In its most recent quarterly report, Avant Brands reported $8.1 million in net revenue and $1.2 million in net income.
The BC-based company behind cannabis brands like BLKMKT, Tenzo, Treehugger, Flower, Cognoscente, and GreenTec, recently shared the financial results of its first quarter ended February 29, 2024 (Q1 2024).
Net revenues increased by 15% compared to the same quarter in the previous year, and international sales into markets like Israel, Australia, and Germany increased by 21% for a record $3.3 million. International sales represented 37% of the company’s total gross revenue.
Revenue on sales into the Canadian non-medical market was $3.4 million, a decline of 19% compared to Q1 2023, while B2B sales increased from $60,000 to $1.3 million in the same period.
The company also produced a record amount of cannabis in the most recent quarter, with 3,231 kg of cannabis, a 23% increase from Q1 2023. Sales of cannabis also hit record levels for the company, with 2,785 kg sold.
The average sales price for cannabis Avant sold into the international market was $4.30 a gram, while the average price after excise taxes was $5.49 a gram. The company is also seeking partnerships in the UK, Switzerland, and other emerging markets.
The company’s cash flow increased to $3.8 million, while SG&A and Corporate Expenses decreased 14% from the same quarter in 2023 to $2.5 million.
“I’m thrilled by Avant Brands’ outstanding Q1 2024 performance,” says the company CFO, Jeremy Wright. “I’m impressed by the efforts of our sales and operations teams, which are driving record-breaking results. Our strong financial performance, including record net revenue and substantial growth in cash flow from operations, reflects the effectiveness of our strategies. With continued focus, we’ll sustain this momentum and drive further growth. It’s an exciting time to be back with the team.”
Avant operates cultivation and processing facilities in Chase, Vernon, and Kelowna in BC, and in Edmonton, AB, and Tiverton, ON, and is approved for sale in all provinces except Alberta and Nova Scotia.
Avant also recently welcomed Sukhie Chahal (previously at Canopy Growth) as its new VP of Revenue Strategy and Tyson Macdonald (previously at Acreage Holdings) to its Board of Directors.
Featured image via Avant Brands.
