Auxly Cannabis Group (OTC) ( (CBWTF) ) has released its Q3 earnings. Here is a breakdown of the information Auxly Cannabis Group (OTC) presented to its investors.
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Auxly Cannabis Group Inc. is a Canadian consumer packaged goods company specializing in cannabis products, headquartered in Toronto, and known for its innovative market approach and diverse product offerings.
In its latest financial report, Auxly Cannabis Group reported a record-breaking third quarter of 2024, with significant achievements in revenue growth, gross margin, and adjusted EBITDA, alongside improvements in national market share.
The company achieved an all-time high in net revenues of $33.3 million, marking an 18% year-over-year increase. Gross margin on finished cannabis inventory sold reached 47%, a significant improvement from the previous year. Notably, the company managed to reduce its debt by 54% since the end of 2023. Auxly’s position in the national recreational market improved, securing the #4 spot among licensed producers, with strong performances in the all-in-one vape category and pre-roll product sales.
Auxly’s strategic focus on operational efficiencies and product innovation contributed to a positive adjusted EBITDA of $8.3 million, a staggering increase compared to the previous year. The company’s efforts in streamlining operations and cost management were reflected in a 16% reduction in selling, general, and administrative expenses year-over-year.
Looking ahead, Auxly remains committed to sustainable growth and enhancing profitability by focusing on its core product categories and optimizing distribution. The company aims to leverage its competitive advantages to further strengthen its market position and achieve long-term shareholder value.
