Q1 2024 Vext Science Inc Earnings Call Transcript
Key Points
- Vext Science Inc (VEXTF) generated a revenue of $8.4 million and adjusted EBITDA of $1.9 million in Q1 2024.
- The company outperformed state averages in Arizona despite significant market headwinds.
- Wholesale operations in Ohio grew by 8.3% compared to Q4 2023 and 136% year-over-year.
- The Eloy facility in Arizona is fully operational, offering significant flexibility for future expansion.
- Vext Science Inc (VEXTF) anticipates the launch of adult-use sales in Ohio during the second half of 2024, which is expected to drive significant growth.
- Revenue remained flat at $8.4 million compared to the previous quarter and down from $9.1 million in Q1 2023.
- Operating expenses were higher in Q1 2024 compared to Q1 2023, primarily due to increased depreciation and non-cash amortization expenses.
- Cash flow from operations was only $0.1 million during the first quarter.
- The legal cannabis market in Arizona and Ohio faced significant pricing pressure, impacting revenue and gross margins.
- There is uncertainty regarding the exact timing of the launch of adult-use sales in Ohio, which could affect future financial performance.
Thank you for standing by. This is the conference operator. Welcome to the Vext Science's first quarter and fiscal 2024 financial results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Jonathan Ross. Please go ahead, sir.
Thanks, operator. Good morning, everyone, and thanks for joining us today. The first quarter of 2024 financial results were released earlier this morning. The press release, financial statements and MD&A are available on SEDAR+, as well as on the Vext website at vextscience.com. We would like to remind listeners that portions of today's discussion include forward-looking statements and that forward-looking statements are included in today's filings.
There can be no assurance that these forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results contained therein will
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
