Auxly Reports 2024 Fourth Quarter and Full Year Results: Achieves Record Sales and Profitability, Back Forty exits 2024 as the #1 Brand in Canada
TORONTO, Ontario, March 20, 2025 – Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) (“Auxly” or the “Company“) a leading consumer packaged goods company in the cannabis products market, today released its financial results for the fourth quarter and full year ended December 31, 2024. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares (“Shares”) and per Share amounts.
Highlights for the fourth quarter ended December 31, 2024 and subsequent events:
• Net revenue of $34.6 million, an increase of 29% over the prior year period.
• Gross Margin on Finished Cannabis Inventory Sold1, of 54% in 2024, up from 40% in 2023.
• SG&A of $9.3 million, a reduction of 5% over the prior year period.
• Adjusted EBITDA of $11.0 million or 32% of net revenue, up from $2.3 million in 2023.
• Cash flow from operations of $3.2 million and cash at quarter end totalled $18.4 million.
• 4th largest Canadian Licensed Producer, with market share of 6.0% at quarter end2.
• Back Forty exited the quarter as the #1 cannabis brand in Canada and remains the #1 brand today.
Highlights for the year ended December 31, 2024:
• Net revenue of $122.3 million, an increase of 21% over the prior year.
• Gross Margin on Finished Cannabis Inventory Sold1 of 46% in 2024, up from 34% in 2023.
• SG&A of $35.7 million, a reduction of 8% compared to 2023.
• Adjusted EBITDA1 of $26.7 million or 22% of net revenue, up from $1.5 million in 2023.
• Total Debt1 reduced by 56% in 2024 with the conversion