Auxly Cannabis Group (OTC) ( (CBWTF) ) has released its Q4 earnings. Here is a breakdown of the information Auxly Cannabis Group (OTC) presented to its investors.
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Auxly Cannabis Group Inc., a prominent player in the Canadian cannabis market, focuses on consumer packaged goods within the cannabis sector, offering a diverse range of products including dried flower, pre-rolls, oils, and Cannabis 2.0 products.
Auxly Cannabis Group has reported a successful year, with significant growth in sales and profitability. The company achieved record net revenue of $122.3 million for 2024, marking a 21% increase from the previous year, and improved its gross margin on finished cannabis inventory sold to 46% from 34% in 2023.
Key financial highlights include a net revenue of $34.6 million in the fourth quarter, a 29% increase over the previous year. The company also reported an adjusted EBITDA of $26.7 million for the year, a substantial improvement from $1.5 million in 2023. Auxly’s Back Forty brand emerged as the top cannabis brand in Canada, and the company reduced its total debt by 56% through strategic conversions and repayments.
Auxly’s management remains optimistic about the future, emphasizing their commitment to innovation, operational excellence, and sustainable growth. The company plans to enhance its distribution footprint and production efficiency while maintaining its leadership in the Canadian cannabis market.
Looking ahead, Auxly aims to continue its trajectory of profitable growth by focusing on product innovation and expanding its market presence, both domestically and potentially internationally. The company is poised to leverage its strengths in cultivation and product development to meet the growing demand for cannabis products.