Melodiol Q2 Revenue and Updates

Highlights:

• Q2 2024 unaudited revenues total $4.8m, a 9% increase on Q1 2024 ($4.4m)
• Brings H1 2024 unaudited revenues to $9.2m, a 31% increase on H1 2023 ($7.0m)
• Growth underpinned by strong results at Mernova

Growth was underpinned by strong results at Mernova. During Q2 of 2024, Mernova had confirmed unaudited purchase orders of $2.0m (C$1.8m). This figure is a 25% increase on Q1 2024 ($1.6m) and a 33% increase on Q2 2023 ($1.5m). In addition to these strong results, Mernova already has confirmed purchase orders for Q3 2024 of $452k (C$411k), providing a strong foundation for the quarter.

Additionally, Mernova achieved a variety of key objectives, including the introduction of a new product category (edibles), the approval of numerous new SKUs in existing provinces, the introduction of new vaporiser flavours and a supply agreement to source additional capacity to keep up with strong demand.

In addition to these strong results, Mernova already has confirmed purchase orders for Q3 2024 of $452k (C$411k), providing a strong foundation for the quarter.

During Q2 of 2024, HHI also provided $2.8m in sales between its Australian and UK divisions. As stated previously, the Company is committed to rationalising non-core business units, while focusing on its core divisions, Mernova and HHI in an effort to achieve profitability as quickly as possible.

Management commentary:

CEO and Managing Director, Mr William Lay said: “We are very pleased to demonstrate quarter on quarter growth for Melodiol as a group. During the last year, the Company has completed a step change in terms of revenue size, and we are sharply focused on Mernova and HHI as our core business units. By focusing on these business units, and rationalising non-core business units, all of our teams are working hard to achieve group profitability as quickly as possible.”

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