Trulieve Q1 Revenue Soars 116%, Celebrates 4/20 With Revenue Of $2M Per Day
Q1 Financial Highlights
The Quincy, Florida-headquartered company, known as a vertically integrated seed to sale company licensed to provide medical cannabis, reported quarter record revenue of $96.1 million. That's up by 21% quarter over quarter and 116% year over year.
Here's a breakdown of the earnings report:
- Net income totaled $14 million.
- Adjusted EBITDA reached $49.4 million, compared to $19 million in the same period of 2019.
- In the first quarter, Trulieve posted earnings per share of 12 cents.
- Cash equivalents totaled $100.8 million for the period ending March 31.
- The GAAP adjusted margin was 77%.
- Operating expenses went up by 21% to $28.3 million compared to the previous quarter, while the year over year increase was 138%.
“Trulieve's execution of key fundamentals and financial discipline coupled with market share growth this quarter contributed to positive free cash flow, further strengthening our balance sheet and validating our financial stewardship,” said Trulieve CEO Kim Rivers in a statement.
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Operational Milestones And Updates
During the first quarter, Trulieve launched three new retail locations in Florida, including Titusville dispensary, opened in the midst of the coronavirus outbreak. It closed the quarter with 47 stores across the country.
The company also enriched its product portfolio by introducing TruPowder, TruTincture drops, and TruWax concentrates.
It recorded two revenue days of around $2 million each day during the 4/20 celebration.
That same month, Trulieve appointed Alex D'Amico as its new CFO, following the Mohan Srinivasan's resignation.
Meanwhile, the year started rough for the company, which filed a lawsuit against Grizzly Research, GeoInvesting, GeoInvesting analyst Siegfried Eggert and few others following accusations it's producing low-quality cannabis.
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