PICKERING, ON – MTL Cannabis Corp. filed the financial statements as at and for the three-month period ending June 30, 2024, and 2023.
First Quarter 2025 Consolidated Financial Highlights
Income Statement
- Revenue of $25,842,264, an improvement of $8,978,969, or 53%, compared to $16,863,295 in the same quarter of last year.
- Net Revenue of $20,721,232, an improvement of $7,957,445, compared to $12,763,787 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 $4,963,969, an improvement of $4,364,370, compared to $599,599 in the same quarter of last year.
- Net Income and Comprehensive Income of $2,206,313, an improvement of $2,393,161, compared to a loss of ($186,848) in the same quarter of last year.
Statement of Cash Flows
- Net cash inflows from operating activities of $5,602,954, compared to $2,140,029 in the same period of last year.
- Net cash used in investing activities of ($1,924,128), compared to ($318,847) in the same period of last year.
- Net cash used in financing activities of ($2,774,581), compared to ($1,291,189) in the same period of last year.
- Overall net cash increased to $2,256,380, an improvement of $904,245, from $1,352,135 at the beginning of the period.
Additionally, the company was able to demonstrate retained earnings of $1,545,148, compared to an accumulated deficit of ($614,165) in the same period of last year.
Management Commentary
“We are incredibly proud of our team and the progress we have made as a company,” said Michael Perron, CEO of MTL. “We look forward to continuing to deliver best in class products and services to our incredible customers and patients.”
About MTL Cannabis Corp.
MTL Cannabis Corp. is the parent company of Montréal Medical Cannabis Inc., a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions.
As a flower-first company built for the modern street, MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques to produce products that are truly craft for the masses. MTL Cannabis focuses on craft quality cannabis products, including lines of dried flower, pre-rolls and hash marketed under the “MTL Cannabis”, “Low Key by MTL” and “R’belle” brands for the Canadian market through nine distribution arrangements with various provincial cannabis distributors. MTL Cannabis has also developed several export channels for bulk and unbranded GACP quality cannabis.
It is MTL’s goal for Abba Medix Corp. to become the leading distributor of medical cannabis in Canada and for Canada House Clinics to be the leading Canadian provider of medical cannabis clinic services.
