Red White & Bloom Reports Strong Fiscal Year Progress
Red White & Bloom Brands Inc. Fiscal 2024 Financial Overview
Red White & Bloom Brands Inc. (CSE: RWB), recognized for its innovative approach in the cannabis industry, has recently filed its consolidated audited financial statements for the year that ended on December 31, 2024. This substantial filing includes not only the financial statements but also a detailed management discussion and analysis (MD&A), alongside necessary CEO and CFO certifications.
Delayed Filings and Current Status
It was previously disclosed that the Company faced delays in the completion of its Annual Filings and its interim statements for the first quarter of 2025. This led to the issuance of a failure-to-file cease trade order (FFCTO) by the relevant securities regulator, which came into effect on July 3, 2025. Thankfully, with the Annual Filings now successfully completed, Red White & Bloom is actively working to finalize and submit its filings for 2025's first quarter. The FFCTO remains active until these filings are fully finalized and accepted.
2024 Financial Highlights
When we delve into the specifics of the financial results, some key metrics from the Company’s fourth quarter and fiscal year 2024 stand out.
2024 Fourth Quarter Results
- Revenues increased to $18.7 million for the fourth quarter of 2024, with a noteworthy rise of $2.8 million from the restated figure of $15.9 million in the fourth quarter of 2023.
- Gross profit after fair value adjustments was reported at $5.4 million, although this reflected a decline of $5.1 million compared to the restated fourth quarter of 2023, which was $10.6 million.
- Operating expenses saw a positive decrease, amounting to $9.1 million, down from $12.8 million in the previous year’s fourth quarter.
- EBITDA revealed substantial growth, sitting at $6.3 million for Q4 of 2024, marking a striking recovery from a negative adjusted EBITDA of $91.3 million in the previous year’s fourth quarter.
Overview of Fiscal Year 2024
- Consolidated revenues for the entire fiscal year also showed strength, totaling $80.2 million, an increase of $10.6 million from the restated $69.6 million of 2023.
- Gross profit for 2024 came in at $28.4 million, reflecting a $3.4 million gain over the restated figure of $25 million for the previous year, illustrating effective management and operational efficiencies.
- Operating expenses rose to $40.4 million, an increase of $9.4 million compared to $31 million for fiscal year 2023.
- EBITDA for the full year stood at $10.8 million, marking a significant improvement of nearly $100 million from the $89 million negative adjusted EBITDA of the prior year.
About Red White & Bloom Brands Inc.
Red White & Bloom has established itself as a multi-state cannabis operator, housing premium brands in the United States, Canada, and select international areas. The focus of the Company remains on expanding its influence in major markets, particularly California, Florida, Missouri, Michigan, and Ohio, while also exploring opportunities across the Canadian landscape and other international territories.
Contact Information
For those interested in investor relations or media inquiries, Red White & Bloom Brands Inc. can be reached through:
Edoardo Mattei, CFO
Investor and Media Relations
Email: IR@RedWhiteBloom.com
Phone: 947-225-0503
Frequently Asked Questions
What financial results did Red White & Bloom report for 2024?
Red White & Bloom reported revenues of $80.2 million for the fiscal year 2024, with substantial improvements in EBITDA and operational metrics.
What contributed to Red White & Bloom's revenue growth?
The Company's expansion into key U.S. markets and effective operational management played significant roles in driving revenue growth.
How is Red White & Bloom addressing the cease trade order?
Red White & Bloom is actively working to finalize its filings for 2025's first quarter to resolve the cease trade order currently in place.
What markets does Red White & Bloom focus on?
The Company primarily concentrates on major U.S. states such as California, Florida, Missouri, Michigan, and Ohio, alongside Canadian and other international markets.
Who can I contact for more information about Red White & Bloom?
For inquiries, please reach out to Edoardo Mattei, CFO, at IR@RedWhiteBloom.com or call 947-225-0503.
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