Lowell Farms Q1 net revenue $4.9M, down 35% YoY; gross margin negative 17%

Lowell Farms Inc.

2024-Q1 EPS reported -$0.15 revenue$4,874,000

Net revenue $4.9M, down 35% from $7.5M in Q1 2023; up 35% sequentially from Q4 2023.
Gross margin negative 17% ($0.8M gross loss) due to costs of exiting the cultivation facility.
Operating loss $2.9M vs $2.4M loss YoY; net loss $2.9M vs $4.0M loss YoY.
Bulk Product revenue fell 73% YoY and 66% QoQ; CPG revenue down 11% YoY but up 10% QoQ.
Adjusted EBITDA negative $1.1M, flat YoY; improved from negative $4.1M in Q4 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Lowell Farms Inc. reported first quarter of 2024 (ended March 31, 2024) results: revenue $4.9 million, net income $2.9 million.

Period: first quarter of 2024 (ended March 31, 2024)
Revenue: $4.9 million
Net income: $2.9 million
Result: reported results

Exact text from the filing

(ended March 31, 2024). All figures stated are in US Dollars. First Quarter Financial Highlights: Net revenue generated for the quarter ended March 31, 2024 decreased 35% to $4.9 million, as compared to $7.5 million for the first quarter last year. Net revenue increased 35% from $7.5 million in the fourth quarter of 2023. CPG revenue decreased 11% for the quarter

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Lowell Farms Inc. reported first fiscal quarter ended March 31, 2024 results: revenue $4.9 million.

Period: first fiscal quarter ended March 31, 2024
Revenue: $4.9 million
Result: reported results

Exact text from the filing

(ended March 31, 2024). All figures stated are in US Dollars. First Quarter Financial Highlights: Net revenue generated for the quarter ended March 31, 2024 decreased 35% to $4.9 million, as compared to $7.5 million for the first quarter last year. Net revenue increased 35% from $7.5 million in the fourth quarter of 2023. CPG revenue decreased 11% for the quarter

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Source: SEC EDGAR

accession 0001171843-24-002874

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