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ALUULA Reports Fourth Quarter and Fiscal Year 2024 Financial Results Achieving 53% Year-Over-Year Revenue Growth
Victoria, British Columbia--(Newsfile Corp. - February 10, 2025) - ALUULA Composites Inc. (TSXV...
About this update from Aluula Composites Inc
[{"type":"text","content":"ALUULA Reports Fourth Quarter and Fiscal Year 2024 Financial Results Achieving 53% Year-Over-Year Revenue GrowthVictoria, British Columbia--(Newsfile Corp. - February 10, 2025) - ALUULA Composites Inc. (TSXV: AUUA) (\"ALUULA\" or the \"Company\") today reported its financial results for the three and twelve month periods ended October 31, 2024 (\"Q4 2024\" and \"FY 2024\" respectively). All currency amounts noted are in Canadian dollars.Fiscal 2024 marked a year of change for the Company. ALUULA welcomed a new President, Sage Berryman, in February 2024 and in May 2024, announced a strategic refocus plan (the \"Plan\") aimed at allocating the Company's resources to areas with the highest growth potential. Throughout the second half of FY 2024, ALUULA actioned the Plan. The Company diversified its sales pipeline across new products and vertical markets, focused on gross margin efficiency, divested non-core assets and restructured the team to support evolution and continued growth. The Q4 2024 and FY 2024 results underscore the Company's success in achieving the Plan. \"This fiscal year has been pivotal for ALUULA - a year of stabilization and growth. Through focused efforts to strengthen our foundation, we achieved a 53% year over year sales growth, more than doubled the number of commercialized customers, improved gross margins from 30% to 41% and generated over half a million dollars from the sale of non-core assets. We've built a strong team of experts who have worked closely with our growing customer base to push the boundaries of what's possible with ALUULA. The team is starting fiscal 2025 with momentum, energized by our growth and ready to continue evolving and disrupting the materials science industry\" said Sage Berryman, President and CEO of ALUULA. The Company recently announced the successful completion of an oversubscribed rights offering for gross proceeds of $2,506,156. Proceeds from the rights offering will be used to support fiscal 2025 initiatives including, but not limited to, continued customer acquisition, the purchase of R&D and production equipment, the investigation of alternative methods of manufacturing, and general working capital.Key Q4 HighlightsSales for Q4 2024 were $1,666,861 compared to $881,196 during Q4 2023, which represents an 89% quarter over quarter increase. ALUULA continued to gain mome...