Numinus Wellness Inc.

Q3 fiscal 2024 revenue was $4.3 million, compared with $4.4 million in Q2 2024 and $5.2 million in Q3 2023. U.S. wellness clinic revenue was $3.4 million versus $3.6 million in Q2 2024 and $4.1 million in Q3 2023, while Cedar Clinical Research revenue rose 10.7% to $0.8 million from $0.7 million in Q2 2024. Numinus Digital revenue was $168,830, up 114% from $78,837 in Q2 2024. Gross margin was 22%, down from 24% in Q2 and 34.5% in Q3 2023. Operating expenditures excluding other items were $4.9 million, down 22% from $6.3 million in Q2. Net loss from continuing operations was $5.1 million, or $0.02 per share, versus $5.7 million, or $0.02 per share, in Q2. Cash burn was less than $1 million per month, ending cash was $3.7 million, and working capital was $2 million. Management did not provide traditional quarterly/full-year financial guidance; instead it said the focus is to drive high-margin revenue, preserve cash, and complete the MedBright acquisition, expected to close in August or early September.

Payton Nyquvest framed the quarter as a continuation of a major restructuring aimed at profitability from existing operations. He highlighted the shutdown of non-revenue lines, the 60% headcount reduction, the closure of Canadian clinics, and the shift to U.S.-based clinics as proof that Numinus is becoming a leaner organization with lower burn. He also emphasized the proposed MedBright deal as a strategic pivot that could create an AI-enabled, asset-light platform for psychedelic and ketamine therapy, and said the company will rebrand to Numinus Intelligence if the transaction closes.

Melony Valleau focused on cost discipline and the financial impact of the restructuring. She noted revenue pressure from the wind-down of Arizona operations and Canadian clinic closures, but also pointed to the 22% drop in operating expenditures to $4.9 million, gross margin of 22%, and cash burn below $1 million per month. She said the company ended with $3.7 million in cash and $2 million in working capital, and that a transition team is in place ahead of the MedBright acquisition to reduce costs, preserve cash, and improve revenue.

Analysts asked whether MedBright’s platform is new or already usable, and management said much of it is already built, complementary to Numinus Network, and can be used immediately with limited additional resources. Management also said the deal process is still being completed, with a definitive agreement first and then roughly a 60-day shareholder vote period, targeting end of August or early September. On the revenue/appointments disconnect, management attributed lower clinic revenue to the Arizona clinic closure and a mix shift toward higher-margin services even as appointments increased.