06:35 AM EST, 11/11/2024 (MT Newswires) -- Big Rock Brewery ( BRBMF ) over the weekend served up a wider net loss for the third quarter despite higher revenues, amid wholesale volume woes.

The company said its operating loss increased to $0.3 million from an operating income of less than $0.1 million. The net loss increased to $0.9 million from a net loss of $0.2 million.

Net revenue increased by 11% to $12.8 million primarily due to increased co-packing activity. Wholesale sales volumes went down 6.2% to 41,705 hectolitres compared to 44,451 hl.

Among other highlights, adjusted ebitda decreased to $0.3 million from $1.0 million.

David Kinder, Big Rock's President and Chief Executive Officer, in a statement noted "industry-wide challenges persist, impacting our wholesale volume growth".

He said: "In Q3 2024, we successfully introduced a new multi-year co-packing arrangement and expanded our co-pack volumes with our partners, contributing to growth in our gross margin over the same period last year. Big Rock continues to grow both capacity and capability within the ready-to-drink category, prioritizing additional facility investment that supports both ongoing and future demand, allowing us to scale up and to win in this critical space."

Big Rock Brewery ( BRBMF ) closed unchanged at $1.10 last Friday.