Marijuana giant Trulieve Cannabis Corp. TRUL TCNNF reported its financial results Thursday for the fourth quarter and full year ended Dec. 31, Quarterly revenue hit $287 million, outperforming estimates of $267.95 million and higher than $275.2 million in the previous quarter. Adjusted earnings per share of $(0.12) beat ($0.16) estimates.
“Last year we successfully executed on our plan to bolster our business resilience with a focus on cash generation and preservation while making investments to support future growth,” stated Kim Rivers, Trulieve CEO. “Fourth quarter momentum was underpinned by improved consumer trends. We entered 2024 in a position of significant strength just as the outlook for industry growth and reform brightened. With strong cash generation and a clearly defined strategy, Trulieve is best positioned for the coming wave of meaningful growth catalysts.”
Q4 Financial Highlights
- Net loss amounted to $33 million, versus $25 million in the third quarter.
- Adjusted EBITDA amounted to $88 million or 31% of revenue, compared to adjusted EBITDA of $78 million, or 28% of revenue in the previous quarter.
- Free cash flow was $122 million, which compares to a free cash flow of $87 million in the third quarter.
- Gross profit was $154 million, versus $142.9 million in the prior quarter.
2023 Full Year Financial Summary
- Revenue was $1.13 billion, with 96% of revenue from retail sales, which compares to revenue of $1.2 billion in 2022.
- Gross profit reached $589 million, versus $682 million in the prior year.
- Net loss amounted to $527 million, compared to net loss of $246 million for the full 2022.
- Adjusted EBITDA was $322 million, or 29% of revenue, which compares to adjusted EBITDA of $400 million.
- As of Dec. 31, 2023, the company had around $208 million in cash, compared to $219 million at the end of Dec. 2022.
Recent Company Milestones
- Added two executives to the leadership team in January, Wes Getman, chief financial officer, and Marie Zhang, chief operating officer.
- Opened one retail location in Pinellas Park, Florida.
- Currently operate 193 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
Price Action
Trulieve shares closed Wednesday market session 0.51% higher at $9.8 per share.
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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!