Delta 9 Cannabis' Q1 Revenue Drops Slightly YoY, Gross Profit Grows 10%

Author: Jelena Martinovic | May 16, 2024 08:41am

Delta 9 Cannabis Inc. (TSX:DN) (OTC:DLTNF) announced its financial and operating results on Wednesday for the three months ending March 31, 2024.

"During the first quarter, we continued to focus on sustaining revenues across our core business units while optimizing our margins," said John Arbuthnot, CEO of Delta 9. "We will continue our relentless focus on cost and operational efficiencies and strengthening our balance sheet to deliver sustained, profitable growth for our shareholders.”

Do you want to learn more about investments and financial data from the cannabis industry? Don't miss the opportunity to join us at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry's future. Secure your tickets now before prices increase by following this link.

Q1 2024 Financial Highlights

Net revenue was $CA16.5 million ($12.1 million), representing a decrease of 2%, from CA$16.9 million for the same quarter last year.
Gross profit, before changes in the fair value of biological assets, of CA$4.7 million, representing an increase of 10% year-over-year.
Gross profit margin, before changes in the fair value of biological assets, of 28%, versus 25% for the same quarter last year.
Loss from operations was CA$3 million, versus a loss from operations of CA$1.2 million for the same quarter last year.
Net loss was CA$ 4.9 million, compared to a CA$ 3.1 million net loss in the prior year's period.
Adjusted EBITDA came in positive at CA$5,270 for the first quarter of 2024 versus an adjusted EBITDA loss of CA$475,595 for the same quarter last year.