Canadian Edibles Producer Indiva Reports Modest Q1 Results, Eyes Strong 2024 After Strategic Realignments
Indiva Limited (OTCPK: NDVAF) (TSXV:NDVA), a Canadian cannabis edibles producer, announced Thursday its financial and operating results for the first fiscal quarter ended March 31, 2024. Despite facing sector-wide challenges, revenue saw a marginal decrease of 0.9% to CA$9.3 million ($6.8 million) from the same quarter last year, influenced by seasonal declines and regulatory changes affecting certain product lines.
Q1 2024 Financial Highlights
Revenue was CA$9.3 million, representing a 14.1% sequential decrease from Q4 2023 and a 0.9% decrease year-over-year from Q1 2023.
Net loss was CA$1.8 million, an improvement from a loss of $2.3 million in the same quarter last year.
Adjusted EBITDA was a profit of CA$0.1 million, decreasing from CA$1.5 million in Q4 2023 and CA$0.4 million in Q1 2023.
Gross profit was CA$2.8 million, compared to CA$2.3 million in the same quarter of 2023.
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Core Brands Fuel Indiva’s Growth
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