Curaleaf Reports 16% Reduction In Net Loss In Q1 Financial Report -

Curaleaf Reports 16% Reduction In Net Loss In Q1 Financial Report

May 09, 2024Jeremy ParkinsonFinance, No picture0

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Curaleaf Holdings, Inc. (CURA) (CURLF) has reported its financial and operating results for the first quarter (Q1) ended March 31, 2024, as follows. All financial information is provided in U.S. dollars unless otherwise indicated and compared with the previous quarter.

Q1 Financial Highlights

Total Revenue: DOWN 1.9% to $338.9M

Gross Profit: UP 3.0% to $160.9M

as a % of Revenue: UP to 47.5% from 45.2%

Adj. EBITDA: DOWN 7.6% to $76.7M

as a % of Revenue: DOWN to 22.6% from 24.0%

Net Loss: DOWN 16.3% to $48.3M

Net Loss/Share: DOWN to $(0.07) from $(0.08)

Cash on Hand: UP 14.4% to $105.0M

Outstanding Debt: Reduced 1.3% to $580.3M

Management Commentary
Boris Jordan, Founder and Executive Chairman, stated:

“…At this important inflection point in our industry and our Company, on the heels of rescheduling news, our expanded custody solutions and the advances in Europe, Curaleaf has evolved from an MSO to an MCO, a multi-country operator, a term which represents our global vision and business that today spans over 15 countries across the world.

With each ensuing quarter, we will create further separation from our peers because of the strategic global lens through which we operate…”

Matt Darin, Chief Executive Officer, stated:

“We are laser-focused on expanding the global reach of our brand portfolio, with Select, Grassroots, Curaleaf, and Four20 in Europe leading the way.

In the first quarter, our team gained 33 basis points of total market share across all BDSA states, expanding our share in some of the largest markets throughout the U.S….
Our unique exposure to the most significant catalysts on the horizon – continued expansion of the NY market, expansion of Pillar 1 in Germany, and adult use in Ohio, Florida, and Pennsylvania sets us up for robust growth in 2025 and beyond.
The global cannabis industry is still in its infancy and we are confident that the foundation we have built is one for long-term success.”

Q1 Operational Highlights

Opened their first adult-use store in New York’s Hudson Valley, ending the quarter with 145 U.S. retail stores.

Launched Stir by Zero Proof, a fast-acting THC beverage mix, in Illinois.

Launched Stiq, a new 1g all-in-one cannabis oil vape, in Arizona.

Announced the acquisition of Northern Green Canada (NGC), a vertically integrated Canadian EU-GMP indoor cannabis producer, focused primarily on solidifying their supply chain and expanding their international presence through its EU-GMP-certified facilities.

Rebranded Sapphire Clinics to Curaleaf Clinics in the U.K.

Acquired Can4Med, an experienced pharmaceutical wholesaler in Poland to enhance their market presence.

Initiated its first wholesale shipment into the Czech Republic.

Stock Performance
Curaleaf Holdings’ stock has gone UP 32.5% YTD slightly below the average of the 7 constituents in the American Cannabis MSO Stocks Portfolio which is UP 37.8% YTD albeit behind Cresco Labs (CRLBF) which is UP 54.8% YTD anf Trulieve Cannabis (TCNNF) which is UP 116.3% YTD. More By This Author:Trulieve Cannabis Q1 Financial Results Impressive: Revenue Loss Reduced 30%; Adj. EBITDA Up 20%
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