Wed, May 15, 10:42 AM (73 days ago)
Gold Flora Corporation's Q1 2024 10-Q report highlights significant growth in revenues to $32.2M, up 105.4% YoY, driven by increased cultivation capacity and the addition of new retail locations from the July 2023 Business Combination with TPCO Holding Corp. Despite revenue growth, the company reported a net loss of $13.7M, up from $9.3M in Q1 2023, primarily due to higher operating expenses. Gross profit improved to $10.0M, with an adjusted gross profit margin of 54.1%, reflecting efficiencies from vertical integration. Cash flow from operations was negative at $4.4M, with cash and equivalents at $14.2M. The company continues to face substantial doubt about its ability to continue as a going concern due to ongoing losses and may seek additional financing. The integration of TPCO's operations and cost-cutting measures are expected to yield future synergies and operational efficiencies.