Multi-state cannabis operator and retailer, 4Front Ventures Corp. FFNT FFNTF reported its financial results Tuesday for the second quarter ended June 30, 2023, revealing Systemwide Pro Forma revenue of $35.2 million compared to $34.8 million in the same period of 2022.
Q2 2023 Financial Highlights
- GAAP revenue was $30.7 million for Q1 2023, up 8% from Q2 2022.
- Adjusted EBITDA was $2.0 million for Q2 2023 compared to $3.5 million in Q1 2023.
- As of June 30, 2023, the company held cash of $5.4 million and $50.1 million of related party long-term debt not due until May 2026.
"With our ongoing operational improvements and aggressive cost-cutting measures, we have reduced our annualized cost structure by approximately $9 million," stated Leo Gontmakher.
Recent Operational Highlights
In Q2 2023, 4Front expanded its Illinois presence with an 8% revenue growth, acquired a third dispensary license, and is set to open the state's largest cannabis facility in Matteson.
Additionally, the company broadened its product range in Massachusetts and introduced infused pre-rolls under the 1988 brand in both Illinois and Massachusetts.
"There is a tremendous amount of long-term growth potential in our core markets, and we are confident that our robust operational discipline and focused strategic vision will strongly benefit us toward generating significant value for our shareholders and building our presence as a leading cannabis CPG company," Gontmakher concluded.
Price Action
4Front shares closed Tuesday's market session 10.42% lower at $0.0851 per share.
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