MTL Cannabis Corp. reported revenue for the third quarter of $25,6 million. This is an 8% increase compared to last year’s same-period. However, it posted a loss of $1,2 million due to higher operational and finance costs.
Net loss for the quarter was 369% lower than the profit of $453,004 reported last year. The company’s results also declined sequentially. From a profit of $1.25million in the last quarter, to the present loss.
Canadian cannabis producers, which mainly produce medical marijuana, have generated net revenues of $19.9 millions for the three-month period ending December 31, 2024. That’s a 3 percent increase over last year after excise tax.
MTL Cannabis’ cash flow improved despite the quarter loss. It ended the period at $3.5M, up $1.4M from the start of the fiscal. It also went from $1.4 million in deficit to $1.3 millions of retained earnings.
“Our resilient strategy underpins the strong results we’ve delivered quarter-over-quarter, demonstrating that our high-quality products and leading industry performance are driving enhanced value for shareholders,” CEO Michael Perron said in a statement.
In the third quarter of 2018, the company reported a gross profit margin, before fair-value adjustments, of 52 percent. This is a slight increase from the margin (51%) that was recorded during the same time period in 2017.
MTL Cannabis has reported a total revenue of $79.9 million for the nine month period. This is an improvement of 20% over 2023. Operating income in nine months was nearly $10m, and this is more than double what it was last year.
Cash flow from operating activities totaled 13 million dollars for the period of nine months, up from 10 million dollars during the same period in last year.
MTL Cannabis was formed through a reverse takeover in July 2023, when Canada House Cannabis Group Inc. acquired Montréal Medical Cannabis Inc. and subsequently changed its name. The company has growing facilities located in Quebec and Ontario as well as a medical cannabis market and clinics throughout Canada.
Perron continued, “Our business is well-positioned for future growth to meet the needs of our clients both in and outside Canada.”