Red White & Bloom Brands Reports Fiscal 2024 Financial Results
Red White & Bloom Brands (CSE: RWB) has released its fiscal 2024 financial results, showing mixed performance. The company reported annual revenue of $80.2 million, a significant increase of $10.6 million from 2023. Fourth quarter revenue reached $18.7 million, up by $2.8 million year-over-year.
The company's EBITDA improved substantially to $10.8 million for fiscal 2024, compared to negative $89.0 million in 2023. However, RWB is currently under a failure-to-file cease trade order (FFCTO) due to delayed Q1 2025 filings, which will remain in effect until the company completes these filings and receives regulatory approval.
Red White & Bloom Brands (CSE: RWB) ha pubblicato i risultati finanziari per l'anno fiscale 2024, mostrando una performance mista. L'azienda ha registrato un fatturato annuo di 80,2 milioni di dollari, con un incremento significativo di 10,6 milioni rispetto al 2023. Il fatturato del quarto trimestre ha raggiunto i 18,7 milioni di dollari, in aumento di 2,8 milioni su base annua.
L'EBITDA dell'azienda è migliorato notevolmente, raggiungendo i 10,8 milioni di dollari per l'anno fiscale 2024, rispetto a un valore negativo di 89,0 milioni nel 2023. Tuttavia, RWB è attualmente soggetta a un ordine di sospensione delle negoziazioni per mancata presentazione dei documenti (FFCTO) a causa del ritardo nelle dichiarazioni del primo trimestre 2025, ordine che resterà in vigore fino al completamento delle presentazioni e all'approvazione regolamentare.
Red White & Bloom Brands (CSE: RWB) ha publicado sus resultados financieros del año fiscal 2024, mostrando un desempeño mixto. La compañía reportó ingresos anuales de 80,2 millones de dólares, un aumento significativo de 10,6 millones respecto a 2023. Los ingresos del cuarto trimestre alcanzaron los 18,7 millones de dólares, incrementándose en 2,8 millones año tras año.
El EBITDA de la empresa mejoró considerablemente a 10,8 millones de dólares para el año fiscal 2024, en comparación con un valor negativo de 89,0 millones en 2023. Sin embargo, RWB está actualmente bajo una orden de suspensión comercial por incumplimiento de presentación (FFCTO) debido a retrasos en los informes del primer trimestre de 2025, la cual permanecerá vigente hasta que la empresa complete dichas presentaciones y reciba la aprobación regulatoria.
Red White & Bloom Brands (CSE: RWB)는 2024 회계연도 재무 결과를 발표했으며, 혼재된 실적을 보였습니다. 회사는 연간 매출 8,020만 달러를 기록했으며, 이는 2023년 대비 1,060만 달러 증가한 수치입니다. 4분기 매출은 1,870만 달러로 전년 동기 대비 280만 달러 증가했습니다.
회사의 EBITDA는 2024 회계연도에 1,080만 달러로 크게 개선되었으며, 2023년의 마이너스 8,900만 달러와 비교됩니다. 그러나 RWB는 현재 2025년 1분기 보고서 제출 지연으로 인한 제출 실패 거래 정지 명령(FFCTO)을 받고 있으며, 이 명령은 회사가 해당 보고서를 완료하고 규제 승인을 받을 때까지 유효합니다.
Red White & Bloom Brands (CSE : RWB) a publié ses résultats financiers pour l'exercice 2024, montrant une performance mitigée. La société a déclaré un chiffre d'affaires annuel de 80,2 millions de dollars, soit une augmentation significative de 10,6 millions par rapport à 2023. Le chiffre d'affaires du quatrième trimestre a atteint 18,7 millions de dollars, en hausse de 2,8 millions d'une année sur l'autre.
L'EBITDA de l'entreprise s'est nettement amélioré, atteignant 10,8 millions de dollars pour l'exercice 2024, contre une perte de 89,0 millions en 2023. Cependant, RWB est actuellement soumise à une ordonnance de suspension de négociation pour défaut de dépôt (FFCTO) en raison du retard dans le dépôt des documents du premier trimestre 2025, ordonnance qui restera en vigueur jusqu'à ce que la société complète ces dépôts et obtienne l'approbation réglementaire.
Red White & Bloom Brands (CSE: RWB) hat seine Finanzergebnisse für das Geschäftsjahr 2024 veröffentlicht, die eine gemischte Performance zeigen. Das Unternehmen meldete einen Jahresumsatz von 80,2 Millionen US-Dollar, was einem deutlichen Anstieg von 10,6 Millionen gegenüber 2023 entspricht. Der Umsatz im vierten Quartal erreichte 18,7 Millionen US-Dollar, ein Zuwachs von 2,8 Millionen im Jahresvergleich.
Das EBITDA des Unternehmens verbesserte sich erheblich auf 10,8 Millionen US-Dollar für das Geschäftsjahr 2024, im Vergleich zu minus 89,0 Millionen im Jahr 2023. Allerdings steht RWB derzeit unter einer Handelsaussetzung aufgrund der Nicht-Einreichung von Berichten (FFCTO) wegen verspäteter Einreichungen für das erste Quartal 2025, die in Kraft bleibt, bis das Unternehmen diese Einreichungen abgeschlossen und die behördliche Genehmigung erhalten hat.
- None.
- Company is under a failure-to-file cease trade order (FFCTO) due to delayed Q1 2025 filings
- Q4 2024 gross profit decreased by $5.1 million to $5.4 million
- Annual operating expenses increased by $9.4 million to $40.4 million
TORONTO, July 18, 2025 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is pleased to report that it has filed its consolidated audited financial statements for the year ended December 31, 2024 (the “Financial Statements”), together with the related management's discussion and analysis (“MD&A”), and accompanying CEO and CFO certifications (collectively, the “Annual Filings”).
As previously disclosed, the Company’s Annual Filings and its interim financial statements and MD&A for the three-month period ended March 31, 2025 (the “2025-Q1 Filings”) were delayed beyond the prescribed deadlines under applicable Canadian securities laws. As a result, a failure-to-file cease trade order (“FFCTO”) was issued by the applicable securities regulator, effective July 3, 2025.
With the Annual Filings now completed, the Company is working diligently to finalize and file the 2025-Q1 Filings. The FFCTO will remain in effect until the 2025-Q1 Filings are completed and the applicable securities regulator revokes the order.
2024 Fourth Quarter (“2024-Q4”) Consolidated Results Compared to Restated 2023 Fourth Quarter (“2023-Q4”)
- Revenues were
$18.7 million for 2024-Q4, representing a$2.8 million increase compared to restated 2023-Q4 revenues of$15.9 million . - Gross profit, after fair value adjustments, was
$5.4 million for 2024-Q4, a decrease of$5.1 million from restated 2023-Q4 gross profit after fair value adjustments of$10.6 million . - Operating expenses totaled
$9.1 million for 2024-Q4, a decrease of$3.7 million compared to restated 2023-Q4 operating expenses of$12.8 million . - EBITDA was
$6.3 million for 2024-Q4, an increase of$97.6 million compared to restated 2023-Q4 negative adjusted EBITDA of$91.3 million which included$94.6 million in non-cash impairments.1
Fiscal Year 2024 (“2024-YTD”) Consolidated Results Compared to Restated Fiscal Year 2023 (“2023-YTD”)
- Revenues for 2024-YTD were
$80.2 million , reflecting a$10.6 million increase compared to restated 2023-YTD revenues of$69.6 million . - Gross profit, after fair value adjustments, for 2024-YTD totaled
$28.4 million , an increase of$3.4 million from restated 2023-YTD gross profit after fair value adjustments of$25.0 million ., marking an increase of$3.4 million . - Operating expenses for 2024-YTD were
$40.4 million , an increase of$9.4 million compared to restated 2023-YTD operating expenses of$31.0 million . - EBITDA was
$10.8 million for 2024-YTD, a net increase improvement of$99.76 million compared to 2023-YTD negative adjusted EBITDA of$89.0 million which included$94.6 million in non-cash impairments.
For additional details on the Company’s financial results, refer to the Company’s filings at SEDAR+: www.sedarplus.ca
About Red White & Bloom Brands Inc.
Red White & Bloom is a multi-state cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and International markets.
Red White & Bloom Brands Inc.
Investor and Media Relations
Edoardo Mattei, CFO
IR@RedWhiteBloom.com
947-225-0503
__________________________
1 Refer to Note 33, Discontinued Operations, of the Company’s 2024-YE Financial Statements for details on impairments.
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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that the near-term priorities outlined in this press release will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company's business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company's common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
There are several important factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company's proposed business, such as failure of the business strategy and government regulation; risks related to the Company's operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property, and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also been assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NON-IFRS AND SUPPLEMENTARY FINANCIAL OR OPERATING MEASURES
The Company references non-IFRS and supplementary financial or operating measures, including, but not limited to, EBITDA and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are most likely not comparable to similar measures presented by other public company issuers including those operating in the cannabis industry. Non-IFRS measures provide investors with additional insights into the Company’s financial and operating performance which may not be garnered from traditional IFRS measures. The management of the Company, including its key decision makers, use non-IFRS measures in assessing the Company’s financial and operating performance. The Company calculates EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest expenses, interest income and amortization of discounts, and depreciation and amortization. The Company calculates Adjusted EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest income and amortization of discounts, depreciation and amortization, fair value changes in biological assets, realized fair value changes in inventory sold, share based compensation, termination costs, gains or losses on evaluation of financial instruments, impairments of intangible assets, impairment of goodwill, impairment of property, plant and equipment, accreted interest on leases and applicable short term and long term liabilities, gains or losses on asset disposals, gains or losses on settlement of debt, gains or losses on debt modification, foreign exchange, expected credit losses and bad debt expense, acquisition costs, business transaction costs, gain on extinguishment of payables, and non-recurring expenses such as carrying costs associated with dormant assets and penalties and late fees.
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