TORONTO, July 30, 2024 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. ("Lifeist" or the "Company") (TSXV:LFST) (FRANKFURT: M5B0) (OTC:LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today reported its financial results for the three months ended May 31, 2024 ("Q2 2024") compared to the same period last year ("Q2 2023"). All financial figures are in Canadian dollars unless otherwise indicated. Second Quarter Highlights Net revenue from continued operations of $3.9 million in Q2 2024 compared to $7.7 million in Q2 2023. Gross profit before inventory adjustment of $1.9 million in Q2 2024, representing gross margin of 49%, compared to $3.7 million, or 48% gross margin, in Q2 2023. Operating costs and professional fees decreased to $2.9 million in Q2 2024 compared to $3.9 million in Q2 2023. Adjusted EBITDA loss was $0.9 million in Q2 2024 compared to $0.2 million in Q2 2023. Cash and cash equivalents increased to $2.1 million at the end of Q2 2024 versus $1.5 million at the end of 2023. "Our performance in the second quarter of 2024 is another clear indication that we must move on from operating our legacy cannabis business segments and find other solutions that have exposure to the broader wellness market" said Meni Morim, CEO of Lifeist. "We are working to finalize the sale of CannMart and shift our focus and resources to advancing Mikra Cellular Sciences. We are actively rebuilding our marketing and sales strategies from the ground up to increase sales, improve margins, and transform Lifeist into a profitable leading nutraceutical company offering superior health and wellness products backed by science." Financial Summary Net revenue was $3.9 million in Q2 2024 compared to $7.7 million in Q2 2023. Gross profit before inventory adjustment was $1.9 million in Q2 2024 versus $3.7 million in the same period last year, with margins of 49% in Q2 2024 compared to 48% in Q2 2023. Total expenses decreased $1.4 million to $3.0 million in Q2 2024 compared to $4.4 million in the previous year. The decrease reflects the Company's efforts to control costs and enhance efficiencies as evidenced by improvements across multiple cost categories including salaries ($455,000 decrease), office and general expenses ($72,000 decrease), professional fees ($200,000 decrease), sales and marketing ($234,000 decrease), and share-based compensation ($380,000 decrease) Adjusted EBITDA, a non-IFRS measure, was a loss of $0.9 million in Q2 2024 compared to $0.2 million in Q2 2023 and net loss from continuing operations was $1.4 million, or ($0.047) per diluted share, in Q2 2024 compared to a loss of $2.2 million, or ($0.015) per diluted share, in Q2 2023. The change in both adjusted EBITDA loss and net loss was largely the result of the restructuring of CannMart Labs in Q2 2024, costs which are non-recurring. Balance Sheet and Cash Flow