Curaleaf Holdings, Inc. CURLF CURA released its financial and operating results for the third quarter ended September 30, 2022, revealing total revenue increased by 7% to $340 million during the third quarter of 2022, compared to $317 million in the third quarter of 2021.
The company's year-over-year revenue growth primarily reflects continued growth driven by new retail store openings and commencement of adult-use in New Jersey, the acquisition of Bloom Dispensaries, the addition of new wholesale partner accounts, product launches, and the expansion of cultivation and production facilities.
Q3 2022 Financial Highlights
Gross profit was $153 million, compared to $182.7 million in the third quarter of 2021.
Gross profit margin excluding the impact of biological assets reached 48.5%, compared to 45.7% in the third quarter of 2021.
Net loss was $54.7 million, compared to a net loss of $56.9 million in the third quarter of 2021.
Adjusted EBITDA was $84 million for the third quarter of 2022, compared to $71 million for the third quarter of 2021.
As of September 30, 2022, the company had $198 million of cash and $599 million of outstanding debt net of unamortized debt discounts. Approximately $433 million of the outstanding debt, net of unamortized debt discounts, are senior secured notes which bear a fixed interest rate of 8.00% per annum and are not due until December 2026.
Boris Jordan, founder and executive chairman of Curaleaf, stated, "Our record third quarter was punctuated by the close of our landmark acquisition of a majority stake in Four20 Pharma. Since quarter end, we also closed on the Tryke acquisition one I expect will further strengthen our position in Arizona, Nevada, and Utah. Despite unexpected revenue impacts in Florida and New Jersey, our revenue grew 1% sequentially, gross margin before the impact of biological assets was 49% and adjusted EBITDA was 25%. We generated $60 million in operating cash flow during the quarter, ending with $198 million in cash on the balance sheet. The fundamentals of our business remain solid, our early advantage in Europe is taking shape and we are preparing for the year ahead by looking closely at operational efficiencies and optimizing our current assets."
As of September 30, 2022 and June 30, 2022, the company's weighted average subordinate voting shares outstanding amounted to 709.8 million and 709.4 million shares, respectively.
As of September 30, 2022 and June 30, 2022, the company's issued and outstanding subordinate voting shares plus multiple voting shares amounted to 710.7 million and 710.1 million shares, respectively
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