(CNW) Pickering, Ont. – MTL Cannabis Corp. is pleased to report it has filed the financial statements as at and for the three-month period ending June 30, 2024, and 2023.
First Quarter 2025 Consolidated Financial Highlights for MTL:
Income Statement:
- Revenue of $25,842,264, an improvement of $8,978,969, or 53%, compared to $16,863,295 in the same quarter of last year.
- Net Revenue of $20,721,232, an improvement of $7,957,445, compared to $12,763,787 in the same quarter of last year.
- Gross margin before fair value adjustments of 54%, an increase of 16%, compared to 38% in the same quarter of last year.
- Operating Income of $4,963,969, an improvement of $4,364,370, compared to $599,599 in the same quarter of last year.
- Net Income and Comprehensive Income of $2,206,313, an improvement of $2,393,161, compared to a loss of ($186,848) in the same quarter of last year.
Statement of Cash Flows:
- Net cash inflows from operating activities of $5,602,954, compared to $2,140,029 in the same period of last year.
- Net cash used in investing activities of ($1,924,128), compared to ($318,847) in the same period of last year.
- Net cash used in financing activities of ($2,774,581), compared to ($1,291,189) in the same period of last year.
- Overall net cash increased to $2,256,380, an improvement of $904,245, from $1,352,135 at the beginning of the period.
Additionally, the company was able to demonstrate retained earnings of $1,545,148, compared to an accumulated deficit of ($614,165) in the same period of last year.
Management Commentary:
“We are incredibly proud of our team and the progress we have made as a company,” said Michael Perron, CEO of MTL. “We look forward to continuing to deliver best in class products and services to our incredible customers and patients.”
