Good Natured Products (TSE:GDNP) has released an update.
Good Natured Products Inc. reported a Q1 2024 revenue of $14.1 million, a 31% decline from Q1 2023, alongside a slight increase in adjusted EBITDA to $0.2 million and a higher variable gross margin of 40%. The company attributed the revenue drop to industry-wide slow demand in January, the discontinuation of a petroleum-based product line, and reduced orders from a major US food producer. Despite these challenges, cost reduction initiatives and a focus on profitability led to positive adjusted EBITDA for the tenth consecutive quarter.
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