Trulieve Cannabis Hits $193.8M In Q1 Revenue, 13th Consecutive Profitable Quarter Following Harvest Merger
The Tallahassee, Florida-based company revealed it generated record quarterly revenue of $193.8 million over the period, representing sequential and year-over-year growth of 15% and 102%, respectively.
During the first quarter, which was the company's 13th consecutive quarter of profitability, "we continued to execute on growth in Florida as well as our national hub expansions," Kim Rivers, the company's CEO, said.
Here's a breakdown of what the first-quarter earnings report showed:
- Generated net income amounted to $30.1 million, up by 889% sequentially and 27% year-over-year.
- Adjusted EBITDA came in positive at $90.8 million, compared to an $81.4 million gain in the fourth quarter of 2020 and $48.5 million in the corresponding period of 2020.
- Gross profit was $135.3 million, representing a 13% increase quarter-over-quarter and 83% year-over-year.
- The gross margin was 70%, compared to 77% in the first quarter of last year.
- Cash flows from operations amounted to $60.4 million.
"Our record revenue and industry-leading EBITDA margins demonstrate our continued focus on execution," Rivers added.
On Monday, Trulieve announced it's acquiring Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) for roughly $2.1 billion, to strengthen its position in core markets and expand operations to 11 states.
The combined company is expected to reach an estimated total addressable market of $19.3 billion in 2025 in leading market shares in Arizona and Florida.
Phoenix-based Harvest recently reported having earned $88.8 million in the first quarter of 2021.
Rivers said the acquisition will be "transformative and will build on our profitability, expanding our runway for growth."
TCNNF Price Action: Trulieve shares were trading 0.58% lower at $39.58 at last check Thursday.
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