BEACN Reports Growth in Q3 Gross Profit Amid Revenue Challenges

BEACN Wizardry & Magic Inc. (TSXV:BECN) announced a 16% increase in gross profit for Q3 compared to last year. The profit margin improved to 52% due to the launch of the higher-margin BEACN Studio and an increase in direct-to-consumer sales via Shopify. Despite these gains, revenue saw a decline because of a supply shortage of the BEACN Mic in the US.

For the nine months ending September 30, 2024, BEACN achieved $2,268,241 in revenue, a 14% rise from last year's $1,981,810. Gross profits reached $960,820, maintaining a 42% margin, while net loss reduced to $1,214,966 compared to $1,708,863 in 2023. The company aims to expand B2B partnerships and forecasts strong sales in Q4 2024.