PharmaCielo Reports Q3 2024 Financial Results
PharmaCielo (TSXV: PCLO) (OTC: PCLOF) reported strong Q3 2024 financial results with 85% year-over-year sales growth. Revenue reached $1.3 million in Q3 and $2.4 million year-to-date. The company achieved positive gross profit of $372,000 in Q3, improved from a loss of $349,000 in Q3 2023. Adjusted EBITDA improved by $0.8 million, reflecting sales growth and cost reductions. The company successfully expanded into new international markets across Latin America, Europe, Africa, and Australia. Significant cost reductions were achieved in consulting fees ($179,000), office expenses ($508,000), and salaries ($891,000). The company expects to achieve profitability in 2025.
PharmaCielo (TSXV: PCLO) (OTC: PCLOF) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con una crescita delle vendite del 85% anno su anno. I ricavi hanno raggiunto 1,3 milioni di dollari nel terzo trimestre e 2,4 milioni di dollari dall'inizio dell'anno. L'azienda ha ottenuto un utile lordo positivo di 372.000 dollari nel terzo trimestre, in miglioramento rispetto a una perdita di 349.000 dollari nello stesso periodo del 2023. L'EBITDA rettificato è migliorato di 0,8 milioni di dollari, riflettendo la crescita delle vendite e la riduzione dei costi. L'azienda ha espanso con successo la propria attività in nuovi mercati internazionali in America Latina, Europa, Africa e Australia. Sono state ottenute significative riduzioni dei costi in spese di consulenza (179.000 dollari), spese per uffici (508.000 dollari) e salari (891.000 dollari). L'azienda prevede di raggiungere la redditività entro il 2025.
PharmaCielo (TSXV: PCLO) (OTC: PCLOF) reportó sólidos resultados financieros para el tercer trimestre de 2024, con un crecimiento de ventas del 85% interanual. Los ingresos alcanzaron 1,3 millones de dólares en el tercer trimestre y 2,4 millones de dólares en lo que va del año. La compañía obtuvo una ganancia bruta positiva de 372.000 dólares en el tercer trimestre, mejorando respecto a una pérdida de 349.000 dólares en el tercer trimestre de 2023. El EBITDA ajustado mejoró en 0,8 millones de dólares, reflejando el crecimiento de las ventas y la reducción de costos. La empresa se ha expandido con éxito a nuevos mercados internacionales en América Latina, Europa, África y Australia. Se lograron significativas reducciones de costos en honorarios de consultoría (179.000 dólares), gastos de oficina (508.000 dólares) y salarios (891.000 dólares). La compañía espera alcanzar la rentabilidad en 2025.
PharmaCielo (TSXV: PCLO) (OTC: PCLOF)는 2024년 3분기에 전년 대비 85%의 매출 성장을 기록하며 강력한 재무 실적을 보고했습니다. 3분기 동안 수익은 130만 달러에 달하였고, 연간 누적 수익은 240만 달러에 이르렀습니다. 이 회사는 3분기에 37만 2천 달러의 긍정적인 총 이익을 달성하였으며, 이는 2023년 3분기 34만 9천 달러의 손실에서 개선된 수치입니다. 조정 EBITDA는 80만 달러 개선되어, 매출 성장과 비용 절감을 반영했습니다. 이 회사는 라틴 아메리카, 유럽, 아프리카 및 호주에서 새로운 국제 시장으로의 성공적인 확장을 이루었습니다. 컨설팅 비용(17만 9천 달러), 사무실 비용(50만 8천 달러), 급여(89만 1천 달러)에서 상당한 비용 절감이 이루어졌습니다. 이 회사는 2025년까지 수익성을 달성할 것으로 예상하고 있습니다.
PharmaCielo (TSXV: PCLO) (OTC: PCLOF) a publié des résultats financiers solides pour le troisième trimestre de 2024, avec une croissance des ventes de 85% d'une année sur l'autre. Les revenus ont atteint 1,3 million de dollars au troisième trimestre et 2,4 millions de dollars depuis le début de l'année. L'entreprise a réalisé un bénéfice brut positif de 372 000 dollars au troisième trimestre, amélioré par rapport à une perte de 349 000 dollars au troisième trimestre 2023. L'EBITDA ajusté s'est amélioré de 800 000 dollars, reflétant la croissance des ventes et la réduction des coûts. L'entreprise a réussi à s'étendre sur de nouveaux marchés internationaux en Amérique Latine, en Europe, en Afrique et en Australie. Des réductions de coûts significatives ont été réalisées dans les frais de consultation (179 000 dollars), les dépenses de bureau (508 000 dollars) et les salaires (891 000 dollars). L'entreprise s'attend à atteindre la rentabilité en 2025.
PharmaCielo (TSXV: PCLO) (OTC: PCLOF) berichtete über starke Finanzzahlen für das dritte Quartal 2024, mit einem Jahreswachstum der Verkäufe von 85%. Der Umsatz erreichte im dritten Quartal 1,3 Millionen Dollar und 2,4 Millionen Dollar seit Jahresbeginn. Das Unternehmen erzielte einen positiven Bruttogewinn von 372.000 Dollar im dritten Quartal, eine Verbesserung gegenüber einem Verlust von 349.000 Dollar im dritten Quartal 2023. Das bereinigte EBITDA stieg um 800.000 Dollar, was das Verkaufswachstum und die Kostenreduzierung widerspiegelt. Das Unternehmen expandierte erfolgreich in neue internationale Märkte in Lateinamerika, Europa, Afrika und Australien. Es wurden erhebliche Kostensenkungen bei Beratungsgebühren (179.000 Dollar), Bürokosten (508.000 Dollar) und Gehältern (891.000 Dollar) erzielt. Das Unternehmen erwartet, im Jahr 2025 rentabel zu werden.
- Revenue increased 85% YoY to $1.3 million in Q3 2024
- Gross profit turned positive at $372,000 in Q3 2024
- Adjusted EBITDA improved by $0.8 million
- Achieved significant cost reductions across multiple areas
- Successfully expanded into new international markets
- Net loss of $2.644 million in Q3 2024
- Still operating at negative EBITDA of $583,000
- Warrant extension potentially delays dilution but indicates financing needs
PharmaCielo achieved
85% Year-Over-Year Sales Growth, Generating Year-to-Date Q3 Total Revenue of$2.4 Million Q3 Gross Profit Turned Positive Reflecting More Diverse Customer Base
Q3 Cash Flow Improved and EBITDA Increased by
$0.8 Million Reflecting Strong Sales Growth and Reduced Costs
Toronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - December 2, 2024) - PharmaCielo Ltd. (TSXV: PCLO) (OTC: PCLOF) ("PharmaCielo" or the "Company"), a global cannabis products company and Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, today reported significant financial and operational progress for the three and nine months ended September 30, 2024. All figures presented in this press release are reported in Canadian dollars, unless otherwise specified.
"PharmaCielo achieved substantial revenue growth, successfully expanded into new international markets, and continued its focus on reducing costs to improve its operational efficiency," commented Marc Lustig, Chairman and CEO of PharmaCielo. "Our strategic position in multiple regions, coupled with an expanding product portfolio beyond CBD isolate, has enhanced our ability to serve diverse international markets and generate increased revenue." He added, "With revenue up significantly both year-over-year and sequentially, and a substantial move toward breakeven Adjusted EBITDA over the past three quarters, we are demonstrating the effectiveness of our strategic initiatives. Given no significant capital expenditures required to reach full commercial scale, we are well positioned to achieve positive EBITDA and cash flow as our sales grow in 2025."
Summary Financials - Third Quarter Ended September 30, 2024
| Three months ended | ||||||||||||
| (000's) | September 30, 2024 | June 30, 2024 | March 31, 2024 | September 30, 2023 | ||||||||
| Revenue | $ | 1,329 | $ | 784 | $ | 240 | $ | 352 | ||||
| Gross Profit (Loss) | $ | 372 | $ | 275 | $ | (399 | ) | $ | (349 | ) | ||
| Adjusted EBITDA | $ | (583 | ) | $ | (592 | ) | $ | (1,264 | ) | $ | (1,370 | ) |
| Net Loss | $ | (2,644 | ) | $ | (2,575 | ) | $ | (2,420 | ) | $ | (2,761 | ) |
| Net Loss per Share | $ | (0.015 | ) | $ | (0.015 | ) | $ | (0.014 | ) | $ | (0.017 | ) |
*Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The term Adjusted EBITDA does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other companies.
Revenue Growth and Market Diversification
PharmaCielo generated solid increased revenue, with net revenues of
The Company has successfully expanded its presence in key global markets, including Latin America, Europe, Africa, and Australia, where it has gained traction with new customers. PharmaCielo's ability to secure necessary export quotas for both psychoactive and non-psychoactive products have positioned it well for continued growth across these regions. Notably, the Company has seen success in markets such as Brazil, South Africa, and Spain, with revenue from these regions contributing to a more diversified global sales base.
Cost Reductions and Operational Efficiencies
PharmaCielo has continued to demonstrate prudent operational discipline, achieving cost reductions across multiple areas of the business. Compared to the same period in 2023, the Company reduced consulting fees by
In addition, PharmaCielo has streamlined its operations, right sized its cultivation capacity and eliminated non-essential expenditures, which has further strengthened its financial position. Management's efforts to contain costs, while strategically aligning the Company's resources to growth opportunities, have contributed to a leaner, more agile organization, positioning PharmaCielo for long-term profitability.
Positive Outlook for 2025
With revenues increasing and costs declining, PharmaCielo is confident in its ability to achieve profitability in 2025. The Company is well-positioned to build on its first-mover advantage in Colombia, leveraging its state-of-the-art cultivation and scientific processing capacity to meet the growing global demand for medicinal cannabis products.
PharmaCielo continues to diversify its product offerings with differentiated, higher-margin products, such as psychoactive flower and full-spectrum extracts, which provide additional growth opportunities. With the addition of dried flower shipments to key markets, PharmaCielo anticipates expanding its market share.
For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending September 30, 2024, as posted at sedarplus.ca and pharmacielo.com.
Warrant Extension
Today, PharmaCielo also announced that TSX Venture Exchange ("TSXV") has approved the extension of the expiry date of warrants originally issued on November 20, 2020 (the "Warrants") as follows:
| Number of Warrants: | 9,007,200 | |
| Original Expiry Date of Warrants: | November 20, 2024 | |
| New Expiry Date of Warrants: | November 20, 2025 | |
| Exercise Price of Warrants: | |
About PharmaCielo
PharmaCielo Ltd. (TSXV: PCLO, OTC: PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable cultivating, processing and supply of all natural, pharmaceutical-grade medical dried cannabis flower and cannabis products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its cultivation and processing center located in Rionegro, Colombia.
The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.
For further information
Ian Atacan, Chief Financial Officer
i.atacan@pharmacielo.com
Media and Investor Inquires:
investors@pharmacielo.com
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects", "is expected", "intends", "anticipates", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be completed or achieved. Forward-looking statements in this news release include, without limitation, statements regarding the issuance of the debenture units, including the timing and completion of any future issuances thereof.
The forward-looking statements in this news release are necessarily based on assumptions, including assumptions with respect to PharmaCielo's ability to obtain necessary approvals for the issuance of the debenture units.
Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including changes to PharmaCielo's development plans, the failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and the import of these products into other countries, TSX Venture Exchange approval, the inability to export or distribute commercial products through sales channels as anticipated due to economic or operational circumstances, risks associated with operating in Colombia, fluctuation of the market price for the Company's products, risks associated with global economic instability relating to COVID-19 or other developments, risks related to retention of key Company personnel, currency exchange risk, competition in PharmaCielo's market and other risks discussed or referred to under the heading "Risk Factors" in PharmaCielo's Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232095
FAQ
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