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Highlights
- Revenue surged by 44% to £1.3 million, with operating EBITDA loss narrowing to £1.9 million.
- Treat-It Clinic patient base grew 56.1% in early 2025, with a 406% monthly revenue increase.
- AI-powered "DocNow" boosts doctor capacity, with up to 20 consultations per hour and a 33% gross profit margin per session.
Kanabo Group PLC (LSE:KNB), a leader in digital health services and specialized medicines, has announced its financial performance for 2024, showcasing significant revenue growth, cost efficiency, and groundbreaking technological advancements. The Company’s strategic initiatives, including the expansion of its Treat-It Clinic, subsidiary growth through AgriTec Ltd., and AI-powered enhancements to GP services, have laid a robust foundation for continued success in 2025.
Financial Performance
Kanabo's revenue climbed by 44% to £1.3 million in 2024, up from £0.9 million in 2023. Simultaneously, the Company reduced its operating EBITDA loss to £1.9 million, compared to £2.2 million the previous year. The improvement is attributed to stricter cost controls, process automation, and streamlined operations — with further reductions in general and administrative (G&A) expenses targeted for 2025.
Treat-It Clinic: Rapid Patient Growth and Revenue Surge
The Company’s Treat-It Clinic saw its patient base grow by 56.1% in Q1 2025, driven by strategic partnerships with patient-focused organizations. Monthly revenue skyrocketed by 406%, rising from £15,192 in January 2024 to £76,842 in January 2025, fueled by increased demand for consultations and medication sales. Cost-cutting measures, including IT upgrades and process automation, contributed to a 14% reduction in monthly fixed costs, further enhancing profitability.
AgriTec Ltd.: Strengthening the Supply Chain
Kanabo’s subsidiary, AgriTec Ltd., bolstered revenue through its Spanish cannabis cultivation project, generating £226,000 in 2024. The initiative not only boosted revenue but also secured a reliable supply of medicinal cannabis APIs for the UK and European markets. The Company anticipates an additional £1 million in revenue in 2025 from ongoing consulting services tied to this project.
AI-Driven Innovation in GP Services
Kanabo’s AI-powered "DocNow" system is revolutionizing patient care by capturing and organizing patient data before consultations. This technology enables doctors to increase their capacity from 3 to up to 20 sessions per hour, with AI-triaged cases demonstrating a rejection rate of less than 10%. At £29 per consultation, the AI model delivers a 33% gross profit margin, driving both scalability and improved unit economics.
The Company is actively exploring a B2B integration for its AI-powered triage system, aiming to support a wider telehealth ecosystem and address the rising demand for efficient patient care solutions.
Outlook for 2025
Looking ahead, Kanabo plans to diversify its Treat-It Clinic offerings, optimize cannabis medication profit margins, and host a webinar to showcase the capabilities of its AI triage system. The Company remains focused on strategic growth, refining operational efficiency, and assessing capital needs to fund the commercialization of its AI-driven health technologies.
