Elixinol Wellness recorded 81% revenue growth over the 12 months to December, posting a net loss after tax of A$1.7 million — a significant improvement on the $7.5m deficit recorded in 2023.
The company attributed revenue of $15m to the acquisitions of The Healthy Chef and Ananda Food, along with organic growth from Hemp Foods Australia.
Australian sales more than doubled to nearly $13m, while the company's US operations brought in $2.1m, down from $2.6m in the prior period.
Elixinol said it expects to reach earnings break even in 2025, with more aggressive marketing, improved margins and the "reinvigoration" of the US CBD market anticipated to support that outcome.
Chairman Dave Fenlon called 2024 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 cut its pre-tax losses in the first half of FY25 as revenue climbed fivefold.
The New Zealand company reported a loss of NZ$1.8 million (A$1.6m), an 83% improvement compared to the NZ$10.8m (A$9.8m) deficit in the prior corresponding period.
Stripping out the NZ$8.6m impairment charge that dominated the H1 FY24 result, Rua reduced its underlying loss by 9% year on year.
First-half FY25 revenue came in at NZ$889,000 (A$804,000), up 529% on the same period last year.
Rua credited the financial improvement to its focus on a "capital-light operating model", which included outsourcing commercial manufacturing.
The company also said it had made "substantial progress" in supplying product to Germany, Australia, New Zealand and, from 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 trajectory, Rua acknowledged it would need to raise additional capital in the months ahead "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 posted a 111% rise in revenue for the six months to December, though the company still recorded losses of A$7.5 million over the period.
Branded product sales reached $8.5m, a jump of 186%, while revenue from licensing arrangements grew 64% to $3.47m.
During the half, Wellnex introduced a range of medicinal cannabis products through a joint venture with OneLife Botanicals, though no breakdown of sales from that segment was provided.
Two OneLife subsidiaries, OneLife Labs and OneLife Cultivation, are currently in administration.
