GURU Organic Energy Corp. has reported impressive financial growth in the second quarter of 2024. The company saw a 19% increase in net revenue for the first six months of the year, reaching $15.1 million compared to $12.7 million in 2023. In Q2 2024, net revenue was $8.0 million, up from $7.7 million in Q2 2023, despite inventory adjustments by GURU’s Canadian distributor.
Preliminary results from the Peach Mango Punch and Zero Wild Berry launches in Canada have been encouraging, with a combined market share of 5.2% in a leading grocery banner after the first few weeks. US sales also saw a significant surge, increasing by 143% to $2.7 million in Q2 2024 from $1.1 million in Q2 2023. This growth was driven by increased sales in the wholesale club channel and on Amazon, where GURU is ranked as the number one organic energy drink.
Gross profit for the first six months of the year rose to $8.2 million, up from $6.8 million in 2023. The strong gross margin reached 54.4% year-to-date, compared to 53.3% a year ago. The company also saw a decrease in net loss, dropping to $4.5 million in 2024 from $5.3 million in 2023, thanks to robust revenue and gross profit.
GURU has a strong financial position with $38.2 million in cash, cash equivalents, short-term investments, and unused credit facilities. The company is planning an exciting brand revitalization in Q3 2024, focusing on enhancing brand visibility, expanding offerings, and boosting overall appeal.
Based on the success of the Zero Wild Berry product in Canada, GURU will be launching the GURU Zero product line in the US in Q4 2024 with three flavors. Carl Goyette, President and CEO of GURU, expressed his satisfaction with the company’s performance, stating that they have achieved their fifth consecutive quarter of topline growth. He highlighted the impressive sales increase in the US market and the positive retail sales performance in Quebec and other Canadian provinces.
Overall, GURU Organic Energy Corp. is on a path of growth and success, with a strong financial foundation and exciting plans for the future.