TerrAscend Reports Record Q4 Revenue Increase Of 4% Sequentially & Full Year 2022 Highlights

TerrAscend Corp. TRSSF reported its financial results Thursday afternoon for the fourth quarter and full year ended December 31, 2022. 

Q4 financial highlights include:

• Net Revenue was $69.0 million, an increase of 4.2% sequentially and 50.3% year-over-year.
• Gross Profit Margin was 44.6%, compared to 47.0% in Q3 2022 and 49.1% in Q4 2021.
• Adjusted Gross Profit Margin¹ was 45.3%, compared to 47.8% in Q3 2022 and 52.9% in Q4 2021.
• GAAP Net loss from continuing operations was $2.0 million, compared to a net loss of $300.6 million in Q3 2022 and a net loss of $1.2 million in Q4 2021. As previously reported, a $331.2 non-cash impairment charge was recorded in Q3 2022 against goodwill and intangibles for the Company's Michigan business, which was reduced by $20.2 million in Q4 2022 as a result of the finalization of the fair value of net assets acquired.

Full-year financial results include:

• Net Revenue was $247.8 million, an increase of 27.6% year-over-year.
• Gross Profit Margin was 41.0% compared to 57.9% in 2021.
• Adjusted Gross Profit Margin¹ was 46.0% compared to 59.9% in 2021.

"I am pleased that despite a challenging environment throughout most of 2022, we delivered record annual revenue of $248 million, an increase of 28% year-over-year. Revenue grew sequentially every quarter throughout the year, culminating in a record fourth quarter of $69 million, an increase of 50% year-over-year," said Jason Wild, executive chairman of TerrAscend, who is a featured speaker at the upcoming Benzinga Cannabis Capital Conference in Miami, April 11-12. 

"Perhaps most noteworthy was that, in addition to an $80 million reduction in debt during the quarter, Q4 2022 also marked our second consecutive quarter of generating positive cashflow from operations. Looking ahead, we expect the distress in the industry to lead to opportunities for us to pivot our deep not wide strategy to a deep and wide strategy, on our terms."

Meet Jason Wild At Benzinga Cannabis Capital Conference

Come and meet Jason Wild and other cannabis entrepreneurs, investors, advocates and visionaries at the Benzinga Cannabis Capital Conference on April 11-12. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel. Don’t miss out. Secure your tickets now before prices go up.