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Zoned Properties Announces Q3 2024 Financial Results with Record Revenue and Strong Cash Flow Generation

In This Article:

  • Revenue for the Three Months Ended September 30, 2024 Increased 43%

  • Income from Operations for the Nine Months Ended September 30, 2024 Increased 648%

  • Operating Cash Flow for the Nine Months Ended September 30, 2024 Increased 1,508%

  • Previously Announced Share Repurchase Program for up to $1 Million Has Begun

SCOTTSDALE, AZ / ACCESSWIRE / November 14, 2024 / Zoned Properties®, Inc. ("Zoned Properties" or the "Company") (OTCQB:ZDPY), a technology-driven property investment company for emerging and highly regulated industries, including legalized cannabis, today announced its financial results for the third quarter and nine months ended September 30, 2024, as well as recent highlights related to the Company's ongoing progress.

Recent Highlights:

  • The Company continues to make material progress in expanding its property portfolio, enhancing cash flow, and reducing operating expenses.

  • The Company previously announced the approval of a stock repurchase program, pursuant to which the Company is authorized to purchase up to $1 million of its common stock over an unlimited period of time. The Company has begun repurchasing shares and expects to continue to do so in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-18 of the Exchange Act.

  • The Company has secured a portfolio of future retail dispensary locations in Ohio, working with tier-one dispensary operators as applicants through the state's lottery system. Multiple properties are in major metropolitan areas and are expected to be leased to tier-one cannabis operators, further solidifying the Company's presence in key markets with best-in-class cannabis tenants.

  • The Company previously announced it has listed one of its legacy cultivation property assets in Chino Valley, Arizona for sale. This potential transaction marks a significant development in the Company's strategic real estate portfolio optimization. The Chino Valley property has become a valuable non-core asset, and its potential sale is part of the Company's strategic efforts to source non-dilutive investment capital in order to concentrate on a direct-to-consumer real estate strategy.

Selected Financial Highlights for the Three and Nine Months Ended September 30, 2024:

  • Total revenues were $1,029,630 for the quarter ended September 30, 2024, compared to $720,450 for the quarter ended September 30, 2023, an increase of 43%.

  • Property investment portfolio revenues were $750,926 for the quarter ended September 30, 2024, compared to $637,143 for the quarter ended September 30, 2023, an increase of 18%.

  • Operating expenses were $584,442 for the quarter ended September 30, 2024, compared to $671,338 for the quarter ended September 30, 2023, a decrease of 13%.

  • Income from operations was $445,188 for the quarter ended September 30, 2024, compared to $49,112 for the quarter ended September 30, 2023, an increase of 806%.

  • Income from operations was $677,235 for the nine months ended September 30, 2024, compared to $90,531 for the nine months ended September 30, 2023, an increase of 648%.

  • Cash provided by operating activities was $455,363 for the nine months ended September 30, 2024, compared to $28,325 for the nine months ended September 30, 2023, an increase of 1,508%.

  • Net income of $58,872, or ($0.00) per fully diluted share, for the quarter ended September 30, 2024, as compared to net income of $114,523, or $0.01 per fully diluted share, for the quarter ended September 30, 2023.

  • The Company had cash on hand of $1.2 million as of September 30, 2024, compared to cash on hand of $3.1 million as of December 31, 2023. The decrease in cash position primarily reflects the Company's property investments and acquisitions.