Village Farms reports increased revenue and beats estimates | How to buy Skittles Moonrock online

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Village Farms International, Inc. (NASDAQ: VFF) reported its financial results for the fourth quarter and year ended December 31, 2024. Village Farms told investors that it took a $10.5 million (C$15.0 million) non-cash impairment charge related to non-flower inventory in Canadian Cannabis that management determined did not meet the company’s quality standards. The company said it bought the product from third parties.

Fourth quarter earnings

Consolidated sales increased 11% to $82.6 million from $74.2 million. This beat the Yahoo Finance average analyst estimate for sales of $79 million. The consolidated net loss improved by 66% to ($8.6 million), or ($0.08) per share from ($25.5 million), or ($0.23) per share. Fresh produce dominated the quarter’s revenue with $43 million in sales with Canadian cannabis following at $34 million. U.S. cannabis contributed $4.6 million.

President and Chief Executive Officer Michael DeGiglio said, “Fourth quarter saw continued strong performance from Canadian Cannabis, however, results were impacted by a non-cash impairment of inventory related to non-flower, manufactured product purchased primarily from third parties. Excluding this impact, Canadian Cannabis gross margin and Adjusted EBITDA margin in Q4 were 33% and 12%, respectively.”

Full-year earnings

Total sales increased to $336 million versus last year’s sales of $285 million. The net loss for the year crept up slightly to $35 million versus 2023’s net loss of $34 million. The earnings per share were flat at ($0.32).

Fourth quarter and full year 2024 consolidated financial results were impacted by a $10.5 million (C$15.0 million) non-cash impairment charge related to non-flower inventory in Canadian Cannabis that management determined did not meet the Company’s quality standards. Excluding this impact, the fourth quarter and full-year consolidated Adjusted EBITDA would have been $7.0 million and $12.2 million, respectively.

DeGiglio added, “US Cannabis and Fresh Produce also closed the year on a strong note, contributing to full-year cash flow from operations of $10.3 million. This performance, combined with an improved balance sheet and healthy inventory position makes us confident we’re starting 2025 with good momentum to execute our profitable growth strategy.”

International Business

The company told investors that international sales increased 113% year-over-year in the fourth quarter with continued growth in shipment volumes to Australia, Germany and the United Kingdom. Village Farms said it currently holds the number one and number four cultivars in the German market through third-party distributors.

“We remain pleased with our pace of international sales growth, which has been driven largely by continued strength of demand in Germany, as well as increased volumes in Australia and the UK,” said DeGiglio. “We have now shipped to five international markets with the recent addition of New Zealand, and believe we have a strong pipeline of potential new customers and market opportunities which give us confidence in our ability to triple international medicinal export sales in 2025.”

Looking ahead