Government grants and tax incentives of almost $1.8 million pushed Little Green Pharma into the operating black as flower sales generated more than half its revenue in the first quarter of FY24.
The WA-based producer reported positive operating cash flow of $215,000 off the back of record quarterly revenue of $6.5m, 53% higher than Q1 FY23.
Sales of inhaled product accounted for $3.8m of sales, surging past the $2.4m generated from oil medicine.
Excluding grants and incentives, LGP’s operating cash flow deficit was $1.6m.
LGP, which remains well funded with $8.7m of cash at bank, said the revenue figure was 22% higher than Q4 FY23, with $5.3m generated from Australia and $1.2m from Europe.
Meanwhile, cash receipts climbed 86% from the previous corresponding period to $6.9m.
The company said it reduced its long term debt by 60% during the April to June period and launched seven products; three flowers, three vaporizer cartridges and an oil.
LGP’s share price remained steady at $0.18c.
