Canadian cannabis producer Avant Brands Inc AVTBF AVNT(FRA:1BU0) reported its financial results on Monday for the first quarter that ended Feb. 29, 2024.
For the quarter, Avant Brands reported "records across key financial metrics, underscoring the company’s commitment to operational excellence," according to a Monday press release.
International sales hit a record of CA$3.3 million ($2.4 million), representing a 21% year-over-year increase, with sales accounting for 37% of total gross revenue. The company attributed the growth to its aggressive market penetration in "key regions," including Australia, Germany and Israel.
As another earnings season wraps up, financial performance of top cannabis operators nationwide will surely be one of hot topics at this week’s Benzinga cannabis event. The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024.
Q1 2024 Financial Highlights
- Net revenue amounted to CA$8 million, up from CA$7 million in the same quarter of last year.
- Gross profit dropped to CA$897 000 from roughly CA$3 million in the prior year's quarter.
- Net loss from operations was $1.6 million compared to a net income from operations of CA$22 000 in the prior year's period.
- Net loss and comprehensive loss was CA$2.7 million, compared to $CA223 000 in the first quarter of fiscal 2023.
- Adjusted EBITDA came in positive at CA$3.8 million, compared to an adjusted EBITDA gain of CA$1.8 million in the prior year's period.
- As of Feb. 29, 2024, the company had CA$ 80.6 million in total assets and CA$ 31.7 million in total liabilities, compared to CA$ 82.5 million and CA$ 33.2 million, respectively, as of Nov. 30, 2023.
Avant Brands Founder and CEO Norton Singhavon praised quarterly financial results.
“Despite facing short-term challenges in late 2023, Avant Brands is pleased to report record-breaking Q1 2024 results across all key metrics," Singhavon said. "This achievement signifies a successful return to our growth trajectory. Our team’s unwavering commitment to production increases, sales growth, and cost reduction has played a pivotal role in driving this turnaround."
AVTBF Price Action
Avant Brands' shares traded 1.35% lower at $0.066 per share after the market close on Friday.
Related News
- Canadian Marijuana Company Reports 5th Consecutive Quarter Of Positive Cash Flow From Operations
- Avant Q2 FY23 Net Revenue Grows 96% YoY, What About Adjusted EBITDA?
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!