Red White & Bloom Brands (RWB) Q3 2024 earnings summary

Executive summary

• 2024 YTD EBITDA reached $7.5 million, a twenty-fold increase over 2023 YTD EBITDA of $0.4 million.

• 2024 YTD Adjusted EBITDA rose 260% to $9.6 million from $3.7 million in 2023 YTD.

• Five new Florida medical cannabis dispensaries are set to open in Q1 2025.

• Canadian distribution expanded to Prince Edward Island and New Brunswick, with further provincial launches planned.

Financial highlights

• Q3 2024 revenue was $21.7 million, up $1.6 million from restated Q3 2023 revenue of $20.1 million.

• Gross profit after fair value adjustments for Q3 2024 was $10.3 million, up $3.7 million year-over-year.

• YTD gross profit after fair value adjustments was $24.5 million, up $3.7 million from 2023 YTD.

• Net loss for Q3 2024 was $1.8 million, an improvement from a $4.8 million loss in Q3 2023.

• Basic loss per share from continuing operations improved to $0.00 in Q3 2024 from $0.01 in Q3 2023.

Outlook and guidance

• Five new Florida dispensaries are on track to open in the next three to four months.

• Continued investments in offtake agreements, cultivation, and production to mitigate 2025 supply chain risks.

• Ongoing restructuring and divestiture of non-profitable assets expected through Q1 2025.