Auxly Cannabis reported net revenue of $34.6 million in the three months ended December 31, 2024 (Q4 2024), a 29% increase over the prior year period, and net income of $4.4 million, a 108% increase from Q4 2023.
For the year ended December 31, 2024, Auxly’s net revenues were $122.3 million, a 21% increase from the previous year, which the company says was primarily due to an increase in both volumes and price of dried flower, vape, and pre-roll products.
Net revenue and net income again set new records for Auxly in Q4 2024, passing a previous high in Q3 2024.
Despite these gains, the company still reported a net loss of $16.3 million for the year ended December 31, 2024. However, this was an improvement over the $28.2 million loss over the same period in 2023.
“The Auxly team delivered an outstanding year, driven by our unwavering commitment to innovation, gross margin expansion, and operational excellence,” said Hugo Alves, Founder and Chief Executive Officer of Auxly.
“With demand for THC in Canada and around the world at an all-time high, Auxly is uniquely positioned to capitalize on this opportunity through our large-scale, low-cost cultivation advantage and innovation leadership in the largest, fastest-growing product categories. We are just getting started and excited about the road ahead and will remain focused on driving sustainable, profitable growth and creating meaningful value for all of our stakeholders.”
The company incurred $63.3 million in cannabis excise tax from $185.7 million in sales. Auxly sells under the brands Parcel, Back Forty, Foray, Doescann, and Kolab Project, and provides wholesale bulk sales of dried cannabis to various licensed producers in Canada. The company ranked as the fourth largest licensed producer in Canada by total recreational retail sales in the fourth quarter of 2024, according to data platform Hifyre IQ.
Auxly operates Auxly Charlottetown in PEI, where the company does most of its cannabis 2.0 product development, and Auxly Leamington, where it grows and processes dried flower. In May 2024, the company sold its Auxly Ottawa facility for $1.7 million and applied the proceeds from the sale to support its ongoing operations. The Company does not currently have any active international operations.
The company spent around $2.2 million on pre-roll automation initiatives in 2024. In Q4 2024, dried flower and pre-roll products were approximately 63% of net revenues, while Auxly’s cannabis 2.0 products and oil sales contributed the remaining 37% of net revenues.
