International medical cannabis company IM Cannabis Corp. IMCC IMCC announced its financial results on Thursday for the third quarter ended Sept. 30, 2024.

The company reported revenue from Germany grew 66% year-over-year, reaching CA$5.8 million ($4.1 million).

“While the 66% growth we delivered in Germany, to reach $5.8M this quarter is a highlight, we spent the quarter focused on building a solid foundation for 2025,” said CEO Oren Shuster. “Our goal was to build a strong, consistent supply chain, along with a laser focus on how to improve the efficiency and accuracy of how we use our resources. I believe that the foundation we built this quarter will be the basis we will use to deliver in 2025.”

Read Also: IM Cannabis Soars: German Sales Surge 200% In First 3 Months Post-Legalization, Q2 Revenue Up 12% YoY

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Q3 Financial Highlights

• Revenue increased by 12% year-over-year to CA$13.9 million, compared to CA$12.4 million in the third quarter of 2023.
• Gross profit was CA$3.1 million, up from CA$2.6 million in the prior year's period.
• Selling and marketing expenses dropped by 41% over the same period to CA$1.5 million.
• Total operating expenses fell by 16% year-over-year to CA$4.1 million.
• EBITDA loss narrowed by 68% over the period, from a loss of CA$1.6M in the third quarter of 2023 to a loss of CA$0.5 million in the third quarter of 2024. Adjusted EBITDA loss also improved by 82%, down to CA$0.2 million.
• The operational expense ratio improved by 25% year-over-year, falling from 40% in the third quarter of 2023 to 30% in the third quarter of 2024, reflecting improved cost management.
• Net loss narrowed to roughly CA$1 million from CA$2.1 million in the prior year's period.

IMCC Price Action

IM Cannabis' shares traded 13.96% lower at $2.5339 per share at the time of writing on Thursday morning.

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