PICKERING, ON – MTL Cannabis Corp. filed financial statements 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.”
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.
