Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) reported a sharp improvement in its financial performance for the six months ending June 30.
The company's operating loss was £504,000, a sharp reduction from £867,000 in the same period in 2023.
Additionally, the company exercised its option to acquire a medicinal cannabis facility in North Macedonia in the period.
Managed by Ohrid Organics, recognised as a high-quality, low-cost producer of premium medicinal cannabis, the facility is making headway in its operations.
Ohrid Organics is working towards meeting regulatory standards and expects to meet its profitability goals, with products already prepared for supply.
In addressing these advancements, chief executive Aleksandra Binkowska stated: "With the unwavering support of our dedicated board — who consistently go above and beyond — we have substantially reduced our operating losses and secured sufficient working capital to navigate these challenging times."
"Ohrid Organics is pushing hard to meet all necessary regulatory requirements and is pleased to have a finished product ready for supply to a major cannabis player," she added.
As of 30 June, Hydrogen Utopia reported cash at the bank amounting to £240,000, compared to £2.1 million in 2023.