Last Week’s Cannabis Earnings Roundup Of Select Major MSOS And Operators
Ascend Wellness Q4: Revenue increased 1% sequentially with total revenue of $134.5 million reported (0.2% quarter-over-quarter). Overall, revenues derived mostly from cannabis product sales increased 31.9% year-over-year while adjusted EBITDA was $28.2 million, a 1.5% increase quarter-over-quarter and a 42.7% increase year-over-year. Net loss for the period was $15.1 million compared to net loss of $16.9 million in Q3 2022.
Full Year 2022: Ascend Wellness reported total revenue was $487.7 million, a 28.2% icrease year-over-year with adjusted EBITDA of $93.2 million, a 17.4% increase year-over-year. Its net loss for the period declined to $80.9 million compared to net loss of $122.7 million for FY 2021.
Cresco Labs
Cresco Labs Q4: revenue fell 5% sequentially to $200 million, down 8% year-over-year with adjusted gross profit of $90 million, or 45% of revenue and adjusted EBITDA of $31 million, or 15% of revenue.
Full Year 2022: Cresco Labs reported revenue of $843 million, an increase of 3% year-over-year (excluding California distribution operations exited in 2021). Adjusted revenues grew 6% year-over-year with adjusted gross profit of $418 million, or 50% of revenue. Adjusted EBITDA of $174 million, or 21% of revenue.
The company’s net loss was $215 million for the full year included $141 million of one-time impairment charges.
Glass House Brands
Glass House Brands Q4: revenue increases 14% sequentially to $32.2 million, a 75% increase in growth versus Q4 2021 and 14% sequential growth versus Q3 2022. Adjusted EBITDA loss shrunk to $2.6 million in the fourth quarter, a 4% reduction compared to the Q3 2022 loss of $2.7 million, driven by top line growth and gross margin expansion.
Full Year 2022: Revenues were $90.9 million, an increase of 31% from 2021. Gross profit of $21.5 million, or 24% of net revenue, compared to $16.0 million and 23% of net revenue in 2021. Adjusted EBITDA loss was $21.4 million in the full year 2022 compared to a loss of $11.8 million for the full year 2021.
GrowGeneration
GrowGeneration Q4: The company reported that revenue declined 40% on yearly basis to $54.5 million, while same-store sales decreased 51.9% with gross profit decreased to $9.6 million, or 17.6% of net revenues, from $23.1 million, or 25.5% of net revenues. Net loss was $15.0 million, or $(0.25) per diluted share, compared to net loss of $4.1 million, or $(0.07) per diluted share.
Full Year 2022: Net revenue decreased approximately 34.2% to $278.2 million, towards the high end of the company’s previous guidance range. Net loss for the period was was $163.7 million, or a loss of $(2.69) per diluted share, compared to net income of $12.8 million, or $0.21 per diluted share.
Hexo Corp.
Hexo Corp. Q2: Trimmed loss on a sequential basis, however sales fell 33.31%. The company reported adjusted earnings before interest, taxes, depreciation and amortization of negative CAD $2.4 million for its second quarter, an improvement over adjusted EBITDA of negative CAD $5.6 million in the second quarter in the previous year.
Net revenue for the three-month period was CAD $24.2 million, 55% lower than the same period one year earlier. Gross revenue from: recreational cannabis was CAD $33 million in the quarter, down 40% compared to one year ago, medical cannabis declined 35% year-over-year to CAD $634,000 in the quarter, and wholesale dropped 50% year-over-year to CAD $1.8 million. Net income in CAD was $722,000 in the quarter, compared with a net loss of CAD $710.1 million in the same quarter last year.
High Tide
High Tide Q1: Revenue increased 9% sequentially to $118.1 million in the first fiscal quarter of 2023 compared to $72.2 million during the same period in 2022, representing an increase of 64% year-over-year and 9% sequentially. Gross profit increased to $32.2 million in the first fiscal quarter of 2023 compared to $23.0 million during the same period in 2022, representing an increase of 40% year-over-year and 9% sequentially.
Adjusted EBITDA increased to $5.5 million in the first fiscal quarter of 2023 compared to $3.0 million during the same period in 2022, representing an increase of 86% year-over-year and 10% sequentially.
TerrAscend
TerrAscend Q4: Revenue increased 4% sequentially to $69.0 million, compared to $66.2 million for the third quarter of 2022 and $45.9 million for the fourth quarter of 2021. This represented sequential growth of 4.2% and year-over-year growth of 50.3%. GAAP Net loss from continuing operations in the fourth quarter of 2022 was $2.0 million compared to a net loss from continuing operations of $300.6 million in Q3 2022.
Full year 2022: totaled $247.8 million as compared to $194.2 million for 2021, an increase of 27.6%. GAAP Net loss from continuing operations for the full year 2022 was $299.4 million compared to net income of $15.7 million in 2021.
Tilt Holdings
TILT Holdings Q4: Revenue increased 9% sequentially to $44.3 million in the three months ended December 31, 2022 (Q4 2022), compared to $54.1 million in the prior year period. Non-GAAP Adjusted EBITDA was negative $0.4 million in the three months ended December 31, 2022, compared to $4.5 million in the prior year period. Net loss was $73.1 million in the three months ended December 31, 2022, compared to a net loss of $20.1 million in the prior year period.
Full year 2022:Revenue was $174.2 million in the twelve months ended December 31, 2022, compared to $202.7 million in the prior year. Adjusted EBITDA (non-GAAP) was $2.8 million in the twelve months ended December 31, 2022, compared to $22.3 million in the prior year. Net loss was $107.5 million in the twelve months ended December 31, 2022, compared to a net loss of $35.1 million in the prior year.
WM Technology
WM Technology Q4: Revenue slips 2% sequentially to $49.3 million as compared to $54.2 million in the fourth quarter of 2021. Adjusted EBITDA was $1.5 million as compared to $3.8 million in the prior year period. Basic and diluted net loss per share were $1.19 based on 91.4 million weighted average shares of class A common stock outstanding.
Full year 2022: Reported revenue was $215.5 million for the year ended December 31, 2022, as compared to $193.1 million in the prior year. Adjusted EBITDA of $(9.6) million as compared to $31.7 million in the prior year. Its basic and diluted net loss per share were $1.36 based on 85.0 million weighted average shares of class A common stock outstanding
