Schwazze Q1 2024 Earning Report:
The TDR Three Key Takeaways regarding Schwazze Q1 2024 Earnings Report:
- Schwazze reports Q1 2024 revenue of $40.2 million, a 3% decrease from $41.5 million in Q1 2023.
- Adjusted EBITDA improved to $9.2 million from $8.7 million in Q1 2023.
- Schwazze reports net loss increased to $16.1 million compared to $10.6 million in Q1 2023.
Schwazze (OTCQX: SHWZ), a vertically integrated cannabis company, announced its earnings report for the first quarter of 2024. The company reported revenue of $40.2 million, a 3% decrease from $41.5 million in Q1 2023. The decrease in revenue was attributed to pricing pressures and market challenges.
Adjusted EBITDA for Q1 2024 was $9.2 million, up from $8.7 million in Q1 2023. The improvement was driven by operational efficiencies and cost management. Justin Dye, CEO of Schwazze, stated, “Our focus on streamlining operations and maintaining cost discipline has resulted in improved adjusted EBITDA despite the revenue decline.”
The net loss for Q1 2024 was $16.1 million, an increase from the $10.6 million net loss in Q1 2023. This increase was primarily due to non-cash impairment charges and higher interest expenses. “We are working diligently to manage our balance sheet and reduce debt, while strategically investing in growth opportunities,” Dye added.
Schwazze’s operating expenses were $23.5 million, compared to $24.8 million in Q1 2023, reflecting the company’s efforts to control costs. The company ended Q1 2024 with $12.3 million in cash and cash equivalents, up from $9.6 million at the end of Q4 2023.
Looking ahead, Schwazze aims to continue enhancing its product offerings and expanding its retail footprint. The company is optimistic about the potential for regulatory advancements in its operating markets, which could provide growth opportunities. Want to keep up to date with all of TDR’s research and news, subscribe to our daily Baked In newsletter.
