International medical cannabis company IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) announced its financial results on Thursday for the third quarter ended Sept. 30, 2024.

The company reported revenue from Germany grew 66% year-over-year, reaching CA$5.8 million ($4.1 million).

“While the 66% growth we delivered in Germany, to reach $5.8M this quarter is a highlight, we spent the quarter focused on building a solid foundation for 2025,” said CEO Oren Shuster. “Our goal was to build a strong, consistent supply chain, along with a laser focus on how to improve the efficiency and accuracy of how we use our resources. I believe that the foundation we built this quarter will be the basis we will use to deliver in 2025.”

Read Also: IM Cannabis Soars: German Sales Surge 200% In First 3 Months Post-Legalization, Q2 Revenue Up 12% YoY

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Q3 Financial Highlights

• Revenue increased by 12% year-over-year to CA$13.9 million, compared to CA$12.4 million in the third quarter of 2023.
• Gross profit was CA$3.1 million, up from CA$2.6 million in the prior year's period.
• Selling and marketing expenses dropped by 41% over the same period to CA$1.5 million.
• Total operating expenses fell by 16% year-over-year to CA$4.1 million.
• EBITDA loss narrowed by 68% over the period, from a loss of CA$1.6M in the third quarter of 2023 to a loss of CA$0.5 million in the third quarter of 2024. Adjusted EBITDA loss also improved by 82%, down to CA$0.2 million.
• The operational expense ratio improved by 25% year-over-year, falling from 40% in the third quarter of 2023 to 30% in the third quarter of 2024, reflecting improved cost management.
• Net loss narrowed to roughly CA$1 million from CA$2.1 million in the prior year's period.

IMCC Price Action

IM Cannabis' shares traded 13.96% lower at $2.5339 per share at the time of writing on Thursday morning.

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