Avant Brands Reports Record Performance in Q3 2024

Avant Brands Inc. has announced its financial results for the third quarter of 2024, revealing significant achievements across several key metrics. The company reported record gross revenue of $9.6 million and net revenue of $8.5 million, marking increases of 27% and 30% respectively compared to Q3 2023. This growth is driven by a robust international demand, particularly in Australia, Germany, and Israel.

The company also set a new record for export wholesale revenue, reaching $5.1 million, a 116% rise from the previous year. This export segment accounted for 60% of the net revenue. Furthermore, Avant achieved its highest cannabis production and sales volumes, with 3,441 kilograms produced and 3,087 kilograms sold.

Despite a decrease in gross profit to $1.0 million, Avant noted improved cash flow and adjusted EBITDA of $2.1 million, marking the third consecutive quarter of positive adjusted net income. The expansion into international markets has played a crucial role in these outcomes.