GLG Life Tech Corporation Reports Mixed Second Quarter Financial Results for 2024

VANCOUVER, BC / ACCESSWIRE / August 14, 2024 / GLG Life Tech Corporation (TSX:GLG), a leader in zero-calorie natural sweeteners, announced financial results for Q2 2024. The company's revenues rose to $3.7 million, marking an 84% increase from Q2 2023’s $2.0 million. For the first half of 2024, revenues reached $7.1 million, doubling the $3.6 million from the same period in 2023.

The surge in revenue stemmed from higher international stevia volumes but was dampened by a general market decline in stevia prices. Despite reducing SG&A expenses by $0.3 million in Q2 2024 and $0.5 million in the first half of 2024, the company reported a net loss attributable to shareholders of $3.6 million in Q2, significantly widening from a $0.3 million net income in Q2 2023.

Operational adjustments included the transfer of its Runde facility, aimed at alleviating significant bank debt. Additionally, the company faces a delisting from the TSX on September 3, 2024, due to financial deficiencies but is seeking to list on the TSX Venture Exchange. Despite meeting its 2023 financial filing requirements late, the company continues to pursue revocation of a cease trade order issued by the British Columbia Securities Commission.