Business
Village Farms International Reports Strong Q1/24 Results
Total Sales Grow 21%, Net Loss Per Share Improves to ($0.03), Adjusted EBITDA Increases Six-Fold to $3.6 MillionCanadian Cannabis Retail Net Sales Grow 28%
About this update from Village Farms International, Inc.
[{"type":"text","content":"Total Sales Grow 21%, Net Loss Per Share Improves to ($0.03), Adjusted EBITDA Increases Six-Fold to $3.6 MillionCanadian Cannabis Retail Net Sales Grow 28% Organically Year-Over-Year, with Positive Adjusted EBITDA and Positive Free Cash FlowCanadian Cannabis Expands Number 2 National Market Share Position1Fresh Produce Delivers Profitability on Higher Year-Over-Year Sales and Improved EBITDA Margin VANCOUVER, British Columbia, May 08, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today reported its financial results for the first quarter ended March 31, 2024. All figures are in U.S. dollars unless otherwise indicated. Management Commentary “The first quarter was an especially strong start to 2024. Canadian Cannabis retail branded sales grew 28% year-over-year, all organically, as we led the top five LPs in market share growth, further narrowing the gap to number one, and achieving a new record in April. Our success in quality, innovation and brand building, together with the support of our provincial boards and retail partners, are driving these results as we delight our consumers,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms International. “In addition, our Fresh Produce business was profitable on a solid year-over-year increase in sales, with an improved adjusted EBITDA margin.” “Total Canadian Cannabis sales delivered a new record, up 49% year-over-year to C$50.5 million, with another quarter of profitability and free cash flow. In our non-branded channel, we continued to be opportunistic around improved supply conditions and pricing, further reducing our non-brand-spec inventory and supporting cash flow.” “In our International Cannabis business, we are on target to start production in our first facility in the Netherlands this year as the only North American company with a license participating in the first major legal recreational cannabis market in Europe. Our Canadian export business, currently shipping to four countries, is on track to deliver solid year-over-year growth this year.” “We are excited about the acceleration of the global cannabis conversation and momentum in legalization. With our experience in Canada as a profitable, market share leader, there is no one better positioned than Village Farms to leverage its cannabis...