Elixinol Wellness oversaw revenue growth of 81% in the 12 months to December as it posted a net loss after tax of A$1.7 million, down from a $7.5m deficit in 2023.
Revenue of $15m was driven by the acquisitions of The Healthy Chef and Ananda Food and organic growth of Hemp Foods Australia, the firm reported.
Australian sales more than doubled to almost $13m, with its US business generating revenue of $2.1m, down from $2.6m.
Elixinol said it was on track to be earnings break even in 2025 with more aggressive marketing, margin improvement and the “reinvigoration” of the US CBD market expected to underpin the performance.
Chairman Dave Fenlon described 2024 as a “transformational year”.
“We delivered 81% revenue growth, significantly reduced losses and strengthened margins, despite economic headwinds,” he said. “With our disciplined strategy, operational efficiencies and growing brand portfolio, we remain on track for EBITDA break even and sustained profitability in FY25.”
Rua Bioscience
Rua Bioscience narrowed pre-tax losses in the first half of FY25 amid a five-fold jump in revenue.
The New Zealand firm posted a loss of NZ$1.8 million (A$1.6m), an 83% improvement on the NZ$10.8m (A$9.8m) deficit in the previous corresponding period (pcp).
Excluding the NZ$8.6m impairment charge which made up the majority of its H1 FY24 result, Rua shaved 9% off the prior loss.
Revenue in the first half of FY25 hit NZ$889,000 (A$804,000), up 529%.
Rua attributed the financial improvement to its focus on a “capital-light operating model” which included the outsourcing of commercial manufacturing.
It also made “substantial progress” in supplying product to Germany, Australia, New Zealand and, since December, the UK.
“Achieving revenue in three key markets in the period is a huge success for Rua and creates robust and resilient revenue,” the firm said. “With the addition of the UK in the upcoming period, it is further evidence of Rua’s ability to execute on its strategic plan to be a global leader in medicinal cannabis.”
Despite the improved outlook, Rua acknowledged that it will need to raise cash in the coming months “to fund the growth in revenue into key markets”.
“We are working with shareholders to facilitate capital-raising efforts,” it said.
Wellnex Life
Wellnex Life delivered a 111% increase in revenue in the six months to December but suffered losses of A$7.5 million.
Sales of branded products hit $8.5m, an increase of 186%, while revenue generated through licensing deals climbed 64% to $3.47m.
Wellnex launched a range of medicinal cannabis products during the period in a joint venture with OneLife Botanicals but no sales breakdown was disclosed.
Two of OneLife’s subsidiaries, OneLife Labs and OneLife Cultivation, are currently in administration.
