Investor Presentaiton
Q2 FY2024 KEY FINANCIAL HIGHLIGHTS
Q2 FY2023
(As
Restated) Q2 FY2023
Q2
(CDN in millions) FY2024
Net Revenue $69.6
$87.9
VS.
(21%)
Gross Margin
34%
(1)%
3500 bps
Adjusted
EBITDA $(11.9)
($56.4)
79%
Free Cash Flow¹
$(67)
$(99)
32%
Net Revenue decreased 21%. Adjusting for divestiture
of Canadian national retail operations, organic net
revenue in Q2 FY2024 decreased 7% year-over-year.
The decrease in organic net revenue is primarily due
to lower Canadian adult-use B2B, international
medical cannabis and Storz & Bickel revenue partially
offset by an increase in Canadian medical cannabis
revenue.
Gross margin improvement is due primarily to realized
benefit of our cost saving program, a decrease in
write-downs of excess inventory and gross margin
improvement in Rest-of-world cannabis and
ThisWorks segments.
Free Cash Flow improved due to lower cash used in
operating activities partly driven by the exclusion of
BioSteel negative cash flows. Cash used during the
quarter includes $28MM in cash interest payments
made during Q2 Fiscal 2024 as well as cash
restructuring and facility hold costs.
Cash/Marketable
Secs.
$270
$1,143
(76)%
1 Adjusted EBITDA and Free Cash Flow are Non-GAAP measure. See Non-GAAP measure section in the Disclaimers and Cautionary Statements section of this Presentation..
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