TerrAscend Sees 169% YoY Spike In Net Sales
“We are producing strong revenue growth while maintaining our focus on delivering industry-leading margins and profitability,” stated CEO and executive chairman Jason Ackerman.
Some of the highlights from the second-quarter earnings report include:
- Gross margin went up to 56%, versus 9% (before gain on fair value of biological assets) in the same period last year
- Total adjusted EBITDA was CA$11.4 million, compared to an adjusted EBITDA of CA$4.9 million in the previous quarter, and a loss of CA$8.6 million in the second quarter of 2019
- That’s a sequential increase of 131%
- Second-quarter adjusted EBITDA accounted for 24% of net sales
- Cash and equivalents (including restricted cash) amounted to CA$75 million versus CA$17 million in the corresponding quarter of 2019
- Positive cash flow from operations was CA$10.4 million for the quarter
The New York-headquartered company expects its net sales for the full year would amount to “at least” CA$192 million, while it anticipates adjusted EBITDA of CA$45 million.
Other quarterly highlights include the appointment of Jason Ackerman as permanent CEO, naming Keith Stauffer as CFO, and finalizing of US$37 million worth oversubscribed non-brokered private placement, to name a few.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.