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CALGARY, AB, March 4, 2024 /CNW/ – (March 4, 2024) – Simply Solventless Concentrates Ltd. (TSXV:HASH) (“SSC”) provides Q1 2024 gross revenue, EBITDA and net income guidance including record projected quarterly gross revenue and net income.
Q1 2024 Guidance
Based on estimated January and February gross revenue generated, plus purchase orders received that are expected to be delivered during March 2024, SSC projects record quarterly gross revenue during Q1 2024 of approximately $3,100,000 (Q1 2023 – $1,789,562), representing a growth rate of 73%. SSC also projects Q1 2024 adjusted EBITDA of approximately $500,000 (Q1 2023 – $318,978) (see Non-IFRS Financial Measures, below), a growth rate of 56%, and record quarterly Q1 2024 net income of approximately $310,000 (Q1 2023 – $44,491), a growth rate of 597%.
This record projected quarterly gross revenue and net income is primarily attributable to the organic growth of SSC’s brands Astrolab and Frootyhooty, and SSC’s acquisition of Lamplighter in January 2024.
SSC received its Health Canada licenses on June 30, 2022. In the twenty subsequent months, SSC’s revenue has grown from $203,034 in Q2 2022 to a projected $3,100,000 in Q1 2024, representing an increase of approximately 1,427%.
SSC has no debt and approximately 50.5 million common shares outstanding (basic), of which approximately 30% are held by insiders. Of SSC’s outstanding common shares, approximately 17.0 million (34%) are escrowed pursuant to TSX Venture Exchange (“TSXV”) policies. Further details with respect to SSC’s escrowed securities can be found in SSC’s filing statement dated October 31, 2023, which is available on SSC’s SEDAR+ profile at www.sedarplus.ca.
Jeff Swainson, President and CEO of SSC, stated: “Our team continues to execute on our ambitious business plan focused on profitable organic revenue growth and opportunistic acquisitions, which is reflected in our strong revenue growth since we obtained our licenses. We are striving for record SSC quarterly revenue in Q1 2024, but more importantly, we project net income to be 10% of gross revenue.”
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC’s mission is to provide …
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