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Glass House Brands Inc., (OTC:GLASF) (OTC:GHBWF) a leading cannabis company in the U.S., announced its financial results for the first quarter ending March 31, 2023, late on Monday.
The company anticipates substantial growth in revenues, profitability and shareholder value, highlighting the advantages of its vertically integrated business model.
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"We are increasingly optimistic about future pricing trends based on the latest results in our business as well as … in California relative to capacity and licensing renewals …we estimate licensed cultivation capacity has fallen … representing about a 21% reduction in acreage under cultivation," stated Kyle Kazan, co-founder, chairman and CEO of Glass House in a press release.
Key Takeaways
Price Action
GLASF stocks were trading 7.55% lower on Monday, after markets close at $3.43 per share.
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- Glass House Brands Inc. exceeded production, revenue, and margin guidance for the quarter, narrowing its adjusted EBITDA loss.
- Net sales reached $29.0 million, marking a 108% increase compared to Q1 2022 but a 10% decrease sequentially from Q4 2022.
- Gross profit was $12.0 million, a significant rise from $2.3 million in Q1 2022 and $10.2 million in Q4 2022.
- Gross margin improved to 41% compared to 17% in Q1 2022 and 32% in Q4 2022.
- Adjusted EBITDA was $(0.1) million, an improvement from $(6.4) million in Q1 2022 and $(2.6) million in Q4 2022.
- Cost per Equivalent Dry Pound of Production decreased by 18% from the previous year but increased by 54% sequentially, in line with seasonal expectations.
- Equivalent Dry Pound Production reached 48,099 pounds, up 188% year-over-year but down 36% sequentially due to seasonality.
- Cash balance stood at $16.4 million at quarter-end, showing a 16% increase from Q4 2022.
See Also
- Glass House Brands FY22 Revenue Grows 31%, What About Adjusted EBITDA?
- Glass House Brands: Q3 Revenue Increases 72% Sequentially To $28.3M
Photo by Wilhelm Gunkel on Unsplash.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.