Simply Solventless Concentrates (HASH) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 gross revenue of $12.4M, annualized to $49.6M, and adjusted EBITDA of $3.2M, annualized to $12.8M.

• Closed the Humble acquisition, vertically integrating operations into cultivation and expanding the asset base to $57.8M from $10.9M year-over-year.

• Completed an oversubscribed $6.0M convertible debenture offering, strengthening liquidity.

Financial highlights

• Q1 2025 net income was $8.4M, up 1,573% year-over-year; normalized net income was $1.6M.

• Gross margin held steady at 48.7%; cash from operations prior to working capital changes was $2.0M, up 233% year-over-year.

• Total assets increased 359% year-over-year to $57.8M; working capital rose 519% to $10.0M.

Outlook and guidance

• Management aims to maximize profitability, cash flow, and balance sheet strength while lowering cost of capital.

• Continued focus on capturing synergies from recent acquisitions and further cost rationalization.