20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Ascend Wellness Holdings, Inc. (OTCQX:AAWH) (CSE:AAWH) released its financial results for the three months ending June 30, 2023, revealing net revenue, which excludes intercompany sales of wholesale products, increased 26.1% year-over-year and 7.7% quarter-over-quarter to $123.0 million.
Q2 2023 Financial Highlights
-
Gross profit was $28.3 million, or 23.0% of revenue, compared to $35.7 million, or 31.3% of revenue, in the prior quarter, and $33 million, or 33.8% of revenue in Q2 2022.
-
Net income of $841,000 during the quarter represented an improvement compared to a net loss of $21.2 million in Q2 2022 and $18.5 million in Q1 2023.
-
Adjusted EBITDA was $21.3 million, compared to $20.9 million in Q2 2022.
-
As of June 30, 2023, cash and cash equivalents were $68.0 million and net debt was $241.8 million.
"I am proud of the company for achieving another quarter of record revenue and cash generation, fueled by growth across both our retail and wholesale businesses," stated Abner Kurtin, executive chairman. "We were able to deliver a meaningful 26% revenue increase compared to last year and an 8% increase compared to the prior quarter."
John Hartmann, CEO, stated, "With the team's strong performance in the quarter, we remain optimistic about the future of the business and continue to see substantial growth across all areas, particularly in our retail outlet model. As we expand our presence into Maryland's adult-use market and closely monitor Ohio's upcoming recreational cannabis ballot, we are confident in Ascend's continued success and potential for further growth."
Benzinga Cannabis Capital Conference
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo by Tim Foster on Unsplash
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!