IM Cannabis Corp. announced its financial results for the third quarter ended September 30, 2024, reporting total revenues of $13.9 million. This represents a 12% increase compared to the $12.4 million reported in the third quarter of 2023.
A key highlight was the 66% growth in German revenue, reaching $5.8 million for the quarter. Concurrently, the company demonstrated improved efficiency, with operating expenses decreasing by 16% from $4.9 million in Q3 2023 to $4.1 million in Q3 2024.
The operating expense ratio improved to 30% in Q3 2024, down from 40% in Q3 2023, indicating a 25% increase in efficiency. The company's gross profit before fair value adjustments also increased to $3.17 million in Q3 2024 from $2.738 million in the prior year period.
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