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Melodiol Q2 Revenue and Updates

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise that it has delivered another strong revenue quarter. During Q2 of 2024, Melodiol generated unaudited revenue of$4.8m, a 9% increase on Q1 2024 ($4.4m). H2 2024 unaudited revenues now total $9.2m, a 31% increase on H1 2023 ($7.0m).

Highlights:

  • Q2 2024 unaudited revenues total $4.8m, a 9% increase on Q1 2024 ($4.4m)
  • Brings H1 2024 unaudited revenues to $9.2m, a 31% increase on H1 2023 ($7.0m)
  • Growth underpinned by strong results at Mernova

Growth was underpinned by strong results at Mernova. During Q2 of 2024, Mernova had confirmed unaudited purchase orders of $2.0m (C$1.8m). This figure is a 25% increase on Q1 2024 ($1.6m) and a 33% increase on Q2 2023 ($1.5m). In addition to these strong results, Mernova already has confirmed purchase orders for Q3 2024 of $452k (C$411k), providing a strong foundation for the quarter.

Additionally, Mernova achieved a variety of key objectives, including the introduction of a new product category (edibles), the approval of numerous new SKUs in existing provinces, the introduction of new vaporiser flavours and a supply agreement to source additional capacity to keep up with strong demand.

In addition to these strong results, Mernova already has confirmed purchase orders for Q3 2024 of $452k (C$411k), providing a strong foundation for the quarter.

During Q2 of 2024, HHI also provided $2.8m in sales between its Australian and UK divisions. As stated previously, the Company is committed to rationalising non-core business units, while focusing on its core divisions, Mernova and HHI in an effort to achieve profitability as quickly as possible.

Management commentary:

CEO and Managing Director, Mr William Lay said:“We are very pleased to demonstrate quarter on quarter growth for Melodiol as a group. During the last year, the Company has completed a step change in terms of revenue size, and we are sharply focused on Mernova and HHI as our core business units. By focusing on these business units, and rationalising non-core business units, all of our teams are working hard to achieve group profitability as quickly as possible.”

Click here for the full ASX Release

This post appeared first on investingnews.com

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