Simply Solventless Concentrates reported $12.4 million in gross revenue in the three months ended March 31, 2025 (Q1 2025 ), net revenue of $9.9 million, and net income of $8.4 million.

Gross revenue increased 298% from Q1 2024, while net revenue increased by 330% and net income increased by 1,573%.

The company attributes the increase in gross revenue to recent acquisitions and the growth of SSC’s suite of brands.

The results include the consolidated operations of Simply Solventless (SSC) and its wholly owned subsidiaries Massive Hash Factory Ltd., CannMart Inc. (acquired on September 12, 2024), ANC (acquired on October 18, 2024, effective October 1, 2024), and Humble (acquired on February 28, 2025, adding 1 month of operating results). 

In 2024, SSC also acquired the Lamplighter brand, adding to its Astrolab, Frootyhooty, Roilty, and Zest brands.

While many publicly-traded cannabis companies have struggled to turn a profit in recent years, the Alberta company’s gross revenue has increased exponentially, from $2.8 million in 2022 to nearly $7 million in 2023, $20.5 million in 2024, and on target for $50 million as of Q1 2025 (annualized run rate).

SSC incurred $2.5 million in excise in Q1 2025 from $12.4 million in cannabis sales, or about 20%. 

ANC is currently generating approximately $15 million of annualized revenue. As this is largely B2B and tolling revenue, it is not subject to excise taxes, which SSC says will lower its overall corporate blended excise tax rate.

Jeff Swainson, President and CEO of SSC, stated: “Q1 2025 was a strong quarter for SSC with the closing of the Humble acquisition, which vertically integrated our operations into cultivation, the closing of an oversubscribed $6.0 million convertible debenture offering, achieving record gross revenue and adjusted EBITDA, the expansion of our asset base from $10.9 million in Q1 2024 to $57.8 million in Q1 2025, and subsequent to quarter end, significantly improving our balance sheet with the repayment of $3.4 million, the discharge of $0.5 million, and the deferral of $3.25 million of debt. Our steadfast focus for 2025 is to leverage our portfolio of assets to maximize profitability, cash flow from operations, and balance sheet strength, while achieving a lower cost of capital.”

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