Lowell Farms Reports 35% Revenue Drop In Q1: Following Cannabis Cultivation Exit, Net Loss Down 27.5%
Portfolio Pulse from Nicolás Jose Rodriguez
Lowell Farms Inc. (OTC:LOWLF) reported a 35% revenue drop in Q1 2024, with net revenue falling to $4.9 million. Despite the decline, the company saw a 35% increase in net revenue from Q4 2023. The net loss improved by 27.5% YoY and 77.9% QoQ. The company exited its cultivation facility, impacting gross margins.
May 15, 2024 | 3:32 am
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Lowell Farms Inc. reported a significant 35% drop in Q1 2024 revenue, but net loss improved by 27.5% YoY and 77.9% QoQ. The exit from the cultivation facility impacted gross margins negatively.
The significant drop in revenue and negative gross margins due to the exit from the cultivation facility are likely to have a negative short-term impact on the stock price. However, the improvement in net loss may provide some cushion.
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