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Simply Solventless Concentrates Ltd. (SSC) (TSXV: HASH) released its fourth-quarter guidance on Thursday last week but then issued a correction the following day. SSC also told investors that when it has made earnings forecasts it has tended to beat those numbers.

SSC is forecasting record quarterly gross revenue during the fourth quarter of 2024 of approximately C$11.8 million. The company reported gross revenue in the third quarter of C$7.2 million. Last year’s fourth-quarter revenue was C$1.8 million. This represents growth rates of 64% quarter over quarter and 556% compared to the same quarter last year. The company said the projected revenue growth is attributable equally to the organic growth of SSC’s brands Astrolab, Frootyhooty, Lamplighter, Roilty, and Zest, and to SSC’s acquisitions of CannMart and ANC.

SSC also projected a fourth-quarter 2024 net income of approximately C$2.55 million versus the previous quarter’s C$0.4 million and last year’s C$0.1 million), representing growth rates of 538% quarter over quarter and 2,450% compared to the same quarter last year. The company said the streak of positive adjusted EBITDA and normalized net income is expected to extend to ten and eight quarters respectively.

The company said the numbers include the operations of SSC and its subsidiaries Massive Hash Factory Ltd., CannMart Inc. (acquisition closed September 12, 2024), and ANC (acquisition closed October 18, 2024).

President and CEO Jeff Swainson said, “Q4 2024 is shaping up to be another banner quarter for SSC with strong growth across all key metrics, including revenue, adjusted EBITDA, and normalized net income, and the closing of the ANC acquisition on October 18, 2024. Marking our third highly accretive acquisition of the year, ANC is providing immediate value, which edifies our strategy focused on opportunistic acquisitions, and coupled with our strong organic revenue growth and exceptional execution capability, we find ourselves with a highly effective platform for continued growth as we enter 2025.”

SSC also announced the appointment of Tairance Rutter as SSC’s Vice President, Marketing & Product Development, supplementing his current role as President of ANC Inc. a wholly owned subsidiary of SSC acquired on October 18, 2024.