/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ CALGARY, AB, Aug. 15, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV:HASH) ("SSC") is pleased to announce its Q2 2024 results, including record gross revenue of $4,232,663, record EBITDA of $1,282,6961 (adjusted EBITDA of $952,986), record net income of $1,220,708 (normalized net income of $890,725), and annualized net income of $0.096 per share. All Q2 2024 results exceed the Q2 2024 guidance provided by SSC in its news release dated May 27, 2024. The information set out in this press release should be read in conjunction with SSC's financial statements as at and for the three and six months ended June 30, 2024 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: "SSC has established a track record of revenue growth and profitability which has resulted in strong strategic positioning within the Canadian cannabis industry. We will seek to continue to leverage this positioning to capitalize on opportunities resulting from industry headwinds, and to finish the second half of 2024 stronger than the first half." Mr. Swainson added: "Our team is doing a fantastic job integrating CannMart Inc. into our operations as planned. Revenue growth is being fuelled by the proceeds of our recent over subscribed $3.85 million financing, and we are capitalizing on synergies and cost reductions with CannMart which are expected to drive profitability. We will provide Q3 2024 guidance in the coming weeks; however, on a preliminary basis, we are projecting Q3 2024 annualized gross revenue of approximately $27.0 million ($0.40/share), September 2024 annualized gross revenue of approximately $33.0 million ($0.45/share), Q4 2024 annualized gross revenue of approximately $37.0 million ($0.50/share), and December 2024 annualized gross revenue of approximately $42.0 million ($0.55/share), up from our record $16.8 million of annualized gross revenue achieved in Q2 2024."   Q2 2024 Financial Highlights: Q2 2024 Net Income per Share (EPS): $0.024 (Q1 2024 - $0.01), an increase of 140%. Q2 2024 Annualized Net Income per Share (EPS): $0.096 (Q1 2024 - $0.04), an increase of 140%. Q2 2024 Cash Flow from Operations Before Working Capital Changes: $952,896 (Q1 2024 - $610,843), an increase of 56%. Q2 2024 Gross Revenue: $4,232,663 (Q1 2024 - $3,122,232), increase of 36%. Q2 2024 Net Revenue: $2,902,206 (Q1 2024 - $2,298,273), an increase of 26%. Q2 2024 Gross Margin: $1,720,920 (Q1 2024 - $1,117,387), an increase of 54%. Q2 2024 Gross Margin Percentage: 59% of net revenue (Q1 2024 – 49%), an increase of 20%. Q2 2024 EBITDA: $1,282,969 (Q1 2024 - $567,602), an increase of 126%. See TABLE 1 below.  Q2 2024 Adjusted EBITDA: $952,986 (Q1 2024 - $611,571), an increase of 56%. Q2 2024 Net Income: $1,220,798 (Q1 2024 - $502,536), an increase of 143%. Q2 2024 Normalized Net Income(1): $890,815 (Q1 2024 - $546,505), an increase of 63%.  Q2 2024 Working Capital(1): 5,909,655 (Q1 2024 - $4,233,711), an increase of 40%. Q2 2024 Inventory Turnover: 0.48x (Q1 2024 – 0.50x). Expected Q3 2024 inventory turnover of 0.70x and expected Q4 2024 inventory turnover of 1.00x, reflecting planned increases in revenue.  Q2 2024 Current Ratio: 1.74 (Q1 2024 – 1.64), an improvement of 6%. Q2 2024 Financing: On April 17, 2024, SSC issued 5,333,334 units at a price of $0.15 per unit for net proceeds of $800,000. See the following news release dated April 17, 2024 for details: OVER SUBSCRIBED $800,000 UNIT FINANCING, which is also available on SSC's SEDAR+ profile at www.sedarplus.ca. CannMart Services & Acquisition Agreements: On June 24, 2024, SSC entered into services and acquisition agreements regarding the operating and acquisition of CannMart Inc.  See the following news release dated June 25, 2024  for details of this transaction:  CANNMART SERVICES & ACQUISITION AGREEMENTS, which is also available on SSC's SEDAR+ profile at www.sedarplus.ca. Q3 2024 Financing: On July 17, 2024, SSC issued 15,400,000 units at a price of $0.25 per unit for gross proceeds of $3,850,000. See the following news release dated July 17, 2024 for details: OVER SUBSCRIBED $3,850,000 UNIT FINANCING, which is also available on SSC's SEDAR+ profile at www.sedarplus.ca. Warrant Exercises: Subsequent to Q2 2024 up until August 14, 2024, 3,311,959 common share purchase warrants of SSC have been exercised at $0.20 per warrant for proceeds of $662,392. (1) Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section of this press release below. Please see TABLE 1 below for a summary of SSC's quarterly EBITDA, adjusted EBITDA, net income, and normalized net income since SSC received its Health Canada licenses: TABLE 1: QUARTERLY EBITDA AND NET INCOME Quarter Ended EBITDA(1) Adjusted EBITDA(1) Net Income (Loss) Normalized Net Income (Loss) (1) September 30, 2022 206,020 158,334 43,940 (3,746) December 31, 2022 529,645 598,201 276,898 345,454