Cannabis Suisse Corp (CSUI) reported Q4 2024 results with a revenue base of $7.5 million but a substantial gross loss of $1.94 million, yielding an operating loss of $82.8 thousand and an overall net loss of $1.077 million. Reported EBITDA declined sharply to negative $1.062 million and the net income margin stood at -143.6% for the period. The quarterly metrics underscore a fragile profitability dynamic: minimal operating cash burn (-$0.406 million) was offset by large non-operating charges, resulting in a heavy bottom-line deterioration.
Balancing the income statement, the balance sheet signals a highly leveraged and structurally distressed financial position. Total liabilities (~$2.243 billion) dwarf total assets (~$0.819 billion), with stockholders’ equity deeply negative (~-$1.424 billion). Cash and cash equivalents appear inconsistent across line items (balance sheet shows negative cash, while cash-flow data indicate a positive year-end cash position of ~$28.6 thousand), pointing to data quality issues or reporting idiosyncrasies that require verification. The company carries a sizable long-term debt load (~$1.861 billion) and total debt (~$2.122 billion), with a debt-to-capitalization profile indicating heightened financial risk.
From a competitive standpoint, CSUI’s current profitability and liquidity profile trails typical healthcare/drug-manufacturer benchmarks. The four-quarter view shows revenue flat at roughly $7.5 million per quarter but persistent losses, suggesting structural challenges in gross margin, cost control, and scaling. Given the absence of disclosed forward-looking targets or management-guidance in the provided data, the investment thesis remains highly cautious, emphasizing liquidity risk, earnings sustainability, and the potential need for strategic repositioning or balance-sheet remediation.