Wed, Aug 14, 8:42 PM (153 days ago)
For the quarter ended June 30, 2024, Gold Flora Corporation reported significant financial activity following its Business Combination with TPCO Holding Corp. Revenue increased to $31,642 from $14,957 YoY, driven by expanded retail operations and increased cultivation output. Gross profit also rose to $7,248, although gross profit margin declined to 22.9% from 26.3%, influenced by higher costs of goods sold. Operating expenses surged to $20,766, reflecting increased administrative costs associated with the larger scale of operations. The net loss attributable to Gold Flora was $23,835, compared to $14,062 the previous year. Cash flow from operations remained negative at $4,846, indicating ongoing liquidity challenges. Total assets decreased to $208,402 from $226,366, with current liabilities increasing significantly, suggesting potential strain on cash flow management. The company reported a shareholders' deficit of $44,626, raising concerns over its going concern status. Management is focused on optimizing operations and reducing costs to enhance profitability and cash flow sustainability in the future.