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PharmaCielo Reports Q3 2024 Financial Results
PharmaCielo achieved 85% Year-Over-Year Sales Growth, Generating Year-to-Date Q3 Total Revenue of...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Reports Q3 2024 Financial ResultsPharmaCielo achieved 85% Year-Over-Year Sales Growth, Generating Year-to-Date Q3 Total Revenue of $2.4 MillionQ3 Gross Profit Turned Positive Reflecting More Diverse Customer BaseQ3 Cash Flow Improved and EBITDA Increased by $0.8 Million Reflecting Strong Sales Growth and Reduced CostsToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - December 2, 2024) - PharmaCielo Ltd. (TSXV: PCLO) (OTC: PCLOF) (\"PharmaCielo\" or the \"Company\"), a global cannabis products company and Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, today reported significant financial and operational progress for the three and nine months ended September 30, 2024. All figures presented in this press release are reported in Canadian dollars, unless otherwise specified. \"PharmaCielo achieved substantial revenue growth, successfully expanded into new international markets, and continued its focus on reducing costs to improve its operational efficiency,\" commented Marc Lustig, Chairman and CEO of PharmaCielo. \"Our strategic position in multiple regions, coupled with an expanding product portfolio beyond CBD isolate, has enhanced our ability to serve diverse international markets and generate increased revenue.\" He added, \"With revenue up significantly both year-over-year and sequentially, and a substantial move toward breakeven Adjusted EBITDA over the past three quarters, we are demonstrating the effectiveness of our strategic initiatives. Given no significant capital expenditures required to reach full commercial scale, we are well positioned to achieve positive EBITDA and cash flow as our sales grow in 2025.\"Summary Financials - Third Quarter Ended September 30, 2024Three months ended(000's)September 30, 2024June 30, 2024March 31,2024September 30,2023Revenue $1,329$784$240$352Gross Profit (Loss)$372$275$(399)$(349)Adjusted EBITDA$(583)$(592)$(1,264)$(1,370)Net Loss$(2,644)$(2,575)$(2,420)$(2,761)Net Loss per Share$(0.015)$(0.015)$(0.014)$(0.017) *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.Revenue Growth and Market DiversificationPharmaCielo generated...