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Decibel Cannabis Company Inc. (TSXV:DB) (OTCQB:DBCCF) reported on Wednesday its unaudited interim financial results for the second quarter ending June 30, 2024.
“Decibel has shown good discipline in reducing our current liabilities by ~5mm this quarter," said Benjamin Sze, Decibel’s CEO. "Market share has been challenged but early indications from Qwest relaunch suggest we will regain market share in flower. A continued focus on execution and capital efficiency will serve as the platform for future growth.”
The company reported net revenue of CA$22.1 million ($16.1 million), down from CA$28.5 million in the prior year's period, representing a 22% year-over-year drop. Its first quarter report published this past April revealed a 16% year-over-year revenue drop to CA$21 million and an adjusted net loss of CA$3.5 million.
In his recent analysis senior analyst Pablo Zuanic of Zuanic & Associates said Decibel’s management acknowledges the competitive pressures in the vape and pre-roll categories, particularly from competitors like Jeeter and Organigram.
"The company was slow to react to the rise of larger 510 cartridge formats and higher potency extracts," as highlighted in a recent recap of Zuanic's analysis by Beniznga's Nicolás Jose Rodriguez. "However, Zuanic shared new product launches in 2Q24 aim to address these gaps. Decibel is expanding distribution for infused pre-rolls and innovating around the Vox brand. Additionally, flower production at the company’s craft facilities is set to ramp up."
Decibel's shares traded 4.29% higher at $0.0365 per share at the time of writing on Wednesday.