• Revenue up 80.9% to $14.956 million
• Loss reduced by 77.1% to $1.722 million
• Positive EBITDA contribution from acquisitions
• Operational efficiency drives margin improvement

Elixinol Wellness Limited reported a strong financial performance for the year ended 31 December 2024, with revenue up 80.9% to $14.956 million and loss reduced by 77.1% to $1.722 million. The company's acquisitions of Ananda Food Pty Ltd and The Healthy Chef business, as well as organic growth in its expanded brand portfolio and flagship Hemp Foods Australia brand, contributed to the impressive revenue growth. Despite facing challenges early in the year, the company successfully navigated supply chain cost pressures and saw margin recovery, with gross margins improving to 40% in Q4. The Healthy Chef and Elixinol USA delivered positive EBITDA, and the group approached EBITDA break-even by year-end, reflecting the company's disciplined financial management. The group's cost optimization and efficiency initiatives, along with a focus on core business operations and a disciplined approach to cost management, resulted in a significant improvement in Adjusted EBITDA loss from continuing operations, which decreased by 41% to $2.8 million. While the group utilized $3.5 million of operating cash during the year, this included $0.9 million of non-recurring costs related to acquisitions and other one-off items. Normalised cash burn reduced throughout the year, with operating cash burn in the final quarter down 25% from the prior quarter.

The company expects Q1 FY25 to be a flat quarter as it focuses on quality, operational excellence, and margin improvements to create a solid platform for exponential growth in the second half of the year. The company has a robust product pipeline, with 30+ products in development set to be ready for launch in H2 FY25.

The company's strategic initiatives and diversified brand portfolio enabled it to deliver exceptional growth in FY24, demonstrating the strength of its strategy and operational execution. The company is focused on further solidifying its foundation for sustained long-term growth, with a priority on strengthening processes and procedures, merging facilities post-Ananda acquisition for efficiency and scale, building a robust product pipeline, and developing pivotal retail opportunities.