TOP Ships (TOPS) Prnewswire·2024-08-15 11:30Core Insights - Auxly Cannabis Group Inc. reported record-breaking financial results for Q2 2024, achieving significant growth in revenue, gross margin, and adjusted EBITDA [2][5][27] Financial Performance - Net revenues for Q2 2024 reached 5.2 million, representing an improvement of over 580% compared to the same period in 2023 [2][25] - The company reported a net income of 12.9 million in Q2 2023 [24][27] Market Position - Auxly maintained a leading position in the all-in-one vape category with over 32% market share and ranked as the 2 licensed producer in national vape sales [2][27] - The Back Forty brand secured the top four all-in-one vape SKU positions nationally, indicating strong consumer preference [2][27] Product Categories - Approximately 63% of Q2 2024 revenues came from sales of dried flower and pre-roll cannabis products, with the remainder from oils and Cannabis 2.0 products [7][8] - The company launched new SKUs in the pre-roll segment and continued to innovate in the vape category, contributing to increased sales [27][28] Operational Efficiency - SG&A expenses were reduced by 0.5 million increase due to non-recurring restructuring costs [12][29] - The company achieved a 48% reduction in debt compared to the end of 2023, enhancing its financial stability [2][5] Future Outlook - Auxly plans to expand its all-in-one vape portfolio and introduce new innovative vape formats under the Kolab Project brand [5][30] - The company remains focused on sustainable growth, improved profitability, and operational efficiency to drive future success [26][30]