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PharmaCielo Ltd. (TSXV:PCLO) (OTC:PCLOF), the Canadian parent of Colombia's cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced its financial results Friday for the second quarter ended June 30, 2024. The company reported a 390% increase in revenue year-over-year to CA$783,680 ($570,891), driven by increased sales of cannabis derivative products.
Despite the growth in revenue, PharmaCielo’s net loss for the quarter stood at CA$2.58 million (or CA$0.015 per share), a slight increase from the $2.42 million loss in the previous quarter but an improvement from the $3.6 million loss in Q2 2023. PharmaCielo also announced the issuance of 5,979,496 common shares as part of a debt settlement strategy, underpinning their efforts to optimize capital structure without substantial cash outlays.
The company’s financials show a Cost of Goods Sold (COGS) of CA$407,327 for cannabis products and $10,801 for telemedicine services. Meanwhile, operating expenses decreased to CA$1,9 million, down from CA$2,4 million in Q2 2023.
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“The global cannabis market presents significant opportunities, particularly as large consumer and pharmaceutical companies enter the industry. Our company is uniquely equipped to serve these organizations with pharma-grade extracts and dried flower that offer unmatched consistency and a structural cost advantage. While the market is still emerging, our efforts to build a robust sales pipeline focused on our high-margin product portfolio are progressing well,” PharmaCielo's chairman and CEO Marc Lustig stated in a press release.
"We have successfully reduced 2024 year-to-date total SG&A expenses by over 38% versus the same period last year. Our Adjusted EBITDA has been steadily improving, now down to $0.6 million loss in 2024 Q2 versus a loss of $2.1 million last year. With no significant capital expenditures required to reach full commercial scale, we are better positioned than ever to achieve increased profitability and cash flow as our sales grow,” Lustig added.
PCLOF Price Action
PCLOF's shares were trading 4.78% lower at $0.0857 per share at the time of this writing around 10:30 AM ET Friday.
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