Canadian cannabis company Ayurcann Holdings Corp. (CSE:AYUR) (OTCQB:AYURF) reported its financial results Monday for the fiscal year ended June 30, 2024. The company specializing in cannabis 2.0 and 3.0 products disclosed record gross revenue of CA$45.27 million ($32.6 million), representing 100% year-over-year increase.
"As the cannabis industry continues to mature in Canada, we are thrilled to witness the steady growth of our revenues across the country," stated Igal Sudman, CEO of Ayurcann. "Despite the challenges posed by an increasingly competitive environment and retail price compression, Ayurcann's business-to-consumer focus has enabled us to expand our market share in multiple provinces. With over 70% penetration in dispensaries and a diverse range of 80 products across vape, concentrate, and flower categories, the success of our in-house brands has been transformative for Ayurcann. We're proud to have made a lasting impact in the market, continuing to build on our growth trajectory."
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Financial Highlights
- Net revenue amounted to CA$25.16 million, compared to CA$12.49 million in the corresponding period last year.
- Adjusted EBITDA was a gain of CA$198,213, which compares to an adjusted EBITDA loss of CA$2.11 million.
- Net loss reached CA$3.97 million or CA$0.022 per share, compared to a loss of CA$5.31 million or CA$0.033 per share.
- At the end of the reporting period the company had CA$572,444 in cash, compared to CA$971,959 on June 30, 2023.
Operational Highlights
- Grew its product offerings to 80 stock keeping units across the country;
- Named the #1 producer of Vapes in Ontario, and top fifth pre-roll manufacturer by volume in Ontario during the period.
- Had 30,500 product listings across dispensaries in Ontario, New Brunswick, Manitoba, Saskatchewan, Alberta, British Columbia, Newfoundland, and Yukon.
- Explored new national and international opportunities for its brands.
"With a clear vision and a commitment to innovation, we are excited about the path ahead and look forward to continuing to deliver value to our customers and stakeholders," Sudman concluded.
Price Action
Ayurcann shares closed Monday's market session flat at $0.054 per share.
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