Gold Flora (OTC:GRAM) reported Q2 2024 sales of $31.6 million, marking a 2% sequential decline and falling short of the estimated $34.2 million. According to a report by Zuanic & Associates, the performance of the Californian cannabis company raised concerns despite a generally positive medium-term outlook.
Q2 2024 Financial Performance
The company also reported an adjusted EBITDA of -$2 million, significantly below the anticipated +$1.1 million. Management attributed the decline in sales to increased discounting by leading brands and seasonal factors.
On a positive note, production output increased by 14% quarter-over-quarter, although inventories dropped by $1.3 million.
Margins And Expenses
Despite heightened price competition, Gold Flora managed to increase its adjusted cash gross margins from 54% to ...
