Nextleaf loss widens despite 66% revenue growth in 2024 | Where to buy Skittles Moonrock online

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Cannabis processor Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) reported strong revenue growth in fiscal year 2024, though higher operating expenses pushed the company into a loss.

The Vancouver-based company reported gross revenue of $16.6 million for the year ending Sept. 30, 2024. After excise taxes, net revenue was $12.5 million, up 53% from $8.2 million in fiscal 2023.

However, after accounting for operating expenses, including $1.35 million in share-based compensation, Nextleaf recorded a net loss of $1.4 million for the year, versus net income of $223,334 in fiscal 2023.

“This was a year of executing on the fundamentals,” CEO Emma Andrews said in a statement. “We’ve been rapidly scaling up our manufacturing operations and inventory to support advancement of our commercial strategy and keep up with consumer demand.”

The company’s flagship Glacial Gold brand has gained traction in western Canada, ranking as the top softgel brand in British Columbia and maintaining the number one position for softgel sales in Alberta from September through December 2024, according to the announcement.

Nextleaf also said it expanded its retail presence in fiscal 2024, securing 44 new product listings across British Columbia, Alberta and Ontario. The company’s products are now available in nine provincial markets.

The company’s product pipeline focuses heavily on smokeless cannabis products, including softgels, oils and vapes, along with infused pre-rolls. It has also expanded into minor cannabinoid formulations featuring CBG and CBN across multiple categories, according to filings.

For fiscal 2025, Nextleaf outlined several priorities, including upgrading its operational efficiency through a new enterprise resource planning system and expanding its commercial partnerships program through ingredient supply and contract manufacturing activities.

The company added that it plans to invest in retail activations and product education while exploring international ingredient export opportunities in Europe and South America.

Despite the net loss, maintained its debt-free status and reported positive adjusted EBITDA of $675,613 for the year. Gross profit rose to $3.7 million from $2.3 million in fiscal 2023.

That’s after a challenging third quarter where Nextleaf recorded a net loss of C$317,264 despite a 50% year-over-year revenue increase.