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Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF)  reported its financial results for the third quarter ending September 30, 2024. Rubicon delivered revenue of C$13.5 million, a 34% increase over last year’s third-quarter revenue of C$12.9 million and a sequential increase over the second-quarter revenue of C$12.1 million.

Rubicon said that despite continued price competitiveness and market oversupply, it has achieved revenue growth through product innovation and new genetic launches under Simply Bare Organic and 1964 Supply Co. The premium cannabis segment, however, has experienced a decline which has been affecting sales of Simply Bare Organic. The growth of Simply Bare Organic in the quarter is broad based with the pre-roll segment benefitting from new and unique genetic launches, complimented by the launch of innovation into the capsules and edibles segments.

The company trimmed its net loss to C$168,498 from last year’s C$1.6 million. Rubicon had total liabilities of C$18.7 and C$9.6 million in cash at the end of the quarter. The company has a deficit of C$92 million.

“Rubicon Organics record net revenue for both Q3 and year-to-date 2024 reflects our strength and position as Canada’s leading premium House of Brands. Rubicon Organics continues to innovate and expand our product offerings, solidifying a strong market share in premium flower, pre-rolls, edibles, and more. Looking ahead, we expect to drive further growth in Canada and beyond, as we intend for new market entry in 2025.”

CFO Janis Risbin said, “Rubicon Organics’ financial results for Q3 2024 reflect our strong operational execution and strategic focus. With a record-high net revenue of $13.5 million for the quarter and $34.5 million for the nine-month period, we have demonstrated our ability to achieve growth despite the challenges in the market. Our commitment to disciplined financial management has resulted in positive adjusted EBITDA for eight out of the last nine quarters. We also anticipate finalizing our debt re-financing before the end of the year paving the way for the Company’s next five years of growth,” said Janis Risbin, CFO.

Rubicon told investors that it is currently in discussions with the debenture holder and other lenders to extend the term of the existing agreement or to enter into a new loan agreement anticipated to be finalized before the end of the year.

Looking ahead

Rubicon told investors that for 2024, it expects to have year-over-year growth in net revenue, supported by modest increases in its cost base, excluding the impact of the ERP implementation occurring across 2024, which would enhance its operating leverage.

The company said in its filing, “While we expect growth in 2024, we also anticipate that much of the growth will come from our branded products that are produced using external capacity and thereby deliver lower gross margin than our current mix. Furthermore, we anticipate continued fierce competition in the distressed Canadian cannabis industry, leading to the maintenance or growth of value and standard pricing tiers, rather than premium price tiers. Notwithstanding these pressures, we expect to deliver continued operating positive cash flow in the year ahead and plan to refinance our debt to a longer-term mortgage facility before the end of 2024.”