• 43% increase in net revenue reaching $7.1 million in Q1 2024, up from $5.0 million in Q1 2023, marking the Company's fourth consecutive quarter of revenue growth.
  • 87% increase in US sales to $1.4 million, fueled by Black Friday Cyber Monday success and the new punch lineup sold through Amazon, where GURU stands out as the #1 Organic Energy Drink1.
  • 35% increase in Canadian sales to $5.7 million, with increased sales velocities in urban areas.
  • Gross profit of $3.8 million, compared to $2.7 million in Q1 2023. Robust gross margin of 52.9% in Q1 2024.
  • Net loss decreased to $1.9 million, compared to $2.6 million in Q1 2023, continuing to focus on reducing loss to return to profitability in the coming years.
  • Robust financial position with $41.2 million in cash, cash equivalents and short-term investments, and unused credit facilities, reflecting prudent balance sheet management.
  • Set to launch in Q2 2024 Peach Mango Punch in Canadian and US retail markets, and GURU Zero Wild Berry, a first zero sugar organic energy drink, in Quebec.


Montréal, Québec, March 14, 2024 – GURU Organic Energy Corp. (TSX: GURU) (“GURU” or the “Company”), Canada’s leading organic energy drink brand2, today announced its results for the first quarter ended January 31, 2024. All amounts are in Canadian dollars unless otherwise indicated.


Financial Highlights

(in thousands of dollars, except per share data)

Three months ended

January 31








Net revenue



Gross profit



Net loss



Basic and diluted loss per share



Adjusted EBITDA3




“GURU has now achieved a fourth consecutive quarter of topline growth, with solid retail channel results in Q1, particularly in urban areas, lifted by strong momentum in the US online and club wholesale channels, two growth vectors that are each the same size as the Canadian energy drink market. Traction on, where GURU is the #1 organic energy drink according to SPINS market measurement, has been particularly impressive with consumer sales up 89% in Q1 and up 43% over the last 52 weeks compared to the previous year. Across these channels and where available, our latest innovations continue to bear fruit, led by our expanding punch line which is resonating well with consumers. By focusing on these three sales channels and our innovation pipeline, we believe that we have found the recipe to unlock GURU’s true market potential,” said Carl Goyette, President and CEO of GURU.


“Subsequent to quarter end, GURU launched two US wholesale club rotational programs, in Los Angeles and the Midwest, and rolled-out Peach Mango Punch in Canadian and US retailers, and will launch Tropical Punch in April in Whole Foods nationally. All of this is supported by marketing initiatives that reflect our revitalized GURU GUUUUD ENERGY brand positioning, and our recently relaunched transactional website. In Q2, GURU will also launch its first zero sugar organic energy drink in Quebec, which contains metabolism boosting functionalities combined with a delicious wild berry flavour.”


“As we push ahead with our growth strategy, we also remain focused on reducing costs and accelerating our return to profitability, having recorded a decrease in net loss for the last five consecutive quarters. Over the coming quarters, we will continue to strategically and selectively deploy our GUUUUD ENERGY, whether through the retail, online or wholesale club channels. With activities aimed at reaching our target consumer and growing our North American market share over time, the ultimate goal is to generate long-term profitable growth,” concluded Mr. Goyette.


Results of operations

Net revenue increased by 43% to $7.1 million in Q1 2024, compared to $5.0 million for the same quarter a year ago. The growth was driven by increased sales in Canada and stronger revenue from all channels in the US. In Canada, sales increased by 35% to $5.7 million from $4.2 million in Q1 2023. The increase over the previous year was driven by increased sales velocities and a weaker prior year quarter due to inventory reduction at the Company’s distributor. US sales grew by 87% to $1.4 million from $0.8 million in Q1 2023, mainly due to continued online sales optimization and retail growth.


Gross profit totalled $3.8 million, compared to $2.7 million in Q1 2023. Gross margin, which is comprised of distribution, selling and merchandising fees, amounted to 52.9% in Q1 2024, compared to 53.7% for the same period a year ago. The decrease in gross margin for the quarter was mainly due to increased promotional pricing and activity in Canada, offset by less promotional activity in the US.


Selling, general and administrative expenses (“SG&A”), which include operational, sales, marketing and administration costs, amounted to $6.1 million (85% of net revenue) in Q1 2024, compared to $5.7 million (113% of net revenue) for the same period a year ago. Selling and marketing expenses  increased a bit more to $3.3 million from $2.9 million in Q1 2023, as the Company was more active on social media to promote the brand. General and administrative expenses slightly increased to $2.8 million from $2.7 million in Q1 2023.


Net loss for the first quarter totalled $1.9 million or $(0.06) per share, compared to a net loss of $2.6 million or $(0.08) per share for the same quarter a year ago. The decrease in net loss primarily reflects the higher net revenues and gross profit realized in Q1 2024.


Adjusted EBITDA3 amounted to a loss of $2.0 million in Q1 2024, compared to a loss of $2.6 million for the same quarter in 2023. The improvement in Adjusted EBITDA loss for the quarter was mainly due to stronger revenue and gross profit.


As at January 31, 2024, the Company had cash, cash equivalents and short-term investments of $31.2 million, and unused Canadian- and US-dollar denominated credit facilities totalling $10 million.


1 SPINS Market Measurement, 52-week ended January 31, 2024 vs same period year ago.

2 Nielsen, 52-week period ended January 27, 2024, All Channels, Canada vs. same period year ago.

3 Please refer to the “Non-GAAP and Other Financial Measures” section at the end of this release.


Conference call

GURU will hold a conference call to discuss its first quarter results today, March 14, 2024, at 8:30 a.m. ET. Participants can access the call as follows:


  • Via webcast: 
  • Via telephone: 1-833-630-1956 (toll free) or 1-412-317-1837 for international dial-in
  • A webcast replay will be available on GURU’s website until March 31, 2024.


About GURU Products

GURU energy drinks are made from a short list of plant-based active ingredients, including natural caffeine, with zero sucralose and zero aspartame. These carefully sourced ingredients are crafted into unique blends that push your body to go further and your mind to be sharper.


About GURU Organic Energy

GURU Organic Energy Corp. (TSX: GURU) is a dynamic, fast-growing beverage company that launched the world’s first natural, plant-based energy drink in 1999. The Company markets organic energy drinks in Canada and the United States through an estimated distribution network of about 25,000 points of sale, and through and Amazon. GURU has built an inspiring brand with a clean list of organic ingredients, including natural caffeine, with zero sucralose and zero aspartame, which offer consumers Good Energy that never comes at the expense of their health. The Company is committed to achieving its mission of cleaning the energy drink industry in Canada and the United States. For more information, go to or follow us @guruenergydrink on Instagram, @guruenergy on Facebook and @guruenergydrink on TikTok.


For further information, please contact:


GURU Organic Energy


Carl Goyette, President and CEO

Ingy Sarraf, Chief Financial Officer


[email protected]



Lyla Radmanovich



[email protected]



Francois Kalos


[email protected]



Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to the Company’s objectives and the strategies to achieve these objectives, as well as information with respect to management’s beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “believe” or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such statements may not be appropriate for other purposes. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond management’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the following risk factors, which are discussed in greater detail under the “RISK FACTORS” section of the annual information form for the year ended October 31, 2023: management of growth; reliance on key personnel; reliance on key customers; changes in consumer preferences; significant changes in government regulation; criticism of energy drink products and/or the energy drink market; economic downturn and continued uncertainty in the financial markets and other adverse changes in general economic or political conditions, as well as the COVID-19 pandemic, the war in Ukraine and geopolitical developments, global inflationary pressure or other major macroeconomic phenomena; global or regional catastrophic events; fluctuations in foreign currency exchange rates; inflation; revenues derived entirely from energy drinks; increased competition; relationships with co-packers and distributors and/or their ability to manufacture and/or distribute GURU’s products; seasonality; relationships with existing customers; changing retail landscape; increases in costs and/or shortages of raw materials and/or ingredients and/or fuel and/or costs of co-packing; failure to accurately estimate demand for its products; history of negative cash flow and no assurance of continued profitability or positive EBITDA; repurchase of common shares; intellectual property rights; maintenance of brand image or product quality; retention of the full-time services of senior management; climate change; litigation; information technology systems; fluctuation of quarterly operating results; risks associated with the PepsiCo distribution agreement; accounting treatment of the PepsiCo Warrants; conflicts of interest; consolidation of retailers, wholesalers and distributors and key players’ dominant position; compliance with data privacy and personal data protection laws; management of new product launches; review of regulations on advertising claims, as well as those other risks factors identified in other public materials, including those filed with Canadian securities regulatory authorities from time to time and which are available on SEDAR+ at Additional risks and uncertainties not currently known to management or that management currently deems to be immaterial could also cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions as at the date they were made, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking information. Certain assumptions were made in preparing the forward-looking information concerning availability of capital resources, business performance, market conditions, and customer demand. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that management anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on the business, financial condition, or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and management does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.


Non-GAAP and Other Financial Measures

This press release includes certain non-GAAP and other supplementary financial measures to help assess GURU’s financial performance. Those measures do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). Management’s method of calculating these measures may differ from the methods used by other issuers and, accordingly, GURU’s definitions of these non-GAAP measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as an alternative to IFRS measures.


Adjusted EBITDA

Adjusted EBITDA is defined as net income or loss before income taxes, net financial (income) expenses, depreciation and amortization, and stock-based compensation expense. This measure is a non-GAAP financial measure and is not an earnings or cash flow measure or a measure of financial condition recognized by IFRS. As such, it should not be construed as an alternative to “net income”, as determined in accordance with IFRS, as an alternative to “cash flows from operating activities” as a measure of liquidity and cash flows or as an indicator of the Company’s performance or financial condition.


The exclusion of net finance expense eliminates the impact on earnings derived from non-operational activities, and the exclusion of depreciation, amortization and share-based compensation eliminates the non-cash impact of these items. Management believes that Adjusted EBITDA is a useful measure of financial performance without the variation caused by the impacts of the excluded items described above because it provides an indication of the Company’s ability to seize growth opportunities in a cost-effective manner and finance its ongoing operations. Excluding these items does not imply that they are necessarily non-recurring. Management believes this measure, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company’s operating results, underlying performance and future prospects in a manner similar to management. Although Adjusted EBITDA is frequently used by securities analysts, lenders and others in their evaluation of companies, it has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under IFRS.


Reconciliation of Net Loss to Adjusted EBITDA



Three months ended

January 31



(In thousands of Canadian dollars)



Net loss



Net financial income



Depreciation and amortization



Income taxes



Stock-based compensation expense



Adjusted EBITDA




Retail Consumer Scanned Sales

This indicator  represents the total number of the Company’s products that were “scanned” for purchase by end consumers in retail points of sale in the respective period. Management believes this indicator provides meaningful information as it serves as an indicator of actual sales to end consumers and a potential indicator of growth or potential future sales.

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