Cannabis Stock Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) Gains on Record Revenue and Profits

August 15, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including cannabis stocks reports on trading for Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF), a leading consumer packaged goods company in the cannabis products market.

The stock is trading up at $0.0550, gaining 22.2222% on volume of over 1.6 Million shares on the TSX.

Auxly Cannabis today released its financial results for the three and six months ended June 30, 2024. These filings and additional information regarding Auxly are available for review on SEDAR+ at www.sedarplus.ca.

Q2 2024 Highlights and Subsequent Events

The Company continues to achieve record-breaking financial results and establish new benchmarks across key metrics of revenue, margin and adjusted EBITDA;

Net revenues of $29.2 million, an increase of 33% year-over-year and 16% compared to the previous quarter;

Achieved an all-time record in Gross Margin on Finished Cannabis Inventory Sold[1] of 41% in the quarter, an improvement of 14% year-over-year;

Improved adjusted EBITDA1 by over 580% compared to the same period in 2023, reporting an all-time record of $5.2 million;

SG&A was $0.2 million lower compared to the same period in 2023, net of non-recurring restructuring costs of $0.7 million;

Net income of $2.0 million and positive cash flow from operations of $2.9 million;

A 48% reduction in the Company's debt1 compared to the end of 2023;

Continued market leadership in the all-in-one vape category with over 32% of the total market share in the category and the #2 position among licensed producers in national vape sales2;

The Back Forty brand maintains the top four all-in-one vape SKU positions nationally;

Continued excellence in dried flower and pre-rolls where Back Forty's cultivar Liquid Imagination, proudly grown at the Auxly Leamington facility, secured a top ten position in national dried flower sales and Back Forty's non-infused pre-rolls secured two of the top five SKU positions in national sales.

Recent news

https://ca.finance.yahoo.com/news/auxly-achieves-revenue-profitability-records-113000072.html

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