Ayr Wellness 2022 Revenue Grows 30.2%, What About Adjusted EBITDA?

Ayr Wellness Inc. AYRWF AYR revenue in 2022 was $465.6 million, an increase of 30.2% compared to $357.6 million in 2021.

Q4 2022 Financial Highlights

• Revenue was $124.6 million, an increase of 11.5% compared to $111.8 million in Q4 2021.

• Gross profit was $55.1 million, an increase of 7.6% compared to $51.2 million in Q4 2021.

• Operating loss was $176.2 million, compared to a loss of $13.9 million in Q4 2021.

• Adjusted EBITDA was $26 million, a decrease of 0.5% compared to $26.1 million in Q4 2021.

Full Year 2022 Financial Highlights

• Gross profit was $190.4 million, an increase of 37.9% compared to $138.1 million in 2021.

• Operating loss was $243 million, compared to a loss of $56 million in 2021.

• Adjusted EBITDA was $86.8 million, a decrease of 11.4% compared to $98 million in 2021.

David Goubert, president & CEO of Ayr, stated, “I’d like to thank our team for pulling together to deliver a strong fourth quarter, growing our adjusted EBITDA by 20% sequentially, and a second straight quarter of generating positive cash flow from operations. In the past few months, our team has begun the process of evaluating every aspect of our business with fresh eyes, conducting a thorough review of our markets, our people, and our processes, all in service seeking to maximize the financial health of our company and better position Ayr as a retailer of choice and house of brands.”

“Throughout that process, we have implemented cost saving measures, stepped back from certain markets that didn’t align with our core business goals, and invested further into markets and activities that did meet those goals. By better prioritizing our time, our attention, and our capital, we find ourselves better positioned to capture growth opportunities in our existing and future footprint, which we anticipate will help us grow our cash flow profile, our revenue, and adjusted EBITDA margins consistently throughout 2023.”

Outlook

The company anticipates its financial results in the first quarter of 2023 to be consistent with industry trends, expecting revenue and adjusted EBITDA in Q1 2023 to be in-line with Q4 2022. Ayr expects to further ramp revenue, adjusted EBITDA and operating cash flow thereafter.

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