Vertically integrated Gold Flora Corporation GRAM GRAM released its financial results Thursday for the third quarter of fiscal 2024.
“Amid the ongoing challenges facing the broader industry, we’ve made significant strides in positioning ourselves for long-term success,” said Laurie Holcomb, CEO and chairman. “We have strengthened our balance sheet through a capital raise, continued scaling the highly successful Gramlin brand, and have further optimized our vertically integrated operations to support our growth initiatives.”
Read Also: Gold Flora’s Q2: A Mixed Bag For Cannabis With EBITDA Down $2M, Margins Up To 57%
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Q3 2024 Financial Highlights
- Total revenue amounted to $32.6 million, representing a 3% increase from the second quarter of 2024.
- Gross profit was $13.5 million, resulting in a 41% gross margin, and up 86% sequentially.
- Adjusted gross profit totaled $21.1 million, with a 65% adjusted gross margin (excluding non-recurring adjustments).
- Net loss was $18.9 million, representing a 21% reduction from the prior quarter.
- Adjusted EBITDA came in positive at $2.8 million, representing a 241% improvement from the second quarter of 2024.
- Golf Flora had $10.2 million in cash and equivalents at the end of the third quarter.
Operational Highlights
- First-party product revenue in retail stores reached over 30% of total sales.
- Flower harvest volume increased by 20% from the first quarter of 2024, driven by improved cultivation methods.
- Launch of Gramlin live rosin products and expansion of rosin production capacity at the Desert Hot Springs campus.
- Secured a senior loan facility for up to $13.15 million.
- The company’s shares began trading on the OTCQB Venture Market under the ticker “GRAM.”
GRAM Price Action
Gold Flora’s shares traded 9.09% lower at $0.04 per share after the market close on Thursday afternoon.
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