Red Light Holland Corp. (OTCQB:TRUFF) announced its financial results Friday for the three months ending Sept. 30, 2024, reporting revenue of CA$1.37 million ($998,263), up by 39.1% from CA$983,324 in the same period last year. For the six months ended Sept. 30, 2024, the company disclosed revenue of CA$2.93 million, up by 33.9%, from CA$2.19 million in the same period of 2023.

The Ontario-based company produces and sells functional mushrooms and mushroom home grow kits in North America and Europe, and a range of psilocybin truffles to the legal, recreational market in the Netherlands.

“Our Q2 results reflect our unwavering commitment to sustainable growth, strategic partnerships, and strong financial discipline," stated Todd Shapiro, CEO and director of Red Light Holland. "With revenues growing by 33.9% year-over-year and a significant reduction in EBITDA and adjusted EBITDA, we are clearly on the path to long-term profitability. Notably, nearly all our income-generating portfolio companies have seen growth, with every business over the last 12 months, except one (Mush Room & More), running in the black in terms of operating cash flow as a net positive company-excluding depreciation, corporate costs, and other non-operational expenses. This is a clear indication of how well we are managing our operations."

The company also announced that Ann Barnes has departed from the company’s board of directors and it will name a new board member in the coming weeks.

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Financial Highlights

• Gross profit for three and six months: CA$551,931 and CA$1.18 million compared to CA$444,668 and CA$967,765 in the same periods last year.
• Net loss for three and six months: CA$590,455 and CA$1.11 million compared to loss of CA$2.04 million and CA$2.99 million in the same periods last year.
• EBITDA loss for three and six months: CA$319,903 and CA$1.53 million compared to EBITDA loss of CA$897,100 and CA$2.57 million in the same periods last year.
• Adjusted EBITDA loss for three and six months: CA$480,720 and CA$715,189 compared to adjusted EBITDA loss of CA$1.05 million and CA$1.48 million in the same periods last year.

• Additional Cash: Received a sales tax refund and interest on Nov. 19,2024, of CA$868,960 and Costco payment on receivables of CA$468,668 on November 8, 2024, bringing the cash balance to approximately CA$13.5 million as of today
• Cash Balance: CA$12.79 million as of September 30, 2024, including restricted cash (CA$14.37 million as at March 31, 2024)
• Total Assets: CA$23.3 million (CA$24.1 million as at March 31, 2024)

Outlook

The company said it remains committed to its strategic path of profitability and continued advocacy for the legalization of, and adult access to psilocybin.

“Red Light Holland’s motto is: ‘Mind, Body, Gain – Grow your health, Build your wealth.’ We look forward to what the New Year can bring,” added Shapiro.

Price Action

Red Light Holland shares closed Friday's market session flat at $0.034 per share.

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