10:04 AM EST, 11/08/2024 (MT Newswires) -- Auxly Cannabis Group ( CBWTF ) shares surged 22% in Friday's early market trading following the release of third-quarter results.

Diluted earnings for the three months ended Sept. 30 fell to $3.2 million, or $0.00 per share, from $32.6 million, or $0.03, in the same quarter last year. Revenue advanced 18% to $33.3 million from $28.2 million a year earlier.

The company, which says it has a 36% share of the all-in-one vape category, hit record adjusted ebitda of $8.3 million, marking the fifth consecutive positive quarter and a 60% sequential increase.

Cash and equivalents stood at $18.9 million as of Sept. 30. Total assets were $264.2 million, and debt declined to $57.3 million from $123.6 million at the end of 2023.

Dried flower and pre-roll products made up 59% of third-quarter sales with pre-roll revenue increasing by a fifth compared to the previous quarter. The Back Forty brand's Liquid Imagination 28g SKU was the top-selling flower in Canada, according to Auxly.

Price: 0.05, Change: +0.01, Percent Change: +11.11