10:37 AM EDT, 05/27/2024 (MT Newswires) -- Simply Solventless Concentrates ( SSLCF ) , a provider of ready-to-consume cannabis products, outlined Monday its earnings guidance for the second quarter.

The company expects to book a gross revenue of $4 million, up 28% quarter over quarter. SSC said continued revenue growth is primarily attributable to SSC's brands Astrolab, and Frootyhooty, and SSC's acquisition of Lamplighter in January 2024

Adjusted EBITDA was projected to increase 39% to $850,000 while net income was forecast to rise 49% to $750,000. SSC said its streak of positive adjusted EBITDA and normalized net income is expected to extend to nine and seven quarters, respectively.

"We are encouraged by our trajectory and our focus remains on profitable revenue growth both organically and through opportunistic acquisitions," President and CEO Jeff Swainson said.

SSC noted it has no long-term debt and approximately 53.8 million common shares outstanding (basic), of which approximately 30% are held by insiders.

The company's share price surged nearly 29% at last look to $0.27 following the news.

Price: 0.27, Change: +0.06, Percent Change: +28.57