IM Cannabis Corp. announced its financial results for the first quarter ended March 31, 2025, reporting a net profit of approximately $0.175 million. This marks a significant inflection point for the company, demonstrating a return to profitability.
Total revenues increased by 4% year-over-year to $12.5 million in Q1 2025, primarily driven by a 569% surge in German revenue, which contributed an additional $6.6 million. The company also achieved an 87% improvement in gross margin and a 94% increase in gross profit to $3.4 million.
Operational efficiencies were evident with a 56% reduction in operating expenses compared to Q1 2024, leading to an improved operating expense ratio of 26% from 77%. Adjusted EBITDA turned positive, reaching $0.6 million in Q1 2025, a substantial improvement from a $2.2 million loss in the prior year period. Additionally, the company announced its intention to complete a non-brokered private placement of secured convertible debentures for up to C$2,500,000.
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