/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ CALGARY, AB, May 8, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV:HASH) ("SSC") is pleased to announce its Q1 2024 results, including record gross revenue of $3,122,232, EBITDA of $567,602 (adjusted EBITDA of $611,571), and net income of $502,536 (normalized net income of $546,505). The information set out in this press release should be read in conjunction with SSC's March 31, 2024 financial statements and the related management's discussion and analysis, which are available for review on SSC's SEDAR+ profile at www.sedarplus.ca. Jeff Swainson, President & CEO of SSC, stated: "With positive adjusted EBITDA in eight straight quarters and normalized net income in six straight quarters, we continue to demonstrate that concurrent revenue growth and profitability is possible in the Canadian cannabis industry. We now endeavour to continue our track record of profitable revenue growth for the remainder of 2024, and we will provide Q2 2024 guidance in the coming weeks." Q1 2024 Financial & Operational Highlights: March 31, 2024 Working Capital(1): $4,233,711. Q1 2024 Gross Revenue: $3,122,232 (Q4 2023 - $1,790,625), an increase of 74.4%. Continued Astrolab and Frootyhooty expansion and the Lamplighter acquisition fuelled this revenue growth. Q1 2024 Net Revenue: $2,298,273 (Q4 2023 - $1,311,311), an increase of 75.3%. Q1 2024 Gross Margin: $1,117,386 (Q4 2023 - $483,613), an increase of 131.0%. Q1 2024 Gross Margin Percentage: 48.6% of net revenue (Q4 2023 – 37.0%), an increase of 31.4%. Q1 2024 EBITDA(1): $567,602 (Q4 2023 - $936,605 loss), an increase of 160.6%. See TABLE 1 below. Q1 2024 Adjusted EBITDA(1): $611,571 (Q4 2023 - $80,050), an increase of 664.0%. Q1 2024 Net Income: $502,536 (Q4 2023 - $1,000,967 loss), an increase of 150.2%. Q1 2024 Normalized Net Income(1): $546,505 (Q4 2023 - $15,687), an increase of 3,383.8%. Lamplighter Acquisition: On January 17, 2024, SSC acquired the Lamplighter brand for proceeds of up to $600,000, which is the value of the net book value of tangible assets received. Financing: Subsequent to Q1 2024, on April 17, 2024, SSC issued 5,333,334 units at a price of $0.15 per unit for net proceeds of $800,000. Each Unit consisted of one common share and one common share purchase warrant of SSC. Each Warrant is exercisable for one common share of SSC at a price of $0.20 per share for a period of three years from the date issued. (1) Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section of this press release below. SSC took control of its Rocky View facility ("Facility") on June 29, 2022. Please see TABLE 1 below for a summary of SSC's quarterly EBITDA, adjusted EBITDA, net income, and normalized net income since taking control of the Facility: TABLE 1: QUARTERLY EBITDA AND NET INCOME Quarter Ended EBITDA AdjustedEBITDA Net Income (Loss) NormalizedNet Income(Loss) September 30, 2022 125,968 134,611 (73,476) (73,476) December 31, 2022 554,583 623,139 276,898 345,454 March 31, 2023 876,296 958,807 758,828 841,337 June 30, 2023 1,422,160 1,098,392 1,217,641 893,873 September 30, 2023 259,140 328,822 64,814 134,496 December 31, 2023(2) (936,605) 80,050 (1,000,968) 15,687 March 31, 2024 567,602 611,571