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GURU Organic Energy Announces Second Quarter 2024 Financial Results

19% net revenue growth to $15.1 million for the first six months of 2024, versus $12.7 million in 2023. Net revenue of $8.0 million in Q2 2024, up from $7.7 million in Q2 2023, despite inventory adjustments by GURU's exclusive Canadian distributor. Encouraging preliminary results from Peach Mango Punch and Zero Wild Berry launches in Canada, with combined market share of 5.2% in leading grocery banner after first few weeks1. US sales surged 143% to $2.7 million in Q2 2024 from $1.1 million in Q2 2023, driven by a significant sales increase in the wholesale club channel and on Amazon where GURU ranks as the #1 organic energy drink2. Gross profit for the first six months of the year increased significantly to $8.2 million compared to $6.8 million in 2023. Strong gross margin reached 54.4% year-to-date (55.8% in Q2) compared to 53.3% a year ago. First six-month net loss dropped to $4.5 million in 2024 from $5.3 million in 2023, thanks to robust revenue and gross profit. Strong financial position with $38.2 million in cash, cash equivalents and short-term investments, and unused credit facilities. Exciting brand revitalization in Q3 2024 across GURU's entire line, focused on enhancing brand visibility, expanding offerings, and boosting overall appeal. Based on strong initial success of Zero Wild Berry in Canada, GURU will launch the GURU Zero product line in the US in Q4 2024 with three flavors. MONTRÉAL, June 13, 2024 (GLOBE NEWSWIRE) -- GURU Organic Energy Corp. (TSX: GURU) ("GURU" or the "Company"), Canada's leading organic energy drink brand3, today announced its results for the second quarter ended April 30, 2024. All amounts are in Canadian dollars unless otherwise indicated. Financial Highlights(in thousands of dollars, except per share data) Three months endedApril 30 Six months endedApril 30   2024   2023   2024   2023     $   $   $   $   Net revenue 8,001   7,713   15,147   12,724   Gross profit 4,465   4,098   8,247   6,787   Net loss (2,673 ) (2,657 ) (4,529 ) (5,270 ) Basic and diluted loss per share (0.09 ) (0.08 ) (0.15 ) (0.12 ) Adjusted EBITDA4 (2,685 ) (2,478 ) (4,650 ) (5,053 ) "GURU has now achieved its fifth consecutive quarter of topline growth and a 19% increase in year-to-date net revenue. This quarter's performance was primarily driven by an impressive 143% increase in sales from our US wholesale club and online channels in Q2. Our performance in the US market is another indication that our brand has the potential to grow at a faster pace. Retail sales also performed well in Quebec and at select grocery banners in major urban centres in other Canadian provinces," said Carl Goyette, President and CEO of GURU. "While our Q2 results were impacted by inventory adjustments by our exclusive Canadian distributor, a factor beyond our control, underlying demand for our energy drinks remains strong in most of our sales channels and is showing continued momentum with the recent Quebec launch of our two latest innovations, Peach Mango Punch and our first zero sugar product, Zero Wild Berry. These innovations ...