Decibel Cannabis Company Inc. reported gross revenue of $37.3 million, net revenue of $25.3 million, and net income of $13.3 million for the three months that ended December 31, 2024 (Q4 2024).

Gross revenue was down 17% year over year from Q4 2023, net revenue stayed level (0.4% increase), while net income was up from a $1.2 million loss in the last three months of 2023. 

The company states that its net revenue growth in the most recent quarter was primarily due to a partial quarter of contributions from AgMedica, which Decibel acquired on October 28, 2024.

Total sales contributed from the AgMedica Facility were $3.4 million, of which $2.1 million were international sales and the remainder was sold domestically. The decrease in net Canadian recreational sales is primarily attributed to increased competition in vapes and infused pre-roll products.

The company’s gross revenue for 2024 was $140.5 million, down from $177.7 million in 2023. Net revenue for 2024 was $140.5 million, down from $177.7 million in 2023. However, the company reported a net income of $9.5 million in 2024, compared to a net loss of $1.8 million in 2023.

From the company’s $140.5 million in gross revenue in 2024, Decibel incurred $48 million in excise taxes, a rate of 35.2%.   

Net Canadian recreational sales for the three and twelve months ended December 31, 2024, were $21.9 million and $88.4 million, respectively, a decrease of 8% and 14% over the comparative periods. 

“We ended 2024 with strong momentum and renewed confidence in our global growth strategy,” said  Benjamin Sze, Decibel’s Chief Executive Officer. “The removal of our going concern note is a direct reflection of the operational discipline and financial resilience we’ve built—including improved free cash flow, strategic reductions to payables, and our integration of AgMedica. While we anticipate a softer Q1 due to timing of international shipments, we expect a meaningful ramp-up in Q2 as export volumes accelerate. With these building blocks in place, we remain focused on profitable growth, both in Canada and abroad.”

Decibel’s international cannabis sales for the three and twelve months ended December 31, 2024, were $3.4 million and $4.1 million, respectively, an increase of 141% and 12% over the comparative periods. The increase in international sales was attributed to a partial quarter of contributions from AgMedica, acquired on October 28, 2024. International sales contributed from the AgMedica Facility were $2.1 million. 

In February 2025, Decibel entered into a new supply agreement in Israel, although the country is exploring adding tariffs to Canadian cannabis products. 

The increase in Decibel’s gross revenue over the last three quarters is primarily attributable to increased volumes of vape, infused products, concentrate products, and dried cannabis sold.

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