MTL Cannabis is pleased to report it has filed the financial statements as at and for the three-month and six-month periods ending September 30, 2024, and 2023.
Second Quarter 2025 Consolidated Financial Highlights for MTL:
Income Statement:
- Revenue of $26,434,502, an improvement of $2,219,133, or 9%, compared to $24,215,369 in the same quarter of last year.
- Net Revenue of $20,869,898, an improvement of $1,694,128, compared to $19,175,770 in the same quarter of last year.
- Gross margin before fair value adjustments of 54%, an increase of 16%, compared to 38% in the same quarter of last year.
- Operating Income of $4,089,931, an improvement of $2,014,190, compared to $2,075,741 in the same quarter of last year.
- Net Income and Comprehensive Income of $1,245,778, a decrease of ($2,156,834), compared to $3,402,612 in the same quarter of last year.
Statement of Cash Flows:
- Net cash inflows from operating activities of $8,171,583, compared to $7,217,932 in the same period of last year.
- Net cash used in investing activities of ($2,256,036), compared to $243,043 in the same period of last year.
- Net cash used in financing activities of ($3,995,192), compared to ($4,640,267) in the same period of last year.
- Overall net cash increased to $3,272,490, an improvement of $1,920,355, from $1,352,135 at the beginning of the period.
Additionally, the company was able to demonstrate retained earnings of $2,643,926, compared to an accumulated deficit of ($614,165) in the same period of last year.
Year to Date Highlights (6 months):
- Revenue of $52,276,766, an improvement of $11,198,102, or 27%, compared to $41,078,664 in the same period of last year.
- Net Revenue of $41,591,130, an improvement of $9,651,573, compared to $31,939,557 in the same period of last year.
- Gross margin before fair value adjustments of 54%, an increase of 16%, compared to 38% in the same period of last year.
- Operating Income of $9,053,900, an improvement of $6,378,560, compared to $2,675,340 in the same period of last year.
- Net Income and Comprehensive Income of $3,452,091, an increase of $236,327, compared to $3,215,764 in the same period of last year.
Management Commentary:
“We are immensely proud of our record-breaking results this quarter, demonstrating momentum in our strategic growth and ability to deliver sustainable value for shareholders, “said Michael Perron, CEO of MTL. “These results reflect the high-quality of our team and their efforts to deliver the best products and services to our customers and medical patients.”
