Acquisitions and increased tourism helped drive sales up.
Canadian mushroom and psychedelics firm Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) reported another C$1.1 million loss for its latest fiscal quarter, which ended Sept. 30.
That’s a 15% improvement from its C$1.3 million losses for the same period a year prior, while increasing revenue by 33% year-over-year.
Red Light – which sells functional mushrooms and home mushroom grow kits in North America and Europe, as well as psilocybin truffles in the Netherlands, where those goods are legal – pulled in C$938,324 in revenues for the quarter, up from C$736,428 in its second fiscal quarter last year. That brings revenue for the current fiscal year to C$2.1 million, up from C$1.5 million for the first six months of its 2023 fiscal year.
The company attributed the year-over-year revenue gain in part to increased sales from acquisitions completed in 2022 and higher wholesale revenue in the Netherlands driven by increased tourism.
Revenue was down sequentially, however, from the C$1.2 million the company posted in its first quarter this year.
CFO David Ascott noted that the company’s “financial position and liquidity remains strong, and the company currently has sufficient capital to fund its ongoing business development and future growth and expansion plans for the foreseeable future.”
At the end of September, Red Light had C$28.1 million in total assets, including C$16.3 million in cash, against C$3.6 million in total liabilities.
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