Ayurcann Holdings Corp. (CSE:AYUR) (OTCQB:AYURF), a Canadian processing and manufacturing company specializing in cannabis 2.0 and 3.0 products, announced on Thursday its first quarter financial and operational results for the three months ended Sept. 30, 2024.
The Toronto-based company highlighted a 25% year-over-year increase in gross revenue, strong gross margin and top market presence in the vapes and pre-roll category in Ontario during the period.
Ayurcann noted that fiscal 2024 and the beginning of fiscal 2025 was a pivotal time for the company and the broader cannabis industry in Canada. CEO Igal Sudman said the company's business model and disciplined execution have allowed Ayurcann to expand across all levels.
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"By focusing on innovation, building strong partnerships, and growing our signature brands—such as Fuego, Xplor, Xplor LevelX and Happy & Stoned—we continue to deliver consistent quarter-over-quarter growth,” Sudman said. “Our vision remains clear: to become a dominant player in the cannabis industry.”
Read Also: Marijuana Extraction Company Ayurcann Reports Record Gross Revenue For Fiscal Year 2024
Q1 2025 Financial Highlights
- After deducting agency and service fees (CA$102,783) and excise duties (CA$6.35 million), net revenue stood at CA$8.3 million, an increase from CA$6.5 million in the prior year's period, representing a 28% increase year-over-year.
- Expenses amounted to CA$3.3 million, up from CA$2.3 million in the same quarter of 2023.
- Net loss and comprehensive loss was CA$356,711, compared to roughly CA$209,000.
- Cash at the end of the period was CA$891,783, down from CA$1.5 million in the prior year's period.
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