IM Cannabis Soars: German Sales Surge 200% In First 3 Months Post-Legalization, Q2 Revenue Up 12% YoY
Portfolio Pulse from Jelena Martinovic
IM Cannabis Corp. (NASDAQ:IMCC) reported a 12% YoY increase in Q2 revenue to CA$14.8 million, driven by a 200% surge in German sales post-legalization. Despite the revenue growth, the company faced a significant drop in gross profit and an increased EBITDA loss. A share consolidation plan was also announced to attract institutional investors.
August 14, 2024 | 1:43 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
IM Cannabis reported a 12% YoY increase in Q2 revenue, driven by a 200% surge in German sales post-legalization. However, gross profit dropped by 75.6%, and EBITDA loss increased by 357%. The company also announced a share consolidation plan to attract institutional investors.
The significant increase in revenue and German sales is a positive indicator for IMCC's growth potential. However, the drop in gross profit and increased EBITDA loss are concerning. The share consolidation plan could improve stock attractiveness and liquidity, potentially boosting short-term stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100