Q2 2024 Vext Science Inc Earnings Call Transcript
Key Points
- Vext Science Inc (VEXTF) reported revenue of $8.4 million and adjusted EBITDA of $1.1 million for Q2 2024.
- The launch of adult-use cannabis sales in Ohio has shown good initial demand, with significant increases in traffic at dispensaries.
- The Columbus dispensary integration resulted in a 45% increase in consolidated retail sales.
- Vext Science Inc (VEXTF) is fully vertically integrated in Ohio, positioning it to capture significant market share.
- The company has a strong strategic positioning in Ohio, with plans to reach the state dispensary license cap by 2024 and operational by Q1 2026.
- Revenue for Q2 2024 was flat compared to the previous quarter and down from $9.2 million in Q2 2023.
- Continued downward pressure on wholesale prices and muted consumer discretionary spending in Arizona led to margin compression and decreased sales.
- Operating expenses were higher compared to Q2 2023, driven by increased costs in Ohio ahead of the adult-use launch.
- Cash flow from operations was negative $0.6 million during Q2 2024.
- The company faces significant economic and macroeconomic pressures impacting consumer spending in both Ohio and Arizona.
Welcome to Vext Science's Second Quarter 2024 Financial Results and Conference Call. (Operator Instructions) I would now like to turn the conference over to Priam Chakraborty. Please go ahead.
Thanks, operator. Good morning, everyone, and thank you for joining us today. Vext's second quarter 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 materialize.
Risks and uncertainties that could affect future developments, circumstances or results are detailed in the MD&A and Vext's other public filings that
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