#Auxly Cannabis #Back Forty #Canadian Cannabis

Financial Highlights of Auxly Cannabis Group in 2024

Auxly Cannabis Group Inc. has recently reported its impressive financial outcomes for the fourth quarter and full year ended December 31, 2024, marking a significant upward trend in growth and profitability. This report showcases Auxly's strategic focus on innovation and operational efficiency, positioning it as a leader in the Canadian cannabis market.

Q4 2024 Performance

For the fourth quarter, Auxly achieved net revenues of $34.6 million, representing a 29% increase over the same period last year. The gross margin on finished cannabis inventory sold was 54%, a notable rise from 40% in 2023. Additionally, the selling, general, and administrative expenses (SGA) were reduced to $9.3 million, which is a 5% decrease compared to the previous year. The adjusted EBITDA for the quarter reached $11.0 million, indicating a dramatic improvement from $2.3 million in 2023.

Auxly's cash flow from operations reported $3.2 million with a closing cash balance of $18.4 million, strengthening its financial position. The company is now the 4th largest licensed producer in Canada, holding a 6.0% market share.

Most notably, the Back Forty brand emerged as the top cannabis brand in Canada, a testament to its consumer appeal and effective marketing strategies.

Full Year 2024 Overview

In the full year report, Auxly posted net revenues of $122.3 million, reflecting a 21% increase from the previous year. The overall gross margin on finished cannabis inventory sold for 2024 improved to 46%, compared to 34% in 2023. They also reduced their total debt significantly, with a 56% decrease, following a conversion of over $123 million of debt into equity by Imperial Brands plc.

Throughout the year, notably, Auxly's Back Forty all-in-one vape was awarded the **