InterCure Announces First Half of 2024 Results: Revenue of NIS 126 million and Adjusted EBITDA of NIS 21 million

Core Insights - InterCure reported revenues of NIS 126 million and an Adjusted EBITDA of NIS 21 million for the first half of 2024, representing approximately 17% of revenues, despite challenges from the October 7 terrorist attack and the ongoing war in Gaza [1][3][4] - The company has achieved profitability for 17 consecutive quarters, with both Q1 and Q2 of 2024 showing positive EBITDAs and operational profits [1][3][4] - InterCure is entitled to full compensation from Israeli authorities for damages to its Southern Facility and has received tens of millions of NIS in advance payments [1][3][4] Financial Performance - Revenue for the first half of 2024 was NIS 126 million, down from NIS 147 million in the second half of 2023, which was only partially affected by the recent conflicts [3][5] - The operating profit for the first half of 2024 was NIS 11 million, with a gross profit of NIS 40.4 million, resulting in a gross profit margin of 32% [3][5] - The company expects double-digit growth in the second half of 2024 compared to the first half, driven by product launches in Germany and the UK [1][3][4] Strategic Developments - InterCure announced an expansion of its strategic partnership with Cookies™ into the German market, with plans to launch Cookies products in Q4 2024 [1][3][4] - The company is expanding its medical cannabis pharmacy chain to a total of 24 active locations and plans to introduce over 30 new GMP SKUs in the second half of 2024 [3][4] - The restoration of the Southern Facility is ongoing, supported by advance payments from Israeli authorities, and is expected to return to full capacity in the coming quarters [1][3][4] Market Position - InterCure is recognized as the leading and fastest-growing cannabis company outside North America, leveraging a vertically integrated "seed-to-sale" model [6] - The company holds 100% of Cannolam LTD and the full rights to Cookies™ international agreements, enhancing its product offerings [3][4] - The CEO emphasized the company's commitment to providing high-quality, pharma-grade cannabis and creating shareholder value, particularly in the growing German market [4]