12:42 PM EST, 11/21/2024 (MT Newswires) -- Simply Solventless Concentrates ( SSLCF ) shares were last seen down 11% after the company on Thursday said its swung to an adjusted loss in the third quarter on higher revenue.

The cannabis-products company said it swung to an adjusted loss, excluding most one-time items, of $3,746 in the period, compared with a profit of $190,896 in the year-prior quarter. Per share results were not disclosed.

Net revenue rose 71% to $4.95 million from $2.9 million.

"Q3 2024 was another transformational quarter for SSC as we closed an oversubscribed $3.85 million financing, closed the CannMart acquisition, integrated CannMart's operations, announced the acquisition of ANC, and again exceeded quarterly guidance," chief executive Jeff Swainson said in a release.

The company also said it accelerated the expiry of approximately 8-million warrants to buy a share for $0.40, currently said set to expire on July 17, 2026, for expected proceeds of up to approximately $3.2 million. The funds will be used to fund the outstanding promissory note payments for its acquisition of ANC and for working capital purposes.

The company's shares were last seen down $0.06 to $0.50 on the TSX Venture Exchange.

Price: 0.50, Change: -0.06, Percent Change: -10.71