Toronto, Ontario – May 1, 2025 – Glow Lifetech Corp. (CSE: GLOW) (OTCQB: GLWLF) (FSE: 9DO) (“Glow” or the “Company”) is pleased to report its financial results for the fourth quarter and the fiscal year ended December 31, 2024 (“Q4 2024 and “FY 2024”). In Q4 2024, Glow achieved record revenue, industry-leading gross margins, and key balance sheet improvements, reflecting the Company’s commitment to delivering sustainable, profitable growth.
“In Q4 2024, we took another meaningful step forward in strengthening Glow’s business fundamentals – delivering record high net revenue, sustained high gross margins, while significantly improving our balance sheet. We enter 2025 with momentum and a clear roadmap to continue scaling the business and advancing towards profitability,” said Rob Carducci, CEO, Glow Lifetech.“With our scalable operating model and substantial headroom for distribution growth across Canada, we have a clear path to accelerate revenue and market expansion in 2025.”
Q4 2024 Financial Highlights:
- Net revenue of $332,283, an increase of 46% from previous quarter (Q3 FY2024: $227,052) and 1,200% from prior year (Q4 FY2023: $25,552)
- Gross profit of $225,172, an increase of 35% from previous quarter (Q3 FY 2024: $166,249) and 1,504% from prior year (Q4 FY2023: $14,035)
- Gross margin of 68%, an increase of 1,284bps compared to 55% in Q4 2023
- EBITDA[1] loss narrowed to $116,883, an improvement of 38% from previous quarter (Q3 FY2024: $188,920)
- Cash balance of $1,291,407 and working capital surplus of $1,721,198 compared to a working capital deficit of $2,191,492 in Q4 2023
- Accounts payable and accrued liabilities reduced by $321,305 and related-party liabilities reduced by $1,106,509 from Q4 2023
- Current ratio of 2.91x, an increase of 3,487% compared to 0.08x in Q4 2023
“2024 marked a transformational year for Glow with rapid revenue growth of 1,803%, scaling up our lean & efficient operations, and establishing core customer relationships across Canada’s largest cannabis market,” said Rob Carducci, CEO, Glow Lifetech. “With a strong balance sheet coupled with our sustainable operating model and category-leading brands, the Company is well-positioned to build on this foundation and invest in growth opportunities to drive long-term success and value creation.”
Fiscal 2024 Financial & Operational Highlights:
- Net revenue of $836,193, an increase of 1,803% compared to prior year (FY2023: $43,931)
- Gross profit of $591,003, an increase of 2,198% compared to prior year (FY2023: $25,751)
- Gross margin of 71%, an increase of 1,214bps compared to 59% in FY 2023
- Launched 8 new SKUs across its MOD™ and .decimal™ brands into Ontario, growing total portfolio to 11 SKUs
- MOD™ achieved #3 oil brand[2] in Ontario and the #1 innovation in the oils category for 2024
- Expanded retail store penetration to 700+ stores across Ontario
2025 Outlook
For 2025, the Company is forecasting growth in both revenue and EBITDA, driven by the continued expansion of our cannabis brands in Canada and strategic initiatives. Our demonstrated success gives confidence we have the right strategy to achieve success, and we remain focused on our path to delivering sustainable, profitable growth.
In 2025, Glow will maintain a disciplined and measured approach while aggressively pursuing its growth agenda. Key strategic initiatives for fiscal 2025 include:
- Expanding market penetration of its cannabis brands in Canada, solidifying its winning position in Ontario and expanding into multiple new provinces across Canada.
- Maintain lean & efficient operational cost structure to deliver healthy, sustainable gross margins while scaling up production capacity to meet growing market demand.
- Make strategic, prudent investments in brand-building and retailer-marketing initiatives that enhance both brand equity and retail/budtender relationships.
- Continued R&D and commercialization activities to expand the available product portfolio and further develop a pipeline of category-leading products.
Glow’s demonstrated momentum, strong fundamentals, and growing brand presence underpin confidence in its path forward. With a differentiated strategy, high-margin model, and expanding national footprint, the Company is well-positioned to deliver sustained growth in 2025 and beyond.
[1] EBITDA is a non-IFRS measure and is not recognized, defined or standardized measures under IFRS. These measures are defined in the “Non-IFRS Measures” section of this news release.
[2] Based on $ Sales – 2024 OCS Wholesale Data, Q4 2024
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About Glow LifeTech Corp.
Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has a groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.
Website: www.glowlifetech.com
Contact:
Rob Carducci, CEO
Glow LifeTech Corp.
TF. 855-442-GLOW (4569)
ir@glowlifetech.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com
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