TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. ("Lifeist" or the "Company") (TSXV:LFST) (FRANKFURT: M5B) (OTC:LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today reported its financial results for the three months ended February 29, 2024 ("Q1 2024") compared to the same period last year ("Q1 2023"). All financial figures are in Canadian dollars unless otherwise indicated. First Quarter Highlights Net revenue from continued operations of $4.9 million in Q1 2024 compared to $5.9 million in Q1 2023. Gross profit before inventory adjustment of $1.4 million in Q1 2024, representing gross margin of 27%, compared to $1.5 million, or 25% gross margin, in Q1 2023. Operating costs and professional fees decreased to $3.4 million in Q1 2024 compared to $4.4 million in Q1 2023. Adjusted EBITDA loss improved to $2.1 million in Q1 2024 compared to $3.0 million in Q1 2023. "Our performance in the first quarter of 2024 reflects the challenges of operating in the present regulatory and economic landscape," said Meni Morim, CEO of Lifeist. "While our efforts to focus on premium, higher margin products and continued operational efficiencies have led to improvements in the bottom line, the quarter reflected a drop in revenue from a year ago. We are taking steps to address structural issues within our operations and will act on opportunities to increase revenue and drive toward profitability. The teams at CannMart, Aussie Vapes, and Mikra are working tirelessly to realize the goal of transforming Lifeist into a sustainable, diversified wellness company." Financial Summary Net revenue was $4.9 million in Q1 2024 compared to $5.9 million in Q1 2023. Gross profit before inventory adjustment was $1.4 million in Q1 2024 versus $1.5 million in the same period last year, with margins of 27% in Q1 2024 compared to 25% in Q1 2023. Adjusted EBITDA loss improved to $2.1 million in Q1 2024 compared to $3.0 million in Q1 2023 and net loss from continuing operations improved to $2.5 million, or ($0.004) per diluted share, in Q1 2024 compared to a loss of $3.3 million, or ($0.007) per diluted share, in Q1 2023. The improvement in both adjusted EBITDA loss and net loss was due largely to operational efficiencies and the resulting reduction in operating costs of $1.1 million in Q1 2024 versus 2023. Balance Sheet and Cash Flow Cash and cash equivalents were $1.6 million at February 29, 2024, compared to $1.5 million at November 30, 2023. Inventories were $3.3 million at February 29, 2024 compared to $4.5 million at November 30, 2023. The working capital position was negative $2.4 million at February 29, 2024. Net cash provided by operations was $0.4 million in Q1 2024 compared to net cash provided by operations of $2.2 million in Q1 2023. New CFO Appointed  Lifeist also announces the appointment of Mr. Joshua Hone to the position of Chief Financial Officer (CFO) of the Company, effective April 30, 2024. Mr. Hone was promoted from his current ...