Q2 FY24 Review of Activities and Financial Performance

Elixinol Wellness Limited (ASX: EXL) reported a robust financial performance for Q2 FY24. Revenue increased by 118% to AU$3.7 million compared to AU$1.7 million in Q2 FY23, marking the seventh consecutive quarter of growth. Australian sales reached a record AU$3.2 million, doubling from the previous year, significantly aided by recent acquisitions.

Despite a slight decline in revenue for Elixinol Americas, a positive EBITDA of AU$26,000 was achieved, with online sales growing by 10%. The company implemented cost optimization measures, improving gross margins from 29% to 32%. As of June 30, the cash balance stood at AU$1.6 million, impacted by investments in inventory and integration costs. Elixinol targets FY24 sales of AU$16 million to AU$20 million and aims for EBITDA break-even in H2 FY24.

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