Latest news with #RubiconOrganicsInc
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28-05-2025
- Business
- Yahoo
Rubicon Organics Reports Q1 2025 Financial and Operating Results
Achieved net revenue of $12.4 million, representing a 39.2% increase compared to the same quarter in prior year Generated Adjusted EBITDA1 of $0.7 million, an improvement of $1.1 million year-over-year Removed conditions precedent for the purchase of the Hope Facility, advancing strategic expansion plans Completed a private placement for aggregate gross proceeds of $4.5 million VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) ('Rubicon Organics' or the 'Company') is Canada's leading premium licensed producer focused on cultivating and selling organic certified, premium and super-premium cannabis products, today reported its financial results for the three months ended March 31, 2025 ('Q1 2025'). All amounts are expressed in Canadian dollars. 'We're proud to deliver another strong quarter of revenue growth and profitability. Rubicon is cementing its leadership in premium organic cannabis through innovation, disciplined execution, and brand trust,' said Margaret Brodie, CEO. 'With the removal of conditions for the purchase of the Hope Facility and the successful completion of our $4.5 million private placement, we are well-positioned for long-term growth, both in Canada and internationally. Our strategic priorities remain focused on disciplined growth, operational efficiency, and product innovation.' "With 39% year-over-year revenue growth and positive Adjusted EBITDA, Q1 2025 highlights the strength of our operating model and financial discipline,' said Glen Ibbott, Interim CFO. 'Our strong first quarter results, along with a robust balance sheet, and our recent capital raise, provide the foundation to support our expansion while maintaining financial flexibility.' Q1 2025 and Subsequent Highlights: Achieved net revenue of $12.4 million, a 39.2% increase from the comparative prior year quarter Adjusted EBITDA1 of $0.7 million Achieved national market share of 2.0%2 in flower and pre-rolls, 5.1%2 in premium flower and pre-rolls, 14.7%2 in resin vapes, #52 overall for edibles with 26.7%2 in premium edibles, and Wildflower continues to be the #12 topical brand in Canada at 26.6%2 Removed remaining conditions for the Hope Facility acquisition with expected close in the near term, adding approximately 4,500 kgs of annual premium quality production, a 40% increase to the Company's capacity, with revenue expected in the first half of 2026 and full capacity run rate achieved by the end of 2026. Completed a private placement for aggregate gross proceeds of $4.5 million Received certification of compliance with GACP standards and completed first shipment to Europe Won Standard Producer of the Year at Grow Up awards in May 2025 Named industry veteran Glen Ibbott as Interim Chief Financial Officer Who We Are Rubicon Organics is a Canadian leader in premium, certified organic cannabis. With a vertically integrated model and strong national distribution, the company is scaling a house of trusted, high-performing brands including Simply Bare™ Organics, 1964 Supply Co.™, Wildflower™, and Homestead Cannabis Supply™. The Company's focus on premium quality, innovation, and operational execution has driven consistent growth, with Q1 2025 revenue up 39% year-over-year and positive Adjusted EBITDA for the fourth consecutive quarter and for eight of the last nine quarters. The Company's production base is anchored by its fully licensed Delta Facility, expected to be complemented by the planned acquisition of the Hope Facility which will expand production capacity by over 40% and support future growth in both domestic and export markets. With proprietary genetics, award-winning products, and certifications enabling international distribution, Rubicon is positioned at the forefront of the premium cannabis segment. As the Canadian market rationalizes and global demand for high-quality cannabis increases, Rubicon's disciplined execution, brand equity, and consumer loyalty set it apart. The company is well-capitalized following a recent $4.5M financing and is on track for continued revenue and Adjusted EBITDA expansion. Rubicon Organics represents a rare combination of category leadership, operational strength, and long-term growth potential. Where We Are Going: 2025 OutlookWith growing demand for Canadian cannabis from the domestic and international markets, we see that controlling access to premium quality supply is critical to continue to grow our brands and gross revenue. Our Delta Facility is fully operational and has annual production capacity of 11,000 kg. We are continuously evaluating ways to improve both our yield and quality at the Delta Facility and are in the trial stage of evaluating additional lighting at site. In order to increase our supply of premium flower, we are acquiring the Hope Facility to significantly expand our annual production capacity, adding an annual production capacity of 4,500 kg, representing more than a 40% increase compared with our current annual production capacity from the Delta Facility, bringing total annual production capacity to 15,500 kg of premium cannabis. On May 21, 2025, we announced the removal of all conditions precedent related to the purchase and sale agreement for the Hope Facility. This acquisition is expected to close in Q2 2025. Pending licensing timing expected sometime in the summer, we expect to be running at full capacity by the end of the year. While we plan to outlay just over $3 million in operating startup costs during 2025, we do not expect revenue contribution until 2026. Our 2024 net revenue growth was driven through strategic partnerships with co-manufacturers and contract growers and these arrangements are expected to provide up to 2,000 kgs of incremental biomass to our business in 2025. We plan to continue to collaborate with our trusted partners and explore additional partnerships as we strive to meet the growing demand for our high-quality premium are committed to the growing Canadian cannabis market and to being a trusted partner for our customers—including provincial distributors, retailers, and consumers. As the Canadian customers face increasing competition from international demand, we have seen many mainstream and premium licensed producers shifting their sales abroad. We see this as a prime opportunity to further strengthen our brand presence in Canada. With SKU rationalization underway across several provinces, suppliers are being evaluated on reliability and sales performance. This shift is raising the bar for market entry, making it increasingly challenging for new brands and products to secure shelf space. At the same time, Canadian consumers are becoming more brand-loyal, prioritizing trust and value in their purchasing decisions. We believe our award-winning brands and diverse product portfolio will continue to resonate with them. Looking ahead, we anticipate a continued highly competitive retail landscape. However, Rubicon's strong brand recognition, consumer loyalty, high supplier ratings, and strategic positioning provide a solid foundation for long-term success in possess unique intellectual property in cannabis genetics, which we consider a critical asset in maintaining our position as a leading innovator within the industry. Our extensive genetics library is central to our strategy of delivering consistent, high-quality genetics and new product offerings for the premium and super-premium markets. We view this as a significant competitive advantage and plan to launch exciting new genetics throughout 2025. To date, we have launched BC Organic Pink Drip and BC Organic Sunset Runtz under the Simply Bare strong reputation in Canada has attracted an increasing number of inquiries from international medical cannabis buyers. The international cannabis market has experienced significant growth in recent years, with continued expansion anticipated. While the market is still in the early stages of adopting premium cannabis products, we aim to meet small amounts of the international demand with a test and learn strategy in 2025 making sure to meet our Canadian customer needs as a priority. The Company holds the necessary certifications for international exports and made its inaugural international test shipment in the first quarter of 2025, we are forecasting growth in both net revenue and Adjusted EBITDA, excluding acquisition-related and start up operational costs associated with the Hope Facility (the 'Hope Costs'), driven by our ongoing expansion and strategic initiatives. While we anticipate strong underlying performance in 2025, we expect the Hope Costs will impact our reported financial results. Despite the potential short-term impact of the Hope Costs on profitability, we are confident that our continued growth in net revenue and improved like-for-like Adjusted EBITDA will position us for long-term success and value creation. 2025 Results of Operations: Three months ended March 31, 2025$ March 31, 2024$ Net revenue 12,376,056 8,890,417 Production costs 2,901,783 2,692,692 Inventory expensed to cost of sales 5,368,642 3,737,334 Inventory written off or provided for 318,278 266,039 Gross profit before fair value adjustments 3,787,353 2,194,352 Gross profit % before fair value adjustments 31% 25% Fair value adjustments to cannabis plants, inventory sold, and other charges 439,650 164,252 Gross profit 4,227,003 2,358,604 Operating expenses 4,337,795 4,097,090 Profit / (loss) from operations (110,792 ) (1,738,486 ) Other expenses 211,272 153,856 Net profit / (loss) for the period (322,064 ) (1,892,342 ) Net profit / (loss) per share, basic (0.01 ) (0.03 ) Weighted average number of shares outstanding, basic 58,608,210 56,662,430 March 31, 2025 $ December 31, 2024$ Cash and cash equivalents 7,780,884 9,857,264 Accounts receivable 5,672,723 5,828,001 Inventories 12,377,580 10,735,739 Other current assets 4,269,347 4,230,818 Total current assets 30,100,534 30,651,822 Property, plant and equipment 22,869,365 23,493,973 Other non-current assets 2,447,643 2,465,526 Total assets 55,417,542 56,611,321 Accounts payable and accrued liabilities 8,083,309 9,263,231 Current portion of loans and borrowings 1,324,419 1,321,678 Other current liabilities 122,033 121,661 Total current liabilities 9,529,761 10,706,570 Non-current portion of loans and borrowings 8,297,436 8,478,439 Other non-current liabilities 6,151 24,151 Total liabilities 17,833,348 19,209,160 Total shareholders equity 37,584,194 37,402,161 Working capital 20,570,773 19,945,252 Three months ended March 31, 2025$ March 31, 2024$ Changes in non-cash working capital items (1,646,116 ) (423,346 ) Other operating activities 683,895 (435,811 ) Cash used in operating activities (962,221 ) (859,157 ) Purchase of property, plant and equipment (731,081 ) (384,004 ) Cash used in investing activities (731,081 ) (384,004 ) Principal and interest paid (355,869 ) (385,800 ) Other financing activities (24,801 ) (17,395 ) Cash used in financing activities (380,670 ) (403,195 ) Effect of exchange rate changes on cash (2,408 ) (16,699 ) Increase (decrease) in cash during the period (2,076,380 ) (1,663,055 ) Cash, beginning of period 9,857,264 9,784,190 Cash, end of period 7,780,884 8,121,135 Conference Call The Company will be hosting a conference call to discuss Q1 2025 results on Wednesday, May 28, 2025. Conference call details are as follows: Time: 7:00 AM PT / 10:00 AM ET Conference ID: 34244 Local dial-in: +1 (289) 514 5100 Toll Free N. America: +1 (800) 717 1738 Webcast: Rubicon Organics Q1 2025 Earnings Call RegistrationCONTACT INFORMATION Margaret BrodieCEOPhone: +1 (437) 929-1964Email: ir@ The TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release. Non-GAAP Financial Measures This press release contains certain financial performance measures that are not recognized or defined under IFRS ('Non-GAAP Measures') including, but not limited to, 'Adjusted EBITDA'. As a result, this data may not be comparable to data presented by other companies. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company as well as its liquidity. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. For more information, please refer to the 'Selected Financial Information' section in the MD&A for the year ended December 31, 2024, which is available on SEDAR+ at Adjusted EBITDA Below is the Company's quantitative reconciliation of Adjusted EBITDA calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, and fair value changes. The following table presents the Company's reconciliation of Adjusted EBITDA to the most comparable IFRS financial measure for the three months ended March 31, 2025, March 31, 2024, and December 31, 2024. Three months ended March 31,2025 March 31, 2024 December 31,2024 $ $ $ Profit (loss) from operations (110,792 ) (1,738,486 ) 292,368 IFRS fair value accounting related to cannabis plants and inventory (439,650 ) (164,252 ) (54,271 ) (550,442 ) (1,902,737 ) 238,097 Depreciation and amortization 764,237 776,680 852,366 Share-based compensation expense 504,097 702,846 538,575 Adjusted EBITDA* 717,892 (423,212 ) 1,629,038 *Included in Adjusted EBITDA in the three months ended March 31, 2025, is $0.2 million of one-time costs incurred for the ERP implementation projectCautionary Statement Regarding Forward Looking Information This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Rubicon Organics' goal of achieving industry leading profitability are "forward-looking statements". Forward-looking information can be identified by the use of words such as 'will' or variations of such word or statements that certain actions, events or results "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including the impact on revenue of new products and brands entering the market, and the timing of achieve Adjusted EBITDA1 profitability and cashflow positive. Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics' limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and those factors identified under the heading "Risk Factors" in Rubicon Organic's annual information form dated April 1, 2025 filed with Canadian provincial securities regulatory authorities. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law. We have made numerous assumptions about the forward-looking statements and information contained herein, including among other things, assumptions about: optimizing yield, achieving revenue growth, increasing gross profit, operating cashflow and Adjusted EBITDA1 profitability. Even though the management of Rubicon Organics believes that the assumptions made, and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, changes in assumptions, new information or for any other reason except as required by law. 1 Adjusted EBITDA is a non-GAAP measure that is calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, and fair value changes. See Selected Financial Information for details on the Adjusted EBITDA calculation.2 All retail data is sourced from Hifyre as at March 31, 2025 for current year and as at March 31, 2024 for prior year
Yahoo
28-05-2025
- Business
- Yahoo
Rubicon Organics Reports Q1 2025 Financial and Operating Results
Achieved net revenue of $12.4 million, representing a 39.2% increase compared to the same quarter in prior year Generated Adjusted EBITDA1 of $0.7 million, an improvement of $1.1 million year-over-year Removed conditions precedent for the purchase of the Hope Facility, advancing strategic expansion plans Completed a private placement for aggregate gross proceeds of $4.5 million VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) ('Rubicon Organics' or the 'Company') is Canada's leading premium licensed producer focused on cultivating and selling organic certified, premium and super-premium cannabis products, today reported its financial results for the three months ended March 31, 2025 ('Q1 2025'). All amounts are expressed in Canadian dollars. 'We're proud to deliver another strong quarter of revenue growth and profitability. Rubicon is cementing its leadership in premium organic cannabis through innovation, disciplined execution, and brand trust,' said Margaret Brodie, CEO. 'With the removal of conditions for the purchase of the Hope Facility and the successful completion of our $4.5 million private placement, we are well-positioned for long-term growth, both in Canada and internationally. Our strategic priorities remain focused on disciplined growth, operational efficiency, and product innovation.' "With 39% year-over-year revenue growth and positive Adjusted EBITDA, Q1 2025 highlights the strength of our operating model and financial discipline,' said Glen Ibbott, Interim CFO. 'Our strong first quarter results, along with a robust balance sheet, and our recent capital raise, provide the foundation to support our expansion while maintaining financial flexibility.' Q1 2025 and Subsequent Highlights: Achieved net revenue of $12.4 million, a 39.2% increase from the comparative prior year quarter Adjusted EBITDA1 of $0.7 million Achieved national market share of 2.0%2 in flower and pre-rolls, 5.1%2 in premium flower and pre-rolls, 14.7%2 in resin vapes, #52 overall for edibles with 26.7%2 in premium edibles, and Wildflower continues to be the #12 topical brand in Canada at 26.6%2 Removed remaining conditions for the Hope Facility acquisition with expected close in the near term, adding approximately 4,500 kgs of annual premium quality production, a 40% increase to the Company's capacity, with revenue expected in the first half of 2026 and full capacity run rate achieved by the end of 2026. Completed a private placement for aggregate gross proceeds of $4.5 million Received certification of compliance with GACP standards and completed first shipment to Europe Won Standard Producer of the Year at Grow Up awards in May 2025 Named industry veteran Glen Ibbott as Interim Chief Financial Officer Who We Are Rubicon Organics is a Canadian leader in premium, certified organic cannabis. With a vertically integrated model and strong national distribution, the company is scaling a house of trusted, high-performing brands including Simply Bare™ Organics, 1964 Supply Co.™, Wildflower™, and Homestead Cannabis Supply™. The Company's focus on premium quality, innovation, and operational execution has driven consistent growth, with Q1 2025 revenue up 39% year-over-year and positive Adjusted EBITDA for the fourth consecutive quarter and for eight of the last nine quarters. The Company's production base is anchored by its fully licensed Delta Facility, expected to be complemented by the planned acquisition of the Hope Facility which will expand production capacity by over 40% and support future growth in both domestic and export markets. With proprietary genetics, award-winning products, and certifications enabling international distribution, Rubicon is positioned at the forefront of the premium cannabis segment. As the Canadian market rationalizes and global demand for high-quality cannabis increases, Rubicon's disciplined execution, brand equity, and consumer loyalty set it apart. The company is well-capitalized following a recent $4.5M financing and is on track for continued revenue and Adjusted EBITDA expansion. Rubicon Organics represents a rare combination of category leadership, operational strength, and long-term growth potential. Where We Are Going: 2025 OutlookWith growing demand for Canadian cannabis from the domestic and international markets, we see that controlling access to premium quality supply is critical to continue to grow our brands and gross revenue. Our Delta Facility is fully operational and has annual production capacity of 11,000 kg. We are continuously evaluating ways to improve both our yield and quality at the Delta Facility and are in the trial stage of evaluating additional lighting at site. In order to increase our supply of premium flower, we are acquiring the Hope Facility to significantly expand our annual production capacity, adding an annual production capacity of 4,500 kg, representing more than a 40% increase compared with our current annual production capacity from the Delta Facility, bringing total annual production capacity to 15,500 kg of premium cannabis. On May 21, 2025, we announced the removal of all conditions precedent related to the purchase and sale agreement for the Hope Facility. This acquisition is expected to close in Q2 2025. Pending licensing timing expected sometime in the summer, we expect to be running at full capacity by the end of the year. While we plan to outlay just over $3 million in operating startup costs during 2025, we do not expect revenue contribution until 2026. Our 2024 net revenue growth was driven through strategic partnerships with co-manufacturers and contract growers and these arrangements are expected to provide up to 2,000 kgs of incremental biomass to our business in 2025. We plan to continue to collaborate with our trusted partners and explore additional partnerships as we strive to meet the growing demand for our high-quality premium are committed to the growing Canadian cannabis market and to being a trusted partner for our customers—including provincial distributors, retailers, and consumers. As the Canadian customers face increasing competition from international demand, we have seen many mainstream and premium licensed producers shifting their sales abroad. We see this as a prime opportunity to further strengthen our brand presence in Canada. With SKU rationalization underway across several provinces, suppliers are being evaluated on reliability and sales performance. This shift is raising the bar for market entry, making it increasingly challenging for new brands and products to secure shelf space. At the same time, Canadian consumers are becoming more brand-loyal, prioritizing trust and value in their purchasing decisions. We believe our award-winning brands and diverse product portfolio will continue to resonate with them. Looking ahead, we anticipate a continued highly competitive retail landscape. However, Rubicon's strong brand recognition, consumer loyalty, high supplier ratings, and strategic positioning provide a solid foundation for long-term success in possess unique intellectual property in cannabis genetics, which we consider a critical asset in maintaining our position as a leading innovator within the industry. Our extensive genetics library is central to our strategy of delivering consistent, high-quality genetics and new product offerings for the premium and super-premium markets. We view this as a significant competitive advantage and plan to launch exciting new genetics throughout 2025. To date, we have launched BC Organic Pink Drip and BC Organic Sunset Runtz under the Simply Bare strong reputation in Canada has attracted an increasing number of inquiries from international medical cannabis buyers. The international cannabis market has experienced significant growth in recent years, with continued expansion anticipated. While the market is still in the early stages of adopting premium cannabis products, we aim to meet small amounts of the international demand with a test and learn strategy in 2025 making sure to meet our Canadian customer needs as a priority. The Company holds the necessary certifications for international exports and made its inaugural international test shipment in the first quarter of 2025, we are forecasting growth in both net revenue and Adjusted EBITDA, excluding acquisition-related and start up operational costs associated with the Hope Facility (the 'Hope Costs'), driven by our ongoing expansion and strategic initiatives. While we anticipate strong underlying performance in 2025, we expect the Hope Costs will impact our reported financial results. Despite the potential short-term impact of the Hope Costs on profitability, we are confident that our continued growth in net revenue and improved like-for-like Adjusted EBITDA will position us for long-term success and value creation. 2025 Results of Operations: Three months ended March 31, 2025$ March 31, 2024$ Net revenue 12,376,056 8,890,417 Production costs 2,901,783 2,692,692 Inventory expensed to cost of sales 5,368,642 3,737,334 Inventory written off or provided for 318,278 266,039 Gross profit before fair value adjustments 3,787,353 2,194,352 Gross profit % before fair value adjustments 31% 25% Fair value adjustments to cannabis plants, inventory sold, and other charges 439,650 164,252 Gross profit 4,227,003 2,358,604 Operating expenses 4,337,795 4,097,090 Profit / (loss) from operations (110,792 ) (1,738,486 ) Other expenses 211,272 153,856 Net profit / (loss) for the period (322,064 ) (1,892,342 ) Net profit / (loss) per share, basic (0.01 ) (0.03 ) Weighted average number of shares outstanding, basic 58,608,210 56,662,430 March 31, 2025 $ December 31, 2024$ Cash and cash equivalents 7,780,884 9,857,264 Accounts receivable 5,672,723 5,828,001 Inventories 12,377,580 10,735,739 Other current assets 4,269,347 4,230,818 Total current assets 30,100,534 30,651,822 Property, plant and equipment 22,869,365 23,493,973 Other non-current assets 2,447,643 2,465,526 Total assets 55,417,542 56,611,321 Accounts payable and accrued liabilities 8,083,309 9,263,231 Current portion of loans and borrowings 1,324,419 1,321,678 Other current liabilities 122,033 121,661 Total current liabilities 9,529,761 10,706,570 Non-current portion of loans and borrowings 8,297,436 8,478,439 Other non-current liabilities 6,151 24,151 Total liabilities 17,833,348 19,209,160 Total shareholders equity 37,584,194 37,402,161 Working capital 20,570,773 19,945,252 Three months ended March 31, 2025$ March 31, 2024$ Changes in non-cash working capital items (1,646,116 ) (423,346 ) Other operating activities 683,895 (435,811 ) Cash used in operating activities (962,221 ) (859,157 ) Purchase of property, plant and equipment (731,081 ) (384,004 ) Cash used in investing activities (731,081 ) (384,004 ) Principal and interest paid (355,869 ) (385,800 ) Other financing activities (24,801 ) (17,395 ) Cash used in financing activities (380,670 ) (403,195 ) Effect of exchange rate changes on cash (2,408 ) (16,699 ) Increase (decrease) in cash during the period (2,076,380 ) (1,663,055 ) Cash, beginning of period 9,857,264 9,784,190 Cash, end of period 7,780,884 8,121,135 Conference Call The Company will be hosting a conference call to discuss Q1 2025 results on Wednesday, May 28, 2025. Conference call details are as follows: Time: 7:00 AM PT / 10:00 AM ET Conference ID: 34244 Local dial-in: +1 (289) 514 5100 Toll Free N. America: +1 (800) 717 1738 Webcast: Rubicon Organics Q1 2025 Earnings Call RegistrationCONTACT INFORMATION Margaret BrodieCEOPhone: +1 (437) 929-1964Email: ir@ The TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release. Non-GAAP Financial Measures This press release contains certain financial performance measures that are not recognized or defined under IFRS ('Non-GAAP Measures') including, but not limited to, 'Adjusted EBITDA'. As a result, this data may not be comparable to data presented by other companies. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company as well as its liquidity. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. For more information, please refer to the 'Selected Financial Information' section in the MD&A for the year ended December 31, 2024, which is available on SEDAR+ at Adjusted EBITDA Below is the Company's quantitative reconciliation of Adjusted EBITDA calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, and fair value changes. The following table presents the Company's reconciliation of Adjusted EBITDA to the most comparable IFRS financial measure for the three months ended March 31, 2025, March 31, 2024, and December 31, 2024. Three months ended March 31,2025 March 31, 2024 December 31,2024 $ $ $ Profit (loss) from operations (110,792 ) (1,738,486 ) 292,368 IFRS fair value accounting related to cannabis plants and inventory (439,650 ) (164,252 ) (54,271 ) (550,442 ) (1,902,737 ) 238,097 Depreciation and amortization 764,237 776,680 852,366 Share-based compensation expense 504,097 702,846 538,575 Adjusted EBITDA* 717,892 (423,212 ) 1,629,038 *Included in Adjusted EBITDA in the three months ended March 31, 2025, is $0.2 million of one-time costs incurred for the ERP implementation projectCautionary Statement Regarding Forward Looking Information This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Rubicon Organics' goal of achieving industry leading profitability are "forward-looking statements". Forward-looking information can be identified by the use of words such as 'will' or variations of such word or statements that certain actions, events or results "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including the impact on revenue of new products and brands entering the market, and the timing of achieve Adjusted EBITDA1 profitability and cashflow positive. Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics' limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and those factors identified under the heading "Risk Factors" in Rubicon Organic's annual information form dated April 1, 2025 filed with Canadian provincial securities regulatory authorities. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law. We have made numerous assumptions about the forward-looking statements and information contained herein, including among other things, assumptions about: optimizing yield, achieving revenue growth, increasing gross profit, operating cashflow and Adjusted EBITDA1 profitability. Even though the management of Rubicon Organics believes that the assumptions made, and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, changes in assumptions, new information or for any other reason except as required by law. 1 Adjusted EBITDA is a non-GAAP measure that is calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, and fair value changes. See Selected Financial Information for details on the Adjusted EBITDA calculation.2 All retail data is sourced from Hifyre as at March 31, 2025 for current year and as at March 31, 2024 for prior yearError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-04-2025
- Business
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Rubicon Organics Inc (ROMJF) Q4 2024 Earnings Call Highlights: Record Revenue and Strategic ...
Net Revenue: Record high of $14.2 million for Q4 and $48.7 million for the full year 2024. Revenue Growth: 21% increase for Q4 and 42% increase for the full year compared to 2023. Adjusted EBITDA: Positive $4 million, excluding $900,000 in one-off ERP implementation costs. Gross Profit: $5.1 million for the most recent quarter with a gross margin of 36%. Operating Cash Flow: $2.3 million in Q4 2024, totaling $3.4 million for the year. Market Share: 6.1% of the total premium market in Canada for the previous 12 months. Vape Market Share: 13% of the national Resin Vape category in Q4. Edibles Market Share: 27% of the premium edibles category. Debt Refinancing: $10 million in credit facilities at an interest rate of 6.75%. Production Capacity Expansion: Acquisition of a new facility in Hope, BC, increasing capacity by over 40% to 15,500 kg. Warning! GuruFocus has detected 4 Warning Sign with ROMJF. Release Date: April 02, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rubicon Organics Inc (ROMJF) achieved record high net revenue for both the 3- and 12-month periods ending December 31, 2024, with increases of 21% and 42% respectively compared to 2023. The company reported positive adjusted EBITDA of $4 million, excluding one-off ERP implementation costs, marking three consecutive quarters of profit from operations. Rubicon Organics Inc (ROMJF) successfully launched its Vape products, achieving over 13% national market share and 56% national distribution within six months. The company received GACP certification for its Delta facility, enabling its inaugural international shipment to Poland, and expanded its production capacity by acquiring a new facility in Hope, BC. Rubicon Organics Inc (ROMJF) maintained a strong balance sheet with a competitive interest rate of 6.75% on its refinanced credit facility, supporting future growth initiatives. The first half of 2024 was challenging for Rubicon Organics Inc (ROMJF), with only modest year-over-year net revenue growth due to soft consumer sentiment and price compression. Gross profit was negatively impacted by an adverse product mix, price compression, and a shift towards larger flower formats. The company experienced a decline in operating cash flow in Q1 2024 due to a slower start in sales, ERP project investment, and working capital needs for the Vape launch. Inventory expenses increased from 34% to 43% in 2024 due to price pressure, a trend towards lower margin flower SKUs, and involvement of third-party manufacturers. Rubicon Organics Inc (ROMJF) faced capacity constraints in 2024, particularly in larger formats, impacting its ability to meet demand. Q: Can you share insights on the seasonality and performance observed in Q1 2025? A: Margaret Brodie, CEO: Historically, Rubicon has seen up to a 25% decline in Q1 due to seasonality. However, this year, the decline was not as severe, closer to 15%, which is more consistent with industry trends. January and February started off well, and while March saw some inventory reductions due to provincial year-ends, the overall decline was less than in previous years. Q: What are the planned investments for the Hope facility, and what is the expected timeline for its operational readiness? A: Margaret Brodie, CEO: The Hope facility will see investments in HVAC, irrigation, and security systems, with most of the $2 million CapEx spent by the end of summer 2025. The first planting is expected in the summer, with full capacity anticipated by the end of the year. Initial crops may not meet quality standards, but full production is expected in 2026. Q: How is the premium segment of the cannabis market performing, and what is Rubicon's position within it? A: Margaret Brodie, CEO: The premium segment did not grow last year, but Rubicon's market share increased significantly. Premium is defined as products priced 20% above the national average. Despite potential economic pressures, Rubicon expects continued growth in the premium segment, especially as competitors shift focus internationally. Q: Are there plans to expand into infused pre-rolls and what is driving growth in the Vape segment? A: Margaret Brodie, CEO: While Rubicon is present in the infused pre-roll market, it is not a core focus due to limited differentiation. The Vape segment is driven by consumer preference for flavor-rich, terpene-forward experiences. Rubicon prioritizes projects with the highest potential, such as expanding Vape offerings and the Hope facility. Q: What is the current pricing environment for cannabis products, and how is it expected to evolve? A: Margaret Brodie, CEO: The Canadian market is seeing price stabilization rather than increases, with some notable rises in the value category. In the wholesale market, prices have been stable, but there is a shift towards higher quality at the same price. Internationally, demand for premium products is growing, particularly in markets like Australia. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
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02-04-2025
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Rubicon Organics Reports 2024 Financial Results
Highlights for the fourth quarter ended December 31, 2024 and subsequent events: Record high net revenue of $14.2 million, an increase of 42% from Q4 2023 Achieved Adjusted EBITDA1 of $1.6 million (including $0.25 million of one-time ERP costs) Achieved positive operating cashflows of $2.3 million and Free Cash Flows2 of $1.8 million Secured $10 million credit facilities at interest rate of 6.75% for 5 years Entered into purchase and sale agreement for Hope, BC facility, expanding capacity of premium flower by 40%3 Secured key international certification and delivered first international shipment Highlights for the year ended December 31, 2024: Record high net revenue of $48.7 million, an increase of 21% from 2023 Adjusted EBITDA1 of $4.0 million (including $0.9 million of one-time ERP costs) Operating cash flow of $3.4 million VANCOUVER, British Columbia, April 01, 2025 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) ('Rubicon Organics' or the 'Company is Canada's leading premium licensed producer focused on cultivating and selling organic certified, premium and super-premium cannabis products, today reported its financial results for the year ended December 31, 2024 ('Q4 2024'). All amounts are expressed in Canadian dollars. "2024 marked another record year for Rubicon Organics growing 21% year-over-year, dramatically outpacing market growth. Our vape launch, the fastest and widest in our company history, underscores the strength of our industry leading premium brands and our ability to drive growth through reputation and high-quality innovation." said Margaret Brodie, CEO. Ms. Brodie added, "Shifting market dynamics are driving a supply shortage in Canada, creating significant opportunities for established operators. At the same time, international markets are increasingly opening up to top Canadian producers. We are excited to accelerate our expansion strategy and meet the growing demand for our premium brands both at home and abroad." "We successfully navigated early 2024 challenges, delivering a strong rebound in the second half," said Janis Risbin, CFO. "Additionally, refinancing our debt at industry-leading rates reinforces our financial strength as we continue to focus on sustainable, long-term growth." 2024 Highlights:For the twelve months ended December 31, 2024 Net revenue of $48.7 million (21% increase from 2023) for the year ended December 31, 2024 Gross profit before fair value adjustments of $15.3 million (9% increase from 2023) for the year ended December 31, 2024 Achieved Adjusted EBITDA1 gain of $4.0 million for the year ended December 31, 2024 (including $0.9 million of one-time ERP costs) Cash provided by operating activities of $3.4 million for the year ended December 31, 2024 Free Cash Flows2 of $1.9 million for the year ended December 31, 2024 Industry recognition winning 11 prestigious awards4 including Budtender Choice and 1964 Supply Co. Brand of the Year WildflowerTM is the #15 topical brand in Canada with market share of 27.1%5 for the year ended December 31, 2024 2.0%6 national market share of flower and pre-rolls for the year ended December 31, 2024 26.5%7 national market share of premium edibles for year ended December 31, 2024 Launch of full spectrum extract vapes in Alberta, BC, and Ontario with five SKUs in market, growing our share of the resin vapes category to 13.4%8 national market share and 56% distribution within the first 6 months since launch Secured $10 million credit facilities at interest rate of 6.75% for 5 years over 10-year amortization period 2024 Results of Operations: Year ended December 31, 2024$ December 31, 2023$ Net revenue 48,695,831 40,116,476 Production costs 11,588,995 10,802,416 Inventory expensed to cost of sales 20,737,069 14,432,764 Inventory written off or provided for 1,066,315 794,117 Gross profit before fair value adjustments 15,303,452 14,087,179 Fair value adjustments to cannabis plants, inventory sold, and other charges 116,989 (946,409) Gross profit 15,420,441 13,140,770 As At: December 31,2024$ December 31,2023$ Cash and cash equivalents 9,857,264 9,784,190 Working capital 19,945,252 10,132,089 Subsequent Sales & Operational Highlights: The Company entered into a purchase and sale agreement of a purpose-built indoor cultivation facility in Hope, British Columbia, spanning 47,500 square feet. The Company plans to use the Hope Facility to expand its production capacity. The transaction is expected to close in the second quarter of 2025. The Company's Delta Facility received its CUMCS Equivalency IMC-G.A.P. certification and executed its first international shipment. 1964 Supply Co™ launched two more FSE resin vapes with LA Kush and Stinky Pinky, bringing the total amount of vapes available to 7. 2025 OutlookWith growing demand for Canadian cannabis from the domestic and international markets, we see that controlling access to premium quality supply is critical to continue to grow our brands and gross revenue. Our Delta Facility is fully operational and has annual production capacity of 11,000 kg. We are continuously evaluating ways to improve both our yield and quality at the Delta Facility and are in the trial stage of evaluating additional lighting at site. In order to increase our supply of premium flower, we plan to acquire the Hope Facility that will significantly expand our annual production capacity, adding an annual production capacity of 4,500 kg, representing an over 40% increase over our current annual production capacity from the Delta Facility, bringing total annual production capacity to 15,500 kg of premium cannabis. This acquisition is planned to close in Q2 2025 with certain incremental capital to meet our requirements completed by mid-summer. Pending licensing timing expected sometime in the summer, we expect to be running at full capacity by the end of the year but not contributing to our revenue until 2026. We expect to incur additional debt financing related to the Hope Facility. Our 2024 net revenue growth has been driven through strategic partnerships with co-manufacturers and contract growers and these arrangements are expected to provide up to 2,000 kgs of incremental biomass to our business in 2025. We plan to continue to collaborate with our trusted partners and explore additional partnerships as we strive to meet the growing demand for our high-quality premium are committed to the growing Canadian cannabis market and dedicated to being a trusted partner for our customers—including provincial distributors, retailers, and consumers. As the Canadian customers face increasing competition from international demand, we have seen many mainstream and premium licensed producers shifting their sales abroad. We see this as a prime opportunity to strengthen our brand presence in Canada. With SKU rationalization underway across several provinces, suppliers are being evaluated on reliability and sales performance. This shift is raising the bar for market entry, making it increasingly challenging for new brands and products to secure shelf space. At the same time, Canadian consumers are becoming more brand-loyal, prioritizing trust and value in their purchasing decisions. We believe our award-winning brands and diverse product portfolio will continue to resonate with them. Looking ahead, we anticipate a more competitive retail landscape. However, Rubicon's strong brand recognition, consumer loyalty, high supplier ratings, and strategic positioning provide a solid foundation for long-term success in possess valuable and unique intellectual property in cannabis genetics, which we consider a critical asset in maintaining our position as a leading innovator within the industry. Our extensive genetics library is central to our strategy of delivering consistent, high-quality genetics and new product offerings for the premium and super-premium markets. While we maintain confidentiality around our specific genetics strategy, we view this as a significant competitive advantage and anticipate introducing exciting new genetic launches in strong reputation in Canada has attracted an increasing number of inquiries from international medical cannabis buyers. The international cannabis market has experienced significant growth in recent years, with continued expansion anticipated. While the market is still in the early stages of adopting premium cannabis products, we aim to meet small amounts of the international demand with a test and learn strategy in 2025 making sure to meet our Canadian customer needs as a priority. The Company holds the necessary certifications for international exports and made its inaugural international shipment in the first quarter of 2025, we are forecasting growth in both net revenue and Adjusted EBITDA, excluding acquisition-related and start up operational costs associated with the Hope Facility (the 'Hope Costs'), driven by our ongoing expansion and strategic initiatives. While we anticipate strong performance in 2025, we expect the Hope Costs will impact our overall financial results. Despite the potential short-term impact of the Hope Costs on profitability, we are confident that our continued growth in net revenue and improved like-for-like Adjusted EBITDA will position us for long-term success and value creation. Conference Call The Company will be hosting a conference call to discuss Q4 2024 results on Wednesday, April 2, 2025. Conference call details are as follows: Time: 7:00 AM PT / 10:00 AM ET Conference ID: 07230 Local dial-in: +1 (289) 514 5100 Toll Free N. America: +1 (800) 717 1738 Webcast: ABOUT RUBICON ORGANICS INC. Rubicon Organics Inc. is the global brand leader in premium organic cannabis products. The Company is vertically integrated through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer. Rubicon Organics is focused on achieving industry leading profitability through its premium cannabis flower, product innovation and brand portfolio management, including three flagship brands: its super-premium brand Simply Bare™ Organic, its premium brand 1964 Supply Co™, and its cannabis wellness brand Wildflower™ in addition to the Company's mainstream brand Homestead Cannabis Supply™. The Company ensures the quality of its supply chain by cultivating, processing, branding and selling organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art glass roofed facility located in Delta, BC, Canada. CONTACT INFORMATION Margaret BrodieCEOPhone: +1 (437) 929-1964Email: ir@ The TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release. Non-GAAP Financial Measures This press release contains certain financial performance measures that are not recognized or defined under IFRS ('Non-GAAP Measures') including, but not limited to, 'Adjusted EBITDA'. As a result, this data may not be comparable to data presented by other companies. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company as well as its liquidity. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. For more information, please refer to the 'Selected Financial Information' section in the MD&A for the year ended December 31, 2023, which is available on SEDAR+ at Adjusted EBITDA Below is the Company's quantitative reconciliation of Adjusted EBITDA calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, and fair value changes. The following table presents the Company's reconciliation of Adjusted EBITDA to the most comparable IFRS financial measure for the three months and year ended December 31, 2024. Three months ended Year ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 $ $ $ $ Profit / (Loss) from operations 292,368 889,166 (1,169,876) (1,083,445) IFRS fair value accounting related to cannabis plants and inventory (54,271) (829,800) (116,989) 946,409 238,097 59,366 (1,286,865) (137,036) Depreciation and amortization 852,366 793,006 3,270,597 3,123,649 Share-based compensation expense 538,575 440,491 2,044,849 1,384,759 Adjusted EBITDA 1,629,038 1,292,863 4,028,581 4,371,372 *Included in Adjusted EBITDA in the year ended December 31, 2024 is $0.9 million of one-time costs incurred for the ERP implementation project Free Cash Flow Free Cash Flow is a non-GAAP measure used by management that is not defined by IFRS and may not be comparable to similar measures presented by other companies. Management believes that Free Cash Flow presents meaningful information regarding the amount of cash flow required to maintain and organically expand our business, and that the Free Cash Flow measure provides meaningful information regarding our liquidity requirements. Free Cash Flow is calculated as net cash provided by (used in) operating activities, less purchases of and deposits on property, plant and equipment. Three months ended Year ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 $ $ $ $ Cash from operating activities 2,263,639 1,098,123 3,399,184 5,049,740 Purchases of and deposits on property, plant and equipment (430,704) (524,046) (1,545,470) (2,582,825) Free Cash Flow 1,832,935 574,077 1,853,714 2,466,915 Cautionary Statement Regarding Forward Looking Information This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Rubicon Organics' goal of achieving industry leading profitability are "forward-looking statements". Forward-looking information can be identified by the use of words such as 'will' or variations of such word or statements that certain actions, events or results "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including the impact on revenue of new products and brands entering the market, and the timing of achieve Adjusted EBITDA1 profitability and cashflow positive. Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics' limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and those factors identified under the heading "Risk Factors" in Rubicon Organic's annual information form dated April 1, 2025 filed with Canadian provincial securities regulatory authorities. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law. We have made numerous assumptions about the forward-looking statements and information contained herein, including among other things, assumptions about: optimizing yield, achieving revenue growth, increasing gross profit, operating cashflow and Adjusted EBITDA1 profitability. Even though the management of Rubicon Organics believes that the assumptions made, and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, changes in assumptions, new information or for any other reason except as required by law. 1 Adjusted EBITDA is a non-GAAP measure that is calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, and fair value changes. See Non-GAAP Financial Measures for details on the Adjusted EBITDA calculation.2 Free Cash Flow is a non-GAAP measure that is calculated as net cash provided by (used in) operating activities, less purchases of and deposits on property, plant and equipment.3 Purchase of the Hope Facility is expected to close in the second quarter of 20254 2024 KIND Magazine's ('KIND') awards5 Hifyre data for topical products covering twelve months ended December 31, 20246 Hifyre data for flower & pre-rolled products covering twelve months ending December 31, 20247 Hifyre data for premium edible products covering twelve months ending December 31, 20248 Hifyre data for resin vapes products covering three months ended December 31, 2024Sign in to access your portfolio
