HERZLIYA, Israel, and CALGARY, AB — Innocan Pharma Corporation reported its financial consolidated results for the first quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights
Revenues increased 15% in the first quarter of 2025 to US$7.8 million, compared to US$6.8 million in the first quarter of 2024. This increase in revenue was due to the robust sales performance of Innocan’s subsidiary, BI Sky Global Ltd.
Gross Profit increased 19% in the first quarter of 2025 to US$7.1 million, compared to US$6.0 million in the first quarter of 2024.
Operating loss decreased by 140% to operating profit of US$0.5 million in the first quarter of 2025, compared to operating loss of US$1.2 million in the first quarter of 2024.
Management Comments
Iris Bincovich, CEO of Innocan Pharma, commented: “We are very pleased with our strong start to 2025, marked by solid results in the first quarter. This positive momentum reflects the dedication and excellence of our team. We continued to deliver meaningful, customer-centric innovation while maintaining a disciplined approach to operational management. Our progress this quarter reinforces our confidence in our strategic direction and positions us well for continued success throughout the year.”
“We are moving forward with the FDA approval process for our LPT-CBD delivery system designed for precise dosing and sustained release into the bloodstream, targeting chronic pain relief. Our commitment to innovation and improving patient outcomes remains at the core of everything we do. It’s an exciting time for Innocan and our shareholders.”
Roni Kamhi, CEO of BI Sky Global and COO of Innocan Pharma, commented: “We’re very encouraged by the performance of the results in Q1 2025. We are continuing to move forward in both segments “LPT platform – and our consumer wellness. At BI Sky Global, our products continue to gain the trust of millions of customers. We are leveraging our deep expertise in the cosmetics industry along with advanced data analytics to better understand and meet the evolving needs of our customers. Looking ahead, we’re focused on further strengthening BI Sky Global’s position as a leading company in the beauty and personal care market.
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of self-care products to promote a healthier lifestyle. Under this segment, Innocan is a 40% shareholder in the joint venture company, BI Sky Global Ltd., which company focuses on advanced targeted online sales.
