Lifeist Reports Third Quarter 2024 Financial Results

Core Viewpoint - Lifeist Wellness Inc. reported a significant decline in net revenue and gross profit for Q3 2024 compared to Q3 2023, while also focusing on strategic growth in its core nutraceutical business following the sale of CannMart [1][3][4]. Financial Performance - Net revenue from continued operations was $2.1 million in Q3 2024, down from $4.8 million in Q3 2023 [2][4]. - Gross profit before inventory adjustment was $0.9 million in Q3 2024, with a gross margin of 43%, compared to $3.1 million and a gross margin of 65% in Q3 2023 [2][4]. - Total expenses decreased by $1.4 million to $1.8 million in Q3 2024, reflecting cost control measures across various categories [5]. - Adjusted EBITDA loss was $0.6 million in Q3 2024, compared to a loss of $0.3 million in Q3 2023 [6]. Cash Flow and Balance Sheet - Cash and cash equivalents decreased to $1.0 million at the end of Q3 2024, down from $1.5 million at the end of fiscal 2023 [7]. - Inventories were reported at $1.4 million at August 31, 2024, compared to $4.5 million at November 30, 2023 [7]. - Net cash used in operations was $0.3 million in Q3 2024, significantly lower than $3.0 million in Q3 2023 [7]. Strategic Developments - The company completed the sale of CannMart in September 2024, which included a cash payment of $500,000 and the issuance of 2,000,000 units of securities [8][9]. - The CEO emphasized a renewed focus on delivering science-based nutraceuticals and taking strategic steps to accelerate growth and optimize operations [3].