Avicanna (AVCN) Q3 2024 earnings summary

Executive summary

• Achieved 9-month revenue of $18.8 million, up 75% year-over-year, with Q3 revenue of $6.3 million, a 0.34% increase from Q3 2023.

• Consolidated gross margin improved to 57% in Q3 2024 from 46% in Q3 2023.

• Gross profit for the nine months reached $9.5 million, up 93% from 2023; Q3 gross profit was $3.7 million, up 25% year-over-year.

• Adjusted EBITDA loss narrowed by 38% in Q3 and 76% for the nine months compared to 2023.

• Canadian unit sales increased 22% year-over-year; total finished goods sold rose 42% in Q3 and 22% for the nine months.

Financial highlights

• Revenue for the nine months ended September 30, 2024, was $18.8 million, a 75% increase from the prior year.

• Q3 2024 gross margin was 57%, up from 46% in Q3 2023.

• Gross profit for the nine months was $9.5 million, up 93% year-over-year.

• Adjusted EBITDA loss for the nine months narrowed to $719,347, a 76% improvement from 2023.

Outlook and guidance

• Focus shifting to international growth initiatives and advancing the long-term business model.

• Management expresses confidence in continued financial and operational improvements.