Grown Rogue International Inc. (CSE:GRIN) (OTC:GRUSF) reported its first-quarter 2024 results on Thursday for the three months ended March 31, 2024.

The Oregon-based company reported record quarterly revenue of $6.7 million, compared to $6 million in the three months ended April 30, 2023, representing a year-over-year increase of 11%.

Grown Rogue noted the comparison period for 2023 is the three months ended April 30, 2023, due to the recent fiscal year-end change from Oct. 31 to Dec. 31.

“This was another exciting quarter with record revenue and aEBITDA despite the year-ago comparison period including April instead of January; April is seasonally a stronger month for the industry," CEO Obie Strickler said. "In addition, we achieved record indoor revenue in Michigan and Oregon during the quarter and are thrilled that an increasing number of customers in competitive markets are choosing our products which means we are continuing to bring them value.”

Q1 2024 Financial Highlights

Gross profit totaled $3.2 million, up from $2.6 million in the prior year's period.
Total expenses amounted to $2.7 million, up from $1.8 million, in the first quarter of fiscal 2023.
Net loss amounted to $4.2 million, compared to net income of $411,979 in the quarter ended April 30, 2023.
Adjusted EBITDA came in positive at $2.4 million, compared to a positive adjusted EBITDA of $2.1 million in the prior year's period.
Adjusted EBITDA margin was 36.9%, compared to 35.1% in the same quarter of last year.

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The company continues to augment its presence in New Jersey. Strickler reiterated the company's "primary growth drivers in 2024 and 2025 continue to be our expansion efforts in New Jersey and Illinois."

"The construction of New Jersey Phase I is substantially on time and on budget and we continue to expect sales to New Jerseyans in the back half of this year," he explained. "Grown Rogue recently obtained initial state licensing approval in New Jersey and will share additional information on that shortly."

The company announced its debut in Illinois earlier this year via a partnership with EBC Ventures, establishing Rogue EBC LLC, a joint venture poised to reshape craft cannabis segment statewide.

"Illinois design and engineering is underway, and we are targeting sales starting in the second half of 2025,” Strickler said.

Q1 2024 Financial Highlights

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Grown Rogue Reports Record Q1 Revenue, CEO Calls These Two States 'Primary Growth Drivers'