Acreage Holdings, Inc. (CSE: ACRG.A.U) last night released its Q1 2022 financial results, which saw the company post US$56.9 million in revenue. While this is an increase from Q1 2021’s revenue of US$38.4 million, this is a marginal decline from Q4 2021’s revenue of US$58.1 million.
“The year-over-year growth was primarily driven by the acquisitions of Ohio, California, and Maine operations over the past 12 months,” the company said in its statement.
The revenue for this quarter consists of US$41.4 million from retail revenue, US$15.2 million from wholesale revenue, and US$0.3 million from other revenue. The gross profit margin for the quarter came in at 52%, as compared to last quarter’s 48% and last year’s 54%.
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Acreage also recorded a US$13.9 million net loss for the quarter, a notable climb from last quarter‘s US$35.6 million net loss but a dip from last year’s net loss of US$8.6 million. The net loss this quarter translates to US$0.12 loss per share.
The company also recorded its 5th consecutive positive adjusted EBITDA at US$8.6 million, compared to last quarter’s US$8.5 million and last year’s US$1.6 million.
The company ended the quarter with US$32.6 million in cash and restricted cash, a drop from last quarter’s US$43.2 million. Current assets came in at US$103.7 million while current liabilities ended at US$83.1 million.
Acreage Holdings, Inc. last traded at $1.20 on the CSE, then dropped by as much as 10%.
Information for this briefing was found via Sedar and Acreage Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
