Ayurcann Holdings Corp. reported a net loss of $356,711 from $14.8 million in gross revenue and $8.3 million in net revenue for the three months that ended September 30, 2024 (Q1 2025).
This represented a 25% increase in gross revenue compared to the same reporting period from last year (Q1 2024). The company’s net loss in the most recent quarter was a significant improvement on the $2.7 million loss the company reported in the previous quarter ended June 30, 2024, but an increase from the $208,999 loss reported in the same period in the last year.
Excise fees for the three months ended September 30 were nearly $6.4 million. Most of the company’s product sales were B2C ($14.1 million) while B2B sales were $188,566.
As of the three months ended September 30, 2024, the company’s accumulated deficit was $14.7 million, primarily due to a reverse takeover transaction from 2021.
Ayurcann was the number one producer of vapes in Ontario and a top five pre-roll manufacturer by volume in Ontario during the most recent reporting period, based on data from Hifyre IQ and the Ontario Cannabis Store Data, respectively.
“Our business model and disciplined execution have enabled Ayurcann to expand both locally and nationally,” said Igal Sudman, Ayrucann CEO in a press release. “By focusing on innovation, building strong partnerships, and growing our signature brands—such as Fuego, Xplor, Xplor LevelX, and Happy & Stoned—we continue to deliver consistent quarter-over-quarter growth. Our vision remains clear: to become a dominant player in the cannabis industry.”
The company has also announced the appointment of Yisroel Zuchter as Ayurcann’s new CFO, replacing Roman Buzaker, effective December 2, 2024. Buzaker will remain the company’s President, COO, and a director of the Company.
In a recent investor presentation, the company said it has over 70% Canada-wide store penetration, with products in Ontario, Alberta, BC, Saskatchewan, Manitoba, New Brunswick, and Yukon, with over 80 unique SKUs. Over half of the company’s sales (55%) were in Ontario.
Ayurcann recently reported a nearly $4 million net loss for its year-end fiscal filing.