Greenway Announces Second Quarter Financial Results
Greenway Greenhouse Cannabis reported Q2 2024 financial results with net revenue of $1,806,957, marking a 52% increase from Q2 2023. Six-month revenue grew 78% to $4,201,116. The company's MillRite brand maintained its #2 position in pre-rolls, with a 71% increase in units sold quarter-over-quarter. Cannabis wholesale prices improved to $1.22 per gram from $0.84. Despite positive revenue growth, the company reported negative Adjusted EBITDA of $253,010. Total volume sold increased 21% to 1,484 kilograms, with an average cash cost per gram of $1.00.
Greenway Greenhouse Cannabis ha riportato i risultati finanziari del secondo trimestre del 2024 con un fatturato netto di $1.806.957, segnando un incremento del 52% rispetto al secondo trimestre del 2023. Il fatturato semestrale è aumentato del 78% raggiungendo $4.201.116. Il marchio MillRite ha mantenuto la sua posizione #2 nei pre-roll, con un incremento del 71% nelle unità vendute rispetto al trimestre precedente. I prezzi all'ingrosso della cannabis sono migliorati a $1,22 per grammo rispetto a $0,84. Nonostante la crescita positiva del fatturato, l'azienda ha riportato un EBITDA rettificato negativo di $253.010. Il volume totale venduto è aumentato del 21% a 1.484 chilogrammi, con un costo medio in contante per grammo di $1,00.
Greenway Greenhouse Cannabis reportó los resultados financieros del segundo trimestre de 2024 con ingresos netos de $1,806,957, marcando un aumento del 52% en comparación con el segundo trimestre de 2023. Los ingresos en seis meses crecieron un 78% hasta alcanzar $4,201,116. La marca MillRite mantuvo su posición número 2 en pre-rolls, con un aumento del 71% en las unidades vendidas en comparación con el trimestre anterior. Los precios mayoristas de cannabis mejoraron a $1.22 por gramo desde $0.84. A pesar del crecimiento positivo de los ingresos, la empresa reportó un EBITDA ajustado negativo de $253,010. El volumen total vendido aumentó un 21% a 1,484 kilogramos, con un costo promedio en efectivo por gramo de $1.00.
그린웨이 온실 대마초는 2024년 2분기 재정 결과를 보고했으며, 순수익이 $1,806,957에 달해 2023년 2분기 대비 52% 증가했습니다. 6개월 동안의 수익은 78% 증가하여 $4,201,116에 이르렀습니다. MillRite 브랜드는 프리롤 시장에서 2위 자리를 유지하며, 분기 대비 판매 단위가 71% 증가했습니다. 대마초 도매 가격은 그램당 $1.22로 개선되었으며, 이전의 $0.84에서 상승했습니다. 긍정적인 수익 성장에도 불구하고, 회사는 조정된 EBITDA가 $253,010의 적자를 기록했습니다. 전체 판매량은 21% 증가하여 1,484킬로그램에 달했고, 그램당 평균 현금 비용은 $1.00입니다.
Greenway Greenhouse Cannabis a publié ses résultats financiers du deuxième trimestre 2024 avec un revenu net de 1 806 957 $, marquant une augmentation de 52 % par rapport au deuxième trimestre 2023. Les revenus du semestre ont augmenté de 78 %, atteignant 4 201 116 $. La marque MillRite a maintenu sa position n°2 dans le secteur des pré-rolls, avec une augmentation de 71 % des unités vendues d'un trimestre à l'autre. Les prix de gros du cannabis ont amélioré, atteignant 1,22 $ par gramme contre 0,84 $. Malgré une croissance positive des revenus, la société a signalé un EBITDA ajusté négatif de 253 010 $. Le volume total vendu a augmenté de 21 % pour atteindre 1 484 kilogrammes, avec un coût moyen de 1,00 $ par gramme.
Greenway Greenhouse Cannabis berichtete über die finanziellen Ergebnisse des 2. Quartals 2024 mit einem Nettoumsatz von 1.806.957 $, was einem Anstieg von 52 % im Vergleich zum 2. Quartal 2023 entspricht. Der Umsatz in den ersten sechs Monaten stieg um 78 % auf 4.201.116 $. Die Marke MillRite hielt ihre #2-Position bei Pre-Rolls mit einem Anstieg der verkauften Einheiten von 71 % im Vergleich zum Vorquartal. Die Großhandelspreise für Cannabis verbesserten sich auf 1,22 $ pro Gramm von 0,84 $. Trotz des positiven Umsatzwachstums meldete das Unternehmen ein negatives bereinigtes EBITDA von 253.010 $. Das gesamte verkaufte Volumen erhöhte sich um 21 % auf 1.484 Kilogramm, mit durchschnittlichen Barkosten von 1,00 $ pro Gramm.
- Net revenue increased 52% YoY to $1.8M in Q2 2024
- Six-month revenue grew 78% to $4.2M
- Wholesale cannabis price improved 45% to $1.22 per gram
- 71% increase in MillRite brand unit sales QoQ
- 21% increase in total volume sold to 1,484kg
- Positive operating cash flow of $743,731 vs. -$664,171 in prior year
- Adjusted EBITDA declined to -$253,010 from -$112,221 YoY
- Net loss of $1,043,624 for the quarter
The Company is pleased to report the following results for the quarter ended September 30, 2024:
Highlights:
- Greenway produced a net revenue of
$1,806,957 $1,185,611 52% increase. - For the six months ended September 30, 2024, Greenway's net revenue increased from
$2,359,800 $4,201,116 78% growth compared to the same period in 2023. - Greenway's main CPG brand MillRite maintained its position as the #2 ranked brand of pre-rolls in its size segment, including having the #2 ranked indica and #2 ranked sativa pre-roll SKUs in the segment.
- Quarter over quarter, MillRite saw a
71% increase in the total number of units sold. - Greenway continues to see an increase in the domestic wholesale price of cannabis, realizing
$1.22 $0.84 - Net cash provided by operating activities of
$743,731 $664,171 - Greenway reported a negative Adjusted EBITDA of
$253,010 , compared to a negative Adjusted EBITDA of$112,221 - 1,484 kilograms or kilogram equivalents sold in the period, compared to 1,226 in the same quarter in the previous year, a
21% increase. - An average cash cost per gram for the quarter of
$1.00 - A weighted average cash cost per gram of
$0.93 - The company maintains its status of being fully up to date on all excise tax payments.
"As a team, we are elated to see that last year's revenues increase by over
A copy of the interim financial statements for the quarter ended September 30, 2024, and 2023 are prepared in accordance with International Financial Reporting Standards (IFRS) and the related Management's Discussion and Analysis are available under the Company's profile on www.sedarplus.ca. All amounts expressed in this press release refer to Canadian dollars.
Non-IFRS Measures
Management uses a non-IFRS measure to assess the Company's performance. Non-IFRS measures do not have any standardized meaning under IFRS and are not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies. Please refer to page 1 of the Company's Management's Discussion and Analysis for an explanation of the composition of Adjusted EBITDA, an explanation of how it provides useful information to an investor and a quantitative reconciliation to the most directly comparable financial measure under IFRS, all of which is hereby incorporated by reference in this press release.
Reconciliations of Non-IFRS Measures
The following table reconciles the non-IFRS measure to the most comparable IFRS measure for the three months ended September 30, 2024. This measure does not have any standardized meaning under IFRS and is not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies.
For the three months ended September 30, 2024 | |
Net Income (Loss) and Comprehensive Loss | (1,043,624) |
Amortization – Cost of sales | 413,259 |
Amortization – Operating expenses | 104,078 |
Interest expense | 273,277 |
$ | |
Adjusted EBITDA | (253,010) |
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in
Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in
The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding the Offering and the intended use of proceeds thereof, and the Company's beliefs, plans, expectations, future, strategy, objectives, goals and targets, the development of future operations, and orientations regarding the future as of the date of this news release. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward- looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or betaken or achieved.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company's final prospectus dated September 3, 2021, a copy of which is available under the Company's profile at www.sedarplus.ca. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
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SOURCE Greenway Greenhouse Cannabis Corporation
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