Toronto, Ontario–(Newsfile Corp. – August 29, 2024) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) (“Red Light Holland” or the “Company“), an Ontario-based corporation engaged in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws, announces its financial and operational results for the three months ended June 30, 2024, the highlights of which are included in this news release. All figures are reported in Canadian dollars.
Todd Shapiro, CEO and Director of Red Light Holland, commented: “Our financial performance in the first quarter of 2025 reflects our strategic commitment to growth while maintaining strong cash management. We’ve increased revenues by 29.7% year-over-year, a clear indicator of our market strength and operational efficiency. Unlike many companies in our sector facing severe financial challenges, Red Light Holland continues to move forward with positive momentum, driven by our diversified revenue streams and prudent cash use. We look forward to continued, patient growth and we are excited to discuss our updated strategy in mid-to-late September 2024, as we’ll host a live Q&A for our loyal shareholders.”
Key Achievements:
- Strategic Revenue Growth: Achieved approximately 30% revenue growth year-over-year, not including the latest impactful Costco Canada reorder/partnership with Happy Caps
- Diversified Portfolio: Continued focus on expanding our brand recognition and overall retail distribution channels across Europe and North America, with current sales surpassing $12.5 million since going public in 2020
- Prudent Cash Management: Significantly reduced the Company’s cash burn, reinforcing our focus on financial stability and long-term profitability
Forward Outlook: Red Light Holland remains committed to focusing on a strategic path aimed at profitability and continued advocacy for responsible adult access and the ‘right to try’ psilocybin to help those in need. As we expand our product offerings and distribution, we are positioned to capitalize on emerging market opportunities while building long-term shareholder value as an “everything” mushroom company.
Upcoming Event: Todd Shapiro, CEO, and Jon Szczur, CFO, will host a live Q&A session in mid-to-late September 2024 to update shareholders on the Company’s progress, recent strategy updates, and future plans.
The Company’s full set of unaudited condensed interim consolidated financial statements for the three months ended June 30, 2024 and accompanying management’s discussion and analysis can be accessed by visiting the Company’s profile page on SEDAR+ at www.sedarplus.ca.
About Red Light Holland
The Company is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.