04:30 PM EDT, 05/28/2025 (MT Newswires) -- InnoCan Pharma ( INNPF ) , trading near 52 week lows, after close of trade Wednesday said it swung to a profit of US$500,000 in the first quarter of 2025, compared to an operating loss of US$1.2 million in the first quarter of 2024, as it was boosted by higher revenues.

The company reported a 15% increase in revenue to US$7.8 million for the first quarter ended March 31, 2025, compared to US$6.8 million in Q1 2024 due to "robust sales performance of Innocan's subsidiary," BI Sky Global Ltd.

Gross profit increased 19% in the first quarter of 2025 to US$7.1 million, compared to US$6 million in the first quarter of 2024.

Among highlights noted, on March 7, 2025, the company completed a non-brokered private placement of a debenture unit to its largest shareholder, Tamar Innovest Ltd., raising US $1 million.

"Our progress this quarter reinforces our confidence in our strategic direction and positions us well for continued success throughout the year," said CEO Iris Bincovich, who added: "We are moving forward with the FDA approval process for our LPT-CBD delivery system designed for precise dosing and sustained release into the bloodstream, targeting chronic pain relief."