Strong Retail Channel Sales Growth
Retail channel sales grew by 11.5% year-over-year, including 2.8% comparable same-store sales growth.
Gross Profit Expansion
Gross profit margin improved to 51.1%, up from 43.3% in Q1 of 2024, exceeding the targeted range of 48% to 50%.
Reduction in Selling, General, and Administrative Expenses
SG&A expenses were reduced by $1.5 million year-over-year to $6.9 million, a 17.9% reduction.
Improved EBITDA
Adjusted EBITDA reached $1.6 million, a significant improvement from negative $0.8 million in the prior year quarter.
Net Loss Reduction
Net loss reduced to $0.2 million in Q1 2025 compared to a $2.6 million loss in the first quarter of last year.
Cash Position Improvement
Cash position improved to $10.4 million at quarter end, up from $8.8 million in Q1 2024.
New Store Openings Planned
Plans to open new stores in the fall, including relocating one store to a high-traffic suburban center in Montreal.
Strategic Talent Additions
Appointed new leadership for wholesale and online sales to drive future growth.