Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) ("Nextleaf", "OILS", or the "Company"), a leading life science firm and licensed cannabis processor, is pleased to release its financial results for their second quarter ended March 31st, 2024. The Company achieved sequential revenue growth, a record $3.4 million net revenue, and an adjusted EBITDA[1] of $232,682.
Highlights
Adjusted EBITDA[3]
Six months ended | March 31, 2024 $ | March 31, 2023 $ | |||||
Loss and comprehensive loss | (879,052 | ) | (584,191 | ) | |||
Non-operating Items: | |||||||
Depreciation & Amortization | 349,906 | 366,714 | |||||
Interests | 29,496 | 15,526 | |||||
Taxes | |||||||
EBITDA | (499,650 | ) | (201,951 | ) | |||
Non-operating Items: | |||||||
Share-based compensation expense | 1,054,288 | - | |||||
Adjusted EBITDA | 554,638 | (201,951 | ) | ||||
Three months ended | March 31, 2024 $ | March 31, 2023 $ | |||||
Loss and comprehensive loss | (1,011,873 | ) | (25,168 | ) | |||
Non-operating Items: | |||||||
Depreciation & Amortization | 175,780 | 182,762 | |||||
Interests | 14,487 | (10,038 | ) | ||||
Taxes | |||||||
EBITDA | (821,606 | ) | 147,556 | ||||
Non-operating Items: | |||||||
Share-based compensation expense | 1,054,288 | - | |||||
Adjusted EBITDA | 232,682 | 147,556 | |||||
"We have been diligently focused on executing our commercialization roadmap and product pipeline throughout this past quarter. We've made strategic investments into building up our inventory to strengthen our position, boost commercialization efforts, and expand territory sales," shares Emma Andrews, Interim CEO. "We're excited about the growth we're seeing across our key categories, and we are motivated to continue setting the standard for unparalleled value."
Glacial Gold Sales by Category, Headset Data as of April 2024
2024 Outlook
The Company will prioritize the following strategic initiatives throughout the third and fourth quarters FY2024:
About Nextleaf Solutions Ltd.
Nextleaf® is an innovative cannabis processor with a portfolio of federally regulated emerging consumer brands, market validated cannabis derivative products, and high-potency bulk ingredients. Nextleaf's multi-patented, highly automated, closed loop extraction, and distillation technology sets the global standard for processing cannabis at scale.
The Company currently manufactures over 80 different products, across 4 categories for white label clients and house brands. Formulated products and bulk ingredients are sold domestically to B2B partners and exported to applicable international jurisdictions. With coast-to-coast distribution, Nextleaf brands are sold through both medical and recreational channels and includes acclaimed legacy-era brand Glacial Gold, and High Plains Cannabis.
Nextleaf's commitment to constant innovation, and speed-to-market advantage is guided by their team's unique depth of industry experience, complimented by their Health Canada Research License allowing for unique sensory evaluation of cannabis via human trials, and rapid prototyping. The Company has been issued 19 U.S. patents, and 75+ patents globally, on cannabinoid processing including extraction, distillation, and acetylation.
On behalf of the Board of Directors of the Company,
Emma Andrews, Interim CEO
Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
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Learn More: www.nextleafsolutions.com
Nextleaf trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.
Disclaimers and Disclosure Statements:
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the Company's anticipated delivery of its products to provincial markets across Canada and those regarding the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The Canadian Securities Exchange has not reviewed or approved the contents of this press release.
Non-IFRS Financial Measures
This press release includes references to "Adjusted EBITDA", which are not defined under International Financial Reporting Standards (IFRS). The intent of these non-IFRS measures is to provide additional useful information to investors and analysts. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other entities. As such, these non-IFRS measures should not be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS.
Adjusted EBITDA is calculated as EBITDA plus share based compensation expense. Adjusted EBITDA is considered as a useful measure by management to understand the profitability of Nextleaf Solutions excluding the effects of certain non-operating items.
Last Trade: | US$0.06 |
Daily Volume: | 10,000 |
Market Cap: | US$9.470M |
August 29, 2024 |
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