Nearly $1.8 million in government grants and tax incentives helped push Little Green Pharma into positive operating territory during the first quarter of FY24, a period in which flower sales accounted for more than half of total revenue.
The Western Australian producer recorded operating cash flow of $215,000 alongside record quarterly revenue of $6.5m — a 53% increase on Q1 FY23.
Inhaled products brought in $3.8m, pulling ahead of the $2.4m contributed by oil-based medicines.
Stripping out grants and incentives, LGP's operating cash flow showed a deficit of $1.6m.
The company, which holds $8.7m in cash, noted the quarterly revenue figure was 22% above Q4 FY23, with $5.3m sourced from Australia and $1.2m from Europe.
Cash receipts rose 86% compared with the same period a year earlier, reaching $6.9m.
During the April to June quarter, LGP cut its long-term debt by 60% and brought seven new products to market — three flower varieties, three vaporizer cartridges, and one oil.
LGP's share price held steady at $0.18c.
