TerrAscend Corp. TSNDF TSND released preliminary and unaudited financial results for its second quarter ended June 30, 2023.
Based on a preliminary and unaudited review, the company anticipates:
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Net revenue of $72.1 million, an increase of 12.7% year-over-year and 3.9% sequentially
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Gross profit margin increased to 50.2% compared to 48.8% in Q1 2023 and 37.5% in Q2 2022
Additionally, the company expects net revenue and adjusted EBITDA from continuing operations for full year 2023 will be at least $305 million and $58 million, respectively, representing year over year growth of 23% in net revenue and 49% in adjusted EBITDA from continuing operations.
“We are pleased to deliver results in the second quarter that exceeded our internal forecasts. This team has accomplished a tremendous amount in recent months. We have significantly improved our margins, transformed our balance sheet, materially lowered our interest expense, achieved positive cashflow, acquired four dispensaries in Maryland, and successfully listed on the TSX, all while driving sector leading revenue growth,” stated Jason Wild, executive chairman of TerrAscend. “These achievements bolster our confidence in the remainder of the year. As evidenced by today’s guidance, we expect significant growth in revenue and profitability as we realize the benefit of our now vertically integrated operations in Maryland as well as continued strong execution in our other geographies.”
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