Q3 2024 Vext Science Inc Earnings Call Transcript
Key Points
- Vext Science Inc (VEXTF) reported $9 million in revenue for Q3 2024, marking an 11% year-over-year growth.
- The company achieved an adjusted EBITDA of $2.9 million, up from $1.1 million in Q3 2023, with a margin of 32%.
- Ohio operations showed significant growth, with over 200% sequential growth in certain locations following the launch of adult-use cannabis sales.
- Vext Science Inc (VEXTF) is expanding its retail footprint in Ohio, with plans to operate up to eight dispensaries by early 2026.
- The Eloy cultivation facility in Arizona improved average crop yield and potency, supporting strategic promotions and market share capture.
- Cash flow from operations was negative at $0.7 million as of September 30, 2024, despite strong EBITDA performance.
- Arizona operations faced sales headwinds due to consumer discretionary spending pressures and an oversupply of products, leading to a decrease in total sales.
- The company has a relatively low cash balance of $2.8 million, raising concerns about liquidity and access to capital.
- Ohio wholesale sales declined sequentially due to significant market stocking in anticipation of adult-use sales launch.
- Margins in Arizona are expected to remain challenged due to market conditions, including oversupply and pricing pressures.
Thank you for standing by. This is the conference operator. Welcome to the Vext Science third quarter 2024 financial results conference call. As a reminder all participants are on listen only mode. The conference is being recorded. (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 third 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.gom. 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
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