Extraordinary Growth in German Market
Following partial legalization in April 2024, the German market and IM Cannabis' sales in Germany experienced extraordinary growth. Sales increased by over 183% in 2024 compared to 2023, reaching $15.5 million, and Germany made up 40% of total revenue in the second half of 2024 versus 11% in all of 2023.
Improvement in EBITDA
The adjusted EBITDA in Q4 2024 was a gain of $0.5 million compared to a loss of $4.3 million in Q4 2023, marking an improvement of almost $5 million. For the full year, the adjusted EBITDA loss decreased from $8 million in 2023 to $1.1 million in 2024, an improvement of almost $7 million.
Significant Reduction in Operating Expenses
Operating expenses were reduced by $4 million or 17% in 2024 to a total of $18.7 million. This follows a previous reduction of 43% in 2023, resulting in a total decrease of 53% since 2022.
Successful Cost Management and Efficiency
The company achieved a decrease in operating expenses by approximately 42% in Q4 2024 compared to Q4 2023. G&A expenses and selling and marketing expenses also saw significant reductions of 27% and 34%, respectively, in 2024 compared to 2023.