LEEF Brands Inc. Reports Second Quarter 2024 Financial Results
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) reported its Q2 2024 financial results, showing net sales of $7.9M for the quarter and $15.8M year-to-date. The company achieved a gross profit of $2.7M for Q2 and $5.9M for H1 2024, with gross margins of 34.0% and 37.3% respectively. Adjusted EBITDA stood at $437K for Q2 and $2.2M for H1 2024.
LEEF reported an 81% YOY increase in unit sales in California, despite a decrease in average price per gram. The company maintained positive cash flow from operations for the third consecutive quarter. However, LEEF also reported a net loss of $3.9M for Q2 2024, compared to a $20.3M loss in Q2 2023.
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando vendite nette di $7.9M per il trimestre e $15.8M da inizio anno. L'azienda ha raggiunto un utile lordo di $2.7M per il secondo trimestre e $5.9M per il primo semestre 2024, con margini lordi del 34.0% e 37.3% rispettivamente. L'EBITDA rettificato è stato di $437K per il secondo trimestre e $2.2M per il primo semestre 2024.
LEEF ha registrato un aumento delle vendite di unità dell'81% anno su anno in California, nonostante una diminuzione del prezzo medio per grammo. L'azienda ha mantenuto un flusso di cassa positivo dalle operazioni per il terzo trimestre consecutivo. Tuttavia, LEEF ha riportato anche una perdita netta di $3.9M per il secondo trimestre 2024, rispetto a una perdita di $20.3M nel secondo trimestre 2023.
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) reportó sus resultados financieros del segundo trimestre de 2024, mostrando ventas netas de $7.9M para el trimestre y $15.8M en lo que va del año. La compañía logró un beneficio bruto de $2.7M para el segundo trimestre y $5.9M para el primer semestre de 2024, con márgenes brutos de 34.0% y 37.3% respectivamente. El EBITDA ajustado fue de $437K para el segundo trimestre y $2.2M para el primer semestre de 2024.
LEEF reportó un aumento del 81% en las ventas de unidades en California en comparación año tras año, a pesar de una disminución en el precio promedio por gramo. La compañía mantuvo un flujo de caja operativo positivo por tercer trimestre consecutivo. Sin embargo, LEEF también reportó una pérdida neta de $3.9M para el segundo trimestre de 2024, en comparación con una pérdida de $20.3M en el segundo trimestre de 2023.
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF)가 2024년 2분기 재무 실적을 발표했습니다. 해당 분기에 대해 순매출이 $7.9M이며, $15.8M이 연초부터 발생했습니다. 이 회사는 2분기 동안 총 이익이 $2.7M에 달했으며, 2024년 상반기 동안 $5.9M의 이익을 달성했고, 각각 34.0% 및 37.3%의 총 이익률을 기록했습니다. 조정된 EBITDA는 2분기 동안 $437K였으며, 2024년 상반기 동안 $2.2M에 달했습니다.
LEEF는 캘리포니아에서 단위 판매량이 전년 대비 81% 증가했다고 보고했습니다. 그러나 그램당 평균 가격이 감소하였습니다. 이 회사는 3분기 연속으로 운영에서 긍정적인 현금 흐름을 유지했습니다. 하지만 LEEF는 또한 2024년 2분기에 $3.9M의 순손실을 기록했으며, 이는 2023년 2분기에서 $20.3M의 손실과 비교됩니다.
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) a annoncé ses résultats financiers pour le deuxième trimestre 2024, montrant des ventes nettes de $7.9M pour le trimestre et $15.8M depuis le début de l'année. La société a réalisé un bénéfice brut de $2.7M pour le deuxième trimestre et $5.9M pour le premier semestre 2024, avec des marges brutes de 34.0% et 37.3% respectivement. L'EBITDA ajusté s'élevait à $437K pour le deuxième trimestre et $2.2M pour le premier semestre 2024.
LEEF a rapporté une augmentation de 81% des ventes unitaires en Californie par rapport à l'année précédente, malgré une baisse du prix moyen par gramme. L'entreprise a maintenu un flux de trésorerie positif provenant de ses opérations pour le troisième trimestre consécutif. Cependant, LEEF a également signalé une perte nette de $3.9M pour le deuxième trimestre 2024, comparé à une perte de $20.3M au deuxième trimestre 2023.
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht und dabei Nettoverkäufe von $7.9M für das Quartal und $15.8M bis heute gemeldet. Das Unternehmen erzielte einen Bruttogewinn von $2.7M für das zweite Quartal und $5.9M für das erste Halbjahr 2024, mit Bruttomargen von 34.0% und 37.3% respectively. Das bereinigte EBITDA lag bei $437K für das zweite Quartal und $2.2M für das erste Halbjahr 2024.
LEEF berichtete von einem 81%igen Anstieg der Verkaufszahlen in Kalifornien im Jahresvergleich, trotz eines Rückgangs des durchschnittlichen Preises pro Gramm. Das Unternehmen konnte im dritten Quartal in Folge einen positiven Cashflow aus dem operativen Geschäft verzeichnen. Allerdings meldete LEEF auch einen Nettoverlust von $3.9M für das zweite Quartal 2024, im Vergleich zu einem Verlust von $20.3M im zweiten Quartal 2023.
- Net sales reached $7.9M for Q2 2024 and $15.8M for H1 2024
- Gross profit of $2.7M for Q2 and $5.9M for H1 2024
- Gross margin improved to 34.0% for Q2 and 37.3% for H1 2024
- Adjusted EBITDA of $437K for Q2 and $2.2M for H1 2024
- 81% year-over-year increase in unit sales in California
- Positive cash flow from operations for third consecutive quarter
- Margins increased by 3.6% despite decrease in average price per gram
- Net loss of $3.9M for Q2 2024
- Decrease in average price per gram in 2024
- Ongoing challenges in the California cannabis market
VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- LEEF Brands, Inc. ("LEEF" or the "Company") (CSE: LEEF, OTC: LEEEF), a premier vertical cannabis operator, today announced its financial results for the three and six months ended June 30, 2024. Unless otherwise noted, all currency references are in United States dollars.
Financial Highlights:
- Net sales of
$7.9M for the three months ended June 30, 2024 and$15.8M for the six months ended June 30, 2024. - Gross Profit of
$2.7M for the three months ended June 30, 2024 and$5.9M for the six months ended June 30, 2024. - Gross Margin of
34.0% for the three months ended June 30, 2024 and37.3% for the six months ended June 30, 2024. - Adjusted EBITDA of
$437 K for the three months ended June 30, 2024 and$2.2M for the six months ended June 30, 2024.
Management Commentary:
“We are pleased with our financial performance this quarter, achieving sales of
“Our financial results reflect a continued focus on operational efficiency and cost control.” Stated Kevin Wilson, Chief Financial Officer. “We are proud to report that the company was cash flow positive from operations for the third consecutive quarter. Additionally, Adjusted EBITDA, which includes only the addition of stock compensation expense and the gain on the extinguishment of debt, remains positive, highlighting the profitability of our core business operations. Despite the ongoing challenges in the California cannabis market, we are confident in our strategic approach and committed to sustaining our financial momentum.”
Q2 2024 Financial Results Discussion:
Investors are invited to access the financial results and analyses on the Company's investor relations website (https://www.leefbrands.com/investors) and SEDAR+ (www.sedarplus.ca).
Unaudited Q2 2024 Financial and Operation Metrics:
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net Loss (IFRS) | $ | (3,939,204 | ) | $ | (20,314,944 | ) | $ | (5,404,209 | ) | $ | (21,778,310 | ) | |||
Depreciation and amortization | 427,494 | 491,077 | 872,403 | 932,904 | |||||||||||
Interest expense | 1,658,395 | 1,036,882 | 2,953,199 | 1,930,972 | |||||||||||
Income tax expense | 802,664 | 868,531 | 1,761,309 | 1,785,361 | |||||||||||
EBITDA (non-IFRS) | (1,050,650 | ) | (17,918,454 | ) | 182,702 | (17,129,073 | ) | ||||||||
Adjustments: | |||||||||||||||
Share-based compensation | 1,772,448 | 422,644 | 2,310,180 | 983,142 | |||||||||||
Change in fair value of contingent consideration | - | 21,129 | - | (136,000 | ) | ||||||||||
Gain on extinguishment of debt | (284,660 | ) | - | (284,660 | ) | - | |||||||||
Loss on impairment | - | 17,408,478 | - | 17,408,478 | |||||||||||
Change in fair value of derivative liabilities | - | (12,727 | ) | - | (1,066,898 | ) | |||||||||
Non recurring operating costs | - | 372,198 | - | 959,281 | |||||||||||
Adjusted EBITDA (non-IFRS) | $ | 437,138 | $ | 293,268 | $ | 2,208,222 | $ | 1,018,930 | |||||||
About LEEF Brands Inc.
LEEF Brands Inc. is a leading California-based extraction and manufacturing cannabis company, recognized for its large-scale vertical integration and as one of the state's most sophisticated operators. With a comprehensive supply chain, cutting-edge manufacturing processes, and a dynamic bulk concentrate portfolio, LEEF powers some of the largest brands in California. For more information, visit www.LeefBrands.com.
LEEF Brands Inc.
Per: “Kevin Wilson”
Chief Financial Officer
SOURCE: LEEF Brands, Inc.
For further information:
LEEF Brands, Inc., Micah Anderson, CEO, or Kevin Wilson, CFO, 707-703-4111, ir@leefca.com
Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements") including but not limited to: (i) the continued success of the Company's corporate strategy and proposed initiatives; (ii) the closing of the Company's financing related to the sale of its
Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including financial and operational results not proving to be as expected or on the timelines expected; the Company not completing certain proposed acquisition or financing transactions at all, or on the timelines expected; the Company not achieving the synergies expected; and other risks disclosed in the Company's Annual Information Form and other public filings on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking statements.
For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at www.sedarplus.ca. The forward-looking statements and financial outlooks contained in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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