1933 Industries Announces Fourth Quarter and 2024 Year-End Financial Results with Record Revenues of $19.3 Million
VANCOUVER, BC / / February 25, 2025 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTC PINK:TGIFF), a Nevada-focused cannabis cultivator and producer, is pleased to announce its fourth quarter ("Q4 2024") and audited annual financial results for the years ended July 31, 2024 and 2023 ("Fiscal 2024"). All amounts expressed are in Canadian dollars.
The Company owns 91% of Alternative Medicine Association (AMA), the Company's cultivation and production subsidiary centred on the medical and adult-use cannabis market. Focusing on quality and value offerings, the Company wholesales cannabis flower, pre-rolls and boutique concentrate products under its proprietary AMA brand to retail accounts in the state of Nevada. AMA branded products consistently rank as top sellers based on volume in the state and the Company is a key supplier in the Las Vegas market.
Highlights
Delivered record revenues of $19.3 million for 2024, a 15% increase year-over-year
Recorded gross profit of $2.9 million compared to a gross loss of $1.4 million in 2023
Increased gross margin by 14%
Reduced net loss to $0.6 million from a net loss of $14.6 million in the prior year
Recognized as a top selling cannabis brand in Nevada1
Recipient of the 2024 LeafLink List Awards for Top Selling Brand in Nevada
1https://www.headset.io/brands/alternative-medicine-association-ama
Fiscal 2024 and Fiscal 2023 Consolidated Operating Financials
Revenue Increase
During Fiscal 2024, the Company generated revenue of $19,350,916 compared to $16,881,564 in the prior year comparable period, a 15% increase from Fiscal 2023. Note: Income from discontinued operations is not included.
Gross Profit and Net Loss Improvements
Gross profit increased to $2,941,963 during Fiscal 2024, compared to a loss of $1,366,753 in Fiscal 2023.
In Fiscal 2024 net loss was $624,085 and comprehensive loss was $1,065,679, compared to Fiscal 2023 net loss of $14,587,304 and comprehensive loss of $13,495,843 in the prior year.
Gross Margin Increase
Gross margin excluding fair value adjustments, calculated as gross profit excluding fair value adjustments divided by revenue was 14% in Fiscal 2024 and negative margin of 1% in Fiscal 2023, indicating slightly reduced production costs against revenues in the year. Gross margin calculated as gross profit divided by revenue was 15% in Fiscal 2024 and a negative margin of 8% in Fiscal 2023.
Management Commentary
During Fiscal 2024, the Company posted record revenues of $19.3 million, increased gross profit to $2.9 million from a loss of $1.4 million in the prior year, reduced the cost of production, resulting in a gross margin increase of 14% and reduced net loss to $0.6 million from a net loss of $14.6 during Fiscal 2023. The strong operational execution was a result of a disciplined approach to running a more efficient operation, optimizing the cultivation facility, and to the fair market valuation of biological assets. The Company achieved record revenues due to the strength of the AMA brand in Nevada, which is based on a commitment to quality and consistency, while delivering a diverse product portfolio that meets changing consumer demands.
During the reporting period, the Company discontinued its Canna Hemp™ CBD consumer packaged goods subsidiary due to the declining CBD market, which contributed to the unfeasibility of sustaining operations.
Financial statements are prepared in accordance with International Financial Reporting Standards. Detailed information regarding the Company's financial results as well as management's discussion and analysis can be found at https://sedar.com/ and https://1933industries.com/investors/financial-information
The Company will release its first quarter 2025 financial report within 5 business days of this report.
About 1933 Industries Inc.
1933 Industries is a Nevada-based licensed producer, focused on the cultivation and extraction of a large portfolio of cannabis consumer products in a variety of formats under its flagship brands, Alternative Medicine Association (AMA) and Level X. Its product offerings are cultivated at the Company's 68,000 sq. ft. indoor facility and marketed directly to retail dispensaries. AMA branded flower, infused pre-rolls, and in-house boutique concentrates consistently rank as the top products sold in Nevada. For more information, please visit www.1933industries.com
For further information please contact:Alexia Helgason, VP, Investor Relations 604-728-4407alexia@1933industries.com
Brian Farrell, Chairman and CEObrian@1933industries.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: 1933 Industries Inc.
View the original press release on ACCESS Newswire
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