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:
-
Net revenue of $72.1 million, an increase of 12.7% year-over-year and 3.9% sequentially
-
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.”
Benzinga Cannabis Capital Conference
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo by Giorgio Trovato on Unsplash
Related News
NBA Hall Of Famer Chris Webber's $175M Cannabis Venture Faces Challenges, But He's Not Backing Down
EXCLUSIVE: Key Insights And 4 Predictions On Cannabis Sector Equity Research For 2024
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!