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SLANG Worldwide Inc. (CSE:SLNG) (OTCQB:SLGWF) reported its financial results on Tuesday for the second quarter, three months ended June 30, 2024.
The Toronto-based consumer packaged goods company, reported a 26% year-over-year decrease in revenue to CA$6.28 million ($4.7 million) in the second quarter.
SLANG attributed the downward trend to a CA$1.78 million drop in core market sales, a decrease of CA$0.20 million in emerging market sales, a decrease of CA$0.09 million in e-commerce sales and a decrease of CA$0.09 million in distribution sales. Within the core market segment, the company experienced a reduction of CA$0.51 million and CA$1.27 million in sales in Colorado and Vermont, respectively.
"We continue to see increased competitive headwinds in our Core and Emerging Markets, which have led to a decline in sales revenue, gross profit and Adjusted EBITDA," said John Moynan, the company's CEO. "The reduction in retail sales, as well as limited cash available for general working purposes and rising public company corporate overhead costs, negatively impacted the Company’s available cash from operations. As a result of these factors, SLANG continues to work with PGP Capital Advisors as our financial advisor as we pursue a full range of strategic and financial alternatives."
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SLANG's shares traded 20% lower at $0.008 per share after the market close on Tuesday afternoon.