TORONTO and GLIL YAM, Israel, Nov. 14, 2024 /PRNewswire/ -- IM Cannabis Corp. (the "Company" or "IMC") (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial results today for the third quarter ended September 30, 2024. All amounts are reported in Canadian dollars and compared to the quarter ended September 30, 2023, unless otherwise stated.
Q3 2024 Financial Highlights
+12% increase in Revenue to $13.9M vs. $12.4M in Q3, 2023. Adjusting for the revocation of the Oranim deal, increases the revenue to +51% or $4.7M vs Q3, 2023 -41% decrease in Selling & Marketing expenses to $1.5M vs. $2.6M in Q3, 2023 -16% decrease in Total Operating expenses to $4.1M vs. $4.9M in Q3, 2023 -$0.5M EBITDA loss, a decrease of -68% vs. $1.6M in Q3, 2023 -$0.2M adjusted EBITDA loss (Non-IFRS), a decrease of -82% vs. $1.3M in Q3, 2023 +25% improvement in Operational expense ratio to 30% vs. 40% in Q3, 2023 Management Commentary
"While the 66% growth we delivered in Germany, to reach $5.8M this quarter is a highlight, we spent the quarter focused on building a solid foundation for 2025," said Oren Shuster, Chief Executive Officer of IMC. "Our goal was to build a strong, consistent supply chain, along with a laser focus on how to improve the efficiency and accuracy of how we use our resources. I believe that the foundation we built this quarter will be the basis we will use to deliver in 2025."
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