Cannabis Earnings News

02:18pm ET02/21/2024
On Wednesday, Agrify Corporation (NASDAQ: AGFY), an ancillary cannabis company, reported preliminary unaudited fourth-quarter financial results for 2023. The company anticipates a net loss of $750,000, a significant improvement from previous quarters. Loss from operations is expected to decrease by 46% to $2.5 million, marking a historical low. Gross profit is projected to rise by 105% to $1.9 million, a substantial increase year-over-year. Agrify aims for its lowest net cash burn in company history and plans to approach cashflow break-even in the second half of 2024. These positive financial outlooks come after a third-quarter revenue decrease but a significant improvement in net loss compared to the previous year. CEO Raymond Chang expressed optimism about the direction the company is headed based on the encouraging Q4 results. AGFY's share price showed a 1.58% increase during pre-market trading.
Read More
01:38pm ET02/21/2024
Ispire Technology, a cannabis vaping hardware company, has experienced growth in revenues, driven by a commitment to innovation and strategic partnerships. In Q2 2024, the company saw a rise in gross profit to $6.4 million and an increase in total operating expenses. Despite a net loss of $4 million, Ispire remains optimistic about its future outlook. With total assets of $90.6 million and current liabilities of $58.5 million, the company is focusing on expanding its presence in the domestic market and achieving certifications for its manufacturing facilities. Ispire's revenue projections for fiscal year 2024 show promising growth, with estimates ranging from $80 million to $90 million for cannabis vaping products and $95 million to $105 million for tobacco vaping products. The company aims to continue its growth trajectory and solidify its position in the industry.
Read More
06:17pm ET02/19/2024
IGC Pharma's Q3 2024 results: Navigating financial dips with strategic patents in pain treatment and Alzheimer's therapy.
Read More
07:02pm ET02/16/2024
Aurora Cannabis gets upgraded to 'Buy' by Canaccord Genuity analysts, spotlighting strategic growth and the MedReleaf Australia acquisition."
Read More
09:17pm ET02/14/2024
Agrify Corporation, a Michigan-based agricultural technology company, has reported a 56% year-over-year decrease in revenue for the third quarter of 2023. The company's revenue for the quarter stood at $3.1 million, down from $7 million in the same period last year. Agrify also reported a net loss of $2.1 million for Q3 2023, compared to a net loss of $57.4 million in the same quarter of 2022. Despite the decrease in revenue, Agrify's chairman and CEO, Raymond Chang, said that the historically low net loss is an encouraging sign that the company is making progress. The company managed to reduce its total operating expenses to $5.6 million in Q3 2023, down from $27.4 million in the same period last year. Agrify also reported gross profit of $1 million for the quarter, compared to a loss of $4.1 million in Q3 2022. As of September 30, 2023, the company had $43 million in total assets and $64.3 million in total liabilities.
Read More
04:37pm ET02/14/2024
Substance use disorder-focused biopharmaceutical company Anebulo Pharmaceuticals, Inc. (NASDAQ: ANEB) reported on Tuesday second quarter financial results for the three months ended Dec. 31, 2023, The company's primary focus is on developing therapy for acute cannabinoid intoxication (ACI).Total operating expenses in the second quarter of fiscal 2024 were $2.8 million compared with $3.8 million in the same period in fiscal 2023.Net loss in the second quarter of fiscal 2024 was $2.7 million, or $(0.11) per share, compared with a net loss of $3.8 million, or $(0.15) per share, in the second quarter of fiscal 2023.
Read More
03:03pm ET02/14/2024
Medical cannabis company cbdMD has reported financial results for its first quarter of fiscal 2024. Operating loss improved to $1.1m compared to $4.1m for the same period in the previous year. Gross profit was flat at around $3.5m, while operating expenses were $4.6m, down from $7.6m in the previous year. Total net sales declined to $5.37m from almost $6m in the corresponding prior-year period. Direct-to-consumer net sales represented 82.3% of total net sales, a decrease from 90% in Q1 2023. On 31 December 2023, cbdMD had total working capital of roughly $1.4m compared to approximately $3.4m on 30 September, with cash on hand dropping to roughly $1.5m from $1.8m over the same period. The Charlotte-based company recently struck a securities purchase agreement with five institutional investors to fund the national rollout of its ATRx Labs functional mushroom products, as well as launching the hempMD and ATRx Labs brands.
Read More