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Published: May 28, 2024
Simply Solventless Concentrates Ltd. provided Q2 2024 gross revenue, adjusted EBITDA and net income guidance including record projected quarterly gross revenue and the continuation of SSC’s quarterly positive adjusted EBITDA and normalized net income streak to nine and seven quarters respectively.
Q2 2024 Guidance
SSC projects record quarterly gross revenue during Q2 2024 of approximately $4,000,000 (Q1 2024 – $3,122,232), representing a growth rate of 28% quarter over quarter. SSC’s continued revenue growth is primarily attributable to SSC’s brands Astrolab, and Frootyhooty, and SSC’s acquisition of Lamplighter in January 2024.
SSC also projects Q2 2024 adjusted EBITDA of approximately $850,000 (Q1 2024 – $611,571) (see Non-IFRS Financial Measures, below), representing a growth rate of 39% quarter over quarter, and net income of approximately $750,000 (Q1 2024 – $502,536), representing a growth rate of 49% quarter over quarter. SSC’s streak of positive adjusted EBITDA and normalized net income is expected to extend to nine and seven quarters respectively.
Jeff Swainson, President and CEO of SSC, stated: “On the heels of our oversubscribed $800,000 unit offering completed in April, we expect record Q2 2024 revenue of $4,000,000 and our seventh straight quarter of normalized net income. We are encouraged by our trajectory and our focus remains on profitable revenue growth both organically and through opportunistic acquisitions.”
SSC has no long-term debt and approximately 53.8 million common shares outstanding (basic), of which approximately 30% are held by insiders. Of SSC’s outstanding common shares, approximately 17.0 million (32%) are escrowed pursuant to TSX Venture Exchange (“TSXV”) policies. Further details with respect to SSC’s escrowed securities can be found in SSC’s filing statement dated October 31, 2023. SSC also advises that it has filed a revised 2023 annual MD&A and Q1 2024 MD&A to correct a data entry error on the quarterly results summary pages. SSC’s filing statement and the revised MD&As are available on SSC’s SEDAR+ profile at www.sedarplus.ca.
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC’s mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
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