Delota Corp., a leading Canadian omni-channel retailer of nicotine vape and alternative tobacco products is pleased to report it has filed its annual consolidated financial statements, management discussion and analysis, and associated certifications (collectively, the “Annual Filings”) for the fiscal year ended January 31, 2024. The Annual Filings may be accessed under the Company’s SEDAR+ profile at www.sedarplus.ca.
Cameron Wickham, CEO of Delota, commented, “I am very pleased with our fourth quarter and annual results for the year ended January 31, 2024, which includes record annual revenue of $34 million. We have expanded our 180 Smoke footprint across Ontario to 29 stores and strengthened our national e-commerce platform which together, serve over 220,000 loyalty members.” He continued, “We have a defined growth strategy, which includes organic brick-and-mortar expansion in Ontario and select provinces across Canada, as well as strategic M&A to accelerate growth. The industry is primed for consolidation, and Delota is well positioned to capitalize on that. As we continue to expand our platform, we will increase top line revenue and add to bottom line profitability. I am very proud of our team and look forward to continuing to excel in this exciting industry.”
Financial Highlights:
- Total revenue of $34,069,680 for the year ended January 31, 2024 (“Year Ended 2024”), reflecting year-over-year (“YoY”) growth of 31% as compared to the year ended January 31, 2023
- 40% gross profit margin for the Year Ended 2024
- Positive Adjusted EBITDA of $235,552 for the Year Ended 2024
- Total revenue of $10,152,051 for the three months ended January 31, 2024 (“Q4 2024”), reflecting YoY growth of 47% as compared to the three months ended January 31, 2023
- 38% gross profit margin for Q4 2024
- Positive Adjusted EBITDA of $331,138 for Q4 2024
- Segmented Revenue for the Year Ended 2024:
- Vape – B2C: $23,434,410, B2B: $6,874,734
- Cannabis – B2C: $3,760,536
Other Highlights:
- On April 29, 2024, the Company announced the expansion of its product portfolio with the addition of nicotine-based Siberia White Snus pouches through a partnership with GN Canada, the exclusive Canadian distributor and partner with global snus leader GN Tobacco.
- On April 11, 2024, the Company provided a corporate update on its significant growth and progress.
- On April 2, 2024, the Company changed its stock symbol from “LOTA” to “NIC” on the Canadian Securities Exchange. The new stock symbol is intended to better align with its mission of becoming the largest national specialty retailer of nicotine vape and alternative tobacco products.
- On February 5, 2024, the Company completed debt settlements in the amount of $215,000 with certain creditors of the Company to preserve cash for working capital through the issuance of 1,535,715 units of the Company at a price of $0.14 per unit.
- On December 19, 2023, the Company closed a non-brokered private placement of senior secured convertible debenture units for aggregate gross proceeds of $900,000.
- On December 19, 2023, the Company opened a 180 Smoke Vape Store located at 103 10th Street East, Owen Sound, Ontario expanding 180 Smoke’s brick-and-mortar presence to 29 locations.
- On September 25, 2023, the Company’s common shares commenced trading on the Frankfurt Stock Exchange under the symbol “S62”.
About Delota Corp.
Delota is the largest omni-channel specialty vape retailer in Ontario with a mission of becoming the largest national specialty retailer of nicotine vape and alternative tobacco products. The Company’s growth strategy includes aggressively growing its flagship brand, 180 Smoke Vape Store, by expanding its retail footprint organically in Ontario and select provinces across Canada, strengthening its national e-commerce platform, and through strategic M&A to accelerate growth and market consolidation. The Company is committed to expanding its nicotine product assortment, enhancing customer experience, and growing its loyalty accounts, which now exceeds 220,000 members. Investors interested in learning more about Delota can visit www.delota.com.
