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Lowell Farms
Lowell Farms (LOWL) investor relations material
Lowell Farms Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary14 Nov, 2024
Executive summary
Entered California retail market with acquisition and management of two high-traffic dispensaries, leveraging integrated manufacturing, distribution, and sales capabilities.
Net revenue for Q3 2024 was $3.2 million, down 8% sequentially and 48% year-over-year.
Operating loss was $2.8 million; net loss was $3.6 million, a significant improvement from $20.2 million in Q3 2023 but higher than $0.8 million in Q2 2024.
Focused on margin improvement, selective retail expansion, and enhancing customer experience to capture critical margins.
Onboarded three new brands in Q3, including Tyson 2.0 35's and Marigold Sweets, strengthening brand portfolio and manufacturing partnerships.
Financial highlights
Q3 2024 net revenue was $3.2 million, down 8% sequentially and 48% year-over-year.
CPG revenue decreased 15% sequentially and 26% year-over-year; bulk product revenue was $0 due to exit from cultivation.
Gross margin was -29% in Q3, down from -15% sequentially and -7.1% year-over-year, impacted by higher cost inventory sell-through.
Adjusted EBITDA was -$2.1 million, compared to -$1.9 million sequentially and -$1.3 million year-over-year.
Cash and cash equivalents at quarter-end were $320k, down from $2.3 million at year-end 2023.
Outlook and guidance
Anticipates continued growth from new retail locations and brand partnerships, with a strong pipeline of potential new brands.
Expects operational efficiencies and cost reductions to improve margins and profitability in future quarters.
Q4 results will reflect impact of management services agreement for two Los Angeles dispensaries.
Management expects retail expansion to solidify market position and drive sustainable growth.
Forward-looking statements highlight uncertainty due to market, regulatory, and operational risks.
Quantify Q4 retail revenue contribution
Mitigate distributed brand supply chain risks
Current manufacturing capacity utilization
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Lowell Farms
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Frequently asked questions
Lowell Farms Inc. is a company that engages in the cultivation, extraction, manufacturing and sale of cannabis products to retail dispensaries in California. The Company's products include flowers, concentrates, edibles and topicals. Lowell Farm's activities include cultivation, extraction, manufacturing and sale of its products to dispensaries in the state of California. It also provides consulting services for licensing applications and compliance related to medical marijuana laws to prospective clients for their businesses in states where medical cannabis is legal.
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