Join our daily newsletter At The Bell to receive exclusive market insights
- Althea Group (AGH) hit a new high of $4.5 million in customer receipts over the recently completed September quarter
- The cannabis products producer explains receipts increased 116 per cent year on year and 57 per cent when compared to the June quarter
- The rise in sales will help Althea become earnings before interest, taxes, depreciation and amortisation (EBITDA) positive before the end of the year
- AGH entered the December quarter with $12.73 million in the bank after carrying out a $10.6 million placement in August
- Shares in Althea Group are trading up 5.56 per cent at 28.5 cents
Althea Group (AGH) brought in a new high of $4.5 million in customer receipts over the recently completed September quarter.
The cannabis company manufactures and sells cannabis-based medicines and recreational cannabis products across the UK, Canada and Australia.
The producer explained on Tuesday that its customer receipts increased 116 per cent year-on-year and 57 per cent when compared to the June quarter.
The increase in sales should help Althea produce revenue in excess of $15 million across FY22 and become earnings before interest, taxes, depreciation and amortisation (EBITDA) positive.
The healthcare stock entered the December quarter with $12.73 million in the bank after carrying out a $10.6 million placement in August.
It also said it reduced its operational expenditure by $1 million over the three-month period, with $3.53 million spent on operating activities.
AGH CEO Joshua Fegan said the performance across every segment of the business was encouraging.
“This has been the strongest quarter to date for Althea Group Holdings,” Mr Fegan said.
“The company is growing sales and increasing market share in our pharmaceutical cannabis business in Australia, the UK and Germany, and delivering strong commercial progress at Peak, our recreational cannabis business in Canada.
“In its first year of operations, Peak has contracted with some of the region’s most significant cannabis and beverage companies, and following a period of significant investment, is on track to become EBITDA positive before the end of the year.”
Shares in Althea Group were trading up 5.56 per cent at 28.5 cents at 2:40 pm AEDT.
