Q3 2024 Guru Organic Energy Corp Earnings Call Transcript
Key Points
- Gross margin increased significantly to 55.4%, up from 51.2% in Q3 2023.
- Net loss reduced by 50% over the last two years.
- Year-to-date revenue and gross profit grew by 6.9% and 11.6%, respectively.
- Sales in the US market increased by 74% year over year in the last nine months.
- Strong performance on Amazon, maintaining the number one organic energy drink position.
- Net revenue for Q3 2024 was $7.9 million, down from $8.9 million in Q3 2023.
- Challenges in the Canadian market, particularly due to reduced shipments and decreased convenience store traffic.
- Declines in premium retail banners in Quebec, such as Costco, Petro-Canada, IGA, and Metro.
- Petro-Canada's IT system breach led to significant sales declines.
- Lack of strong presence in discount grocers and Costco in the rest of Canada, leading to more pronounced declines.
Welcome to the GURU Organic Energy third-quarter 2024 results conference call and webcast being recorded today, September 12, 2024, at 10:00 AM, Eastern Time. (Operator Instructions) GURU's press release, MD&A and financial statements are available in the Investors section of its website and on SEDAR plus.
During the call, the company may refer to certain non-GAAP measures. Reconciliations are available in its MD&A. Also note that all financial figures are expressed in Canadian dollars unless otherwise indicated.
I would also like to remind you that today's presentation may contain forward-looking statements about GURU's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or other future events or developments. As such, please take a moment to read the disclaimer on forward-looking statements on slide 2 of the presentation.
I will now turn the call over to Carl Goyette, GURU's Chief Executive Officer. Please go ahead.
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