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PharmaCielo Announces Financial Results for the Second Quarter Ended June 30, 2024
All figures in Canadian dollars ($) unless otherwise specified Toronto, Ontario and Rionegro, C...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Announces Financial Results for the Second Quarter Ended June 30, 2024All figures in Canadian dollars ($) unless otherwise specifiedToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - August 16, 2024) - PharmaCielo Ltd. (TSXV: PCLO) (OTC Pink: PCLOF) (\"PharmaCielo\" or the \"Company\"), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced financial results for the second quarter ended June 30, 2024. Summary Financials - Second Quarter Ended June 30, 2024Three months ended(000's)June 30 2024March 31, 2024June 30 2023Revenue $784$ 240$160Adjusted EBITDA$(592)$ (1,264)($2,119)Net Loss($2,575)$ (2,420)($3,585)Net Loss per Share($0.015)$ (0.014)($0.023)*Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The term Adjusted EBITDA does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other companies. For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending June 30, 2024, as posted at sedarplus.ca and pharmacielo.com.Management Commentary Marc Lustig, Chairman and CEO of PharmaCielo commented, \"The global cannabis market presents significant opportunities, particularly as large consumer and pharmaceutical companies enter the industry. Our company is uniquely equipped to serve these organizations with pharma-grade extracts and dried flower that offer unmatched consistency and a structural cost advantage. While the market is still emerging, our efforts to build a robust sales pipeline focused on our high-margin product portfolio are progressing well. We have successfully reduced 2024 year-to-date total SG&A expenses by over 38% versus the same period last year. Our Adjusted EBITDA has been steadily improving, now down to $0.6 million loss in 2024 Q2 versus a loss of $2.1 million last year. With no significant capital expenditures required to reach full commercial scale, we are better positioned than ever to achieve increased profitability and cash flow as our sales grow.\"Interest Shares Today, PharmaCielo also announced that it intends to issue, subject to the approval of the TSX Venture Exchange, 5,979,49...