California Cannabis Co. Gold Flora: 241% QoQ Growth In Adjusted EBITDA, Narrows Net Loss By 21% - GOLD FL

Vertically integrated Gold Flora Corporation (CBOE: GRAM) (OTCQB:GRAM) released its financial results Thursday for the third quarter of fiscal 2024.

“Amid the ongoing challenges facing the broader industry, we’ve made significant strides in positioning ourselves for long-term success," said Laurie Holcomb, CEO and chairman. "We have strengthened our balance sheet through a capital raise, continued scaling the highly successful Gramlin brand, and have further optimized our vertically integrated operations to support our growth initiatives.”

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Q3 2024 Financial Highlights

Total revenue amounted to $32.6 million, representing a 3% increase from the second quarter of 2024.
Gross profit was $13.5 million, resulting in a 41% gross margin, and up 86% sequentially.
Adjusted gross profit totaled $21.1 million, with a 65% adjusted gross margin (excluding non-recurring adjustments).
Net loss was $18.9 million, representing a 21% reduction from the prior quarter.
Adjusted EBITDA came in positive at $2.8 million, representing a 241% improvement from the second quarter of 2024.
Golf Flora had $10.2 million in cash and equivalents at the end of the third quarter.

Operational Highlights

First-party product revenue in retail stores reached over 30% of total sales.
Flower harvest volume increased by 20% from the first quarter of 2024, driven by improved cultivation methods.
Launch of Gramlin live rosin products and expansion of rosin production capacity at the Desert Hot Springs campus.
Secured a senior loan facility for up to $13.15 million.
The company's shares began trading on the OTCQB Venture Market under the ticker “GRAM.”

GRAM Price Action

Gold Flora's shares traded 9.09% lower at $0.04 per share after the market close on Thursday afternoon.

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