12:07 PM EDT, 08/15/2024 (MT Newswires) -- Auxly Cannabis ( CBWTF ) said Thursday that it swung to profit in the second quarter after booking record revenue during the period.

Auxly posted a net income of $2 million, reversing a net loss of $12.9 million, driven by improved gross profits and a reduction in expenses.

Revenue increased to a record $29.2 million from $22 million.

The company also reported a record adjusted EBITDA of $5.2 million, improving from an adjusted EBITDA loss of $1.1 million.

"After our best start to a year ever, we are thrilled to report our best Q2 in history, with exceptional financial performance setting a new Q2 record in revenue and all-time records in gross margin and adjusted EBITDA," CEO Hugo Alves said.

Auxly said it will remain focused on growth in its key product categories of vape, pre-roll and dried flower while continuing to improve distribution and sales of its products.

The company's share price at last look surged 11.1% to $0.05 in early Thursday trading.

Price: 0.06, Change: +0.01, Percent Change: +22.22