CALGARY, AB, June 20, 2025 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV:HASH) ("SSC") is pleased to announce its Q1 2025 financial and operating results including record quarterly gross revenue of $12.4 million, EBITDA of $9.5 million, net and comprehensive income of $8.4 million, and adjusted EBITDA of $3.2 million. These results represent annualized gross revenue of $49.6 million ($0.459/share) and annualized adjusted EBITDA of $12.8 million ($0.120/share). The information set out in this press release should be read in conjunction with SSC's condensed interim consolidated financial statements as at and for the three months ended March 31, 2025 and the related management's discussion and analysis, which are available for review on SSC's SEDAR+ profile at www.sedarplus.ca.
Jeff Swainson, President and CEO of SSC, stated: "Q1 2025 was a strong quarter for SSC with the closing of the Humble acquisition, which vertically integrated our operations into cultivation, the closing of an over subscribed $6.0 million convertible debenture offering, achieving record gross revenue and adjusted EBITDA, the expansion of our asset base from $10.9 million in Q1 2024 to $57.8 million in Q1 2025, and subsequent to quarter end, significantly improving our balance sheet with the repayment of $3.4 million, the discharge of $0.5 million, and the deferral of $3.25 million of debt. Our steadfast focus for 2025 is to leverage our portfolio of assets to maximize profitability, cash flow from operations, and balance sheet strength, while achieving a lower cost of capital."
Q1 2025 Financial Highlights:
INCOME STATEMENT FIGURES
Q1 2025
Q1 2025 ANNUALIZED
Q1 2024
Q1 2024 ANNUALIZED
% INCREASE
Gross Revenue
$12.4M
$49.6M
$3.1M
$12.4M
298 %
Gross Revenue/Share
$0.115
$0.459
$0.064
$0.258
78 %
Net Revenue
$9.9M
$39.6M
$2.3M
$9.2M
330 %
Net Revenue/Share
$0.091
$0.365
$0.047
$0.190
93 %
Gross Margin
$4.8M
$19.2M
$1.1M
$4.4M
331 %
Gross Margin/Share
$0.044
$0.178
$0.023
$0.092
94 %
EBITDA(1)
$9.5M
Not Annualized(2)
$0.6M
$2.4M
1,451 %
EBITDA/Share
$0.087
Not Annualized(2)
$0.012
$0.050
595 %
Adjusted EBITDA(1)
$3.2M
$12.8M
$0.6M
$2.4M
417 %
Adjusted EBITDA/Share
$0.030
$0.120
$0.012
$0.050
131 %
Net Income
$8.4
Not Annualized(2)
$0.5M
$2.0M
1,573 %
Net Income/Share
$0.078
Not Annualized(2)
$0.010
$0.041
650 %
Normalized Net Income (NNI)(1)
$1.6
$6.4M
$0.5M
$2.0M
500 %
NNI/Share
$0.014
$0.057
$0.010
$0.041
38 %
Cash from Operations Prior to Changes in Working Capital
$2.0M
$8.0M
$0.6M
$2.4M
233 %
Gross Margin %
48.7 %
48.7 %
48.6 %
48.6 %
0 %
(1)
Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section of this press release below.
(2)
Not annualized as $7.7 million bargain purchase gain is non-recurring and skews figures.
