Delivra Health delivers C$876,000 net profit for 2024 fiscal year

Vancouver-based Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) reported a net profit of C$876,000 for its 2024 fiscal year, which came to a close June 30.

The move into the black – a significant improvement from the 2023 fiscal year loss of C$184,000 – came with a 26% year-over-year jump in net revenue, which climbed to C$12.3 million from C$9.7 million in 2023, the company reported.

The uptick was mainly due to higher sales in both the U.S. and Canada of the company’s cannabis-infused Dream Water and LivRelief topical creams, Delivra said in a press release. However, the company’s cost of sales and overall expenses also increased.

“For the second straight year, we achieved positive adjusted EBITDA and positive cash flow,” Delivra President and CEO Gord Davey said in the release, adding that the company is focused on more expansion. “We anticipate continued revenue and profitability growth in the coming year.”

Delivra’s gross profit margin increased year-over-year to 52% from 49%, and gross profit was up to C$6.3 million from C$4.8 million.

The cost of sales year-over-year for Delivra increased to C$5.7 million from C$4.5 million, and total expenses also went up to C$5.7 million from C$4.7 million, the company reported.

As of June 30, Delivra had C$10 million in total assets, including C$4.2 million in cash, against C$4.8 million in total liabilities.