commitment to the long-term success of the Company," said Rob Carducci, CEO, Glow LifeTech. "Their continued support underscores the confidence those closest to the business have in our growth potential and strategic vision."
Recent Operational Highlights
Expanded Store Penetration: Retail distribution continues to accelerate in Ontario, achieving store penetration of 650+ stores in Ontario to-date as a result of increased sales & marketing efforts. The Company is firmly focused on deepening its footprint in Ontario to solidify its winning position, and expanding to new provinces across Canada.
Industry Leadership: Glow's MOD™ brand has become a market leader, now ranked as the #3 brand in Ontario's oils category and the #1 brand innovation in oils for 2024 (based on OCS Wholesale data).
Category-Leading Innovation: In Q3 2024, Glow launched the MOD™ THC Drops 300-a 300mg, 3-pack of flavourless, water-soluble drops with quick onset and no bitter cannabis taste, reinforcing its commitment to category-leading product innovation.
Glow's demonstrated commercial success and growing demand for its innovative product portfolio reinforce leadership's confidence in its strategic direction. Glow remains focused on 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
Non-IFRS Financial Measures
The company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and non IFRS measures as key performance indicators when planning, monitoring and evaluating the Company's performance.
Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA")
EBITDA is a non-IFRS financial measure that the Company uses to evaluate its operational performance. EBITDA provides information that management believes is useful to investors, analysts, and others in understanding and assessing the Company's core earnings capability, as it removes the effects of financing, tax, and non-operational items. The Company defines EBITDA as net income adjusted for interest, taxes, depreciation, and amortization. This measure allows stakeholders to focus on the profitability generated from operations, excluding external factors such as financing structure, tax environment, and non-cash expenses.
| EBITDA | September 30, 2024 | June 30, 2024 |
| Net Loss | (449,757) | (278,667) |
| Interest | 19,298 | 21,028 |
| Depreciation | 38,833 | 34,986 |
| Amortization | 42,516 | 42,516 |
| Debt forgiveness | (40,614) | (8,340) |
| Share based compensation | 233,580 | - |
| EBITDA | (156,144) | (188,477) |
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.
[1] https://glowlifetech.com/news/glow-announces-closing-of-1200000-private-placement/.
[2]https://glowlifetech.com/news/glow-lifetech-announces-closing-of-non-brokered-private-placement-offering-of-units-and-debt-settlement/.
[3] EBITDA is a non-IFRS measure and is not recognized, defined or standardized measures under IFRS. These measures are defined in the "Non-IFRS Measures" section of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232142
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