Red White & Bloom Brands (RWB) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenues reached $80.2 million, up $10.6 million year-over-year compared to restated 2023 results.

• Gross profit after fair value adjustments increased to $28.4 million for 2024, a $3.4 million improvement year-over-year.

• EBITDA for 2024 was $10.8 million, a significant turnaround from 2023's negative adjusted EBITDA of $89.0 million, which included $94.6 million in non-cash impairments.

• Fourth quarter 2024 revenues were $18.7 million, up $2.8 million from restated Q4 2023, while gross profit declined by $5.1 million to $5.4 million.

• Operating expenses for 2024 increased by $9.4 million year-over-year to $40.4 million.

Key financial ratios and metrics

• Q4 2024 EBITDA was $6.3 million, a $97.6 million improvement from Q4 2023's negative adjusted EBITDA, which included significant non-cash impairments.

• Operating expenses in Q4 2024 decreased by $3.7 million year-over-year to $9.1 million.

Significant events and developments

• Annual and Q1 2025 filings were delayed, resulting in a failure-to-file cease trade order effective July 3, 2025; the order remains until Q1 2025 filings are completed.

• Restatements of 2023 financials impacted year-over-year comparisons.