07:53 AM EST, 11/29/2024 (MT Newswires) -- Simply Solventless Concentrates ( SSLCF ) , a provider of consumed cannabis products, said overnight Thursday that it expects a significant increase in fourth-quarter earnings.

The company expects to book normalized net income of $3.0 million compared with $50,000.

Net income is expected to increase to $2.9 million from $100,000 while gross revenue is projected to soar to a record $11.8 million from $1.8 million.

The company attributed the projected revenue growth to the organic growth of its brands Astrolab, Frootyhooty, Lamplighter, Roilty, and Zest, as well as its acquisitions of CannMart and ANC.

"Q4 2024 is shaping up to be another banner quarter for SSC with strong growth across all key metrics, including revenue, adjusted EBITDA, and normalized net income, and the closing of the ANC acquisition on October 18, 2024," President and CEO Jeff Swainson said.

The company noted that its streak of positive adjusted EBITDA and normalized net income is expected to extend to 10 and eight quarters, respectively.

Meanwhile, the company said it has graduated from TSXV Tier 2 to TSXV Tier 1 status.

"With strict criteria and the requirement to demonstrate strong working capital and historical revenue, this graduation edifies SSC's progress and advancement as a TSXV issuer," Simply Solventless said.