GLG Life Tech Corporation Reports 2024 First Quarter Financial Results

VANCOUVER, BC / ACCESSWIRE / July 23, 2024 / GLG Life Tech Corporation (TSX:GLG), a leader in zero-calorie natural sweeteners, announced financial results for Q1 2024. Detailed reports are available on SEDAR and the Company's website.

The Company posted $3.5 million in revenue for Q1 2024, a 123% increase over Q1 2023. This rise is mainly due to a surge in international stevia sales. However, GLG reported a net loss of $4.4 million for Q1 2024, compared to $3.4 million in Q1 2023. The loss per share was $0.11, up from $0.09 the previous year.

Corporate developments include an agreement to transfer the Qingdao Runde facility, contingent on shareholder and regulatory approval, expected to cut significant bank debt. A delisting review by the TSX is ongoing, and GLG is exploring options to list on the TSX-V if delisted.

Amid financial struggles, the Company aims to manage cash carefully and focus on revenue growth. Despite challenges, management remains optimistic about improving cash flows in the near term.