Acreage Holdings (CSE: ACRG.a, ACRG.b) this evening issued a press release outlining its financial results for the fourth quarter of 2020. Within, the company filed fourth quarter revenues of $31.5 million, along with a net loss of $45.5 million.
While the company refers to itself as having “reported” earnings, full financial results have yet to be released, however the firm has become known for filing full results two weeks later after initial announcement. The company identified that it generated full year 2020 revenues of $114.5 million, along with a net loss for the year of $360.1 million.
Revenues for the quarter were down marginally on a quarter over quarter basis, from $31.7 million in the third quarter to $31.5 million in the fourth quarter, a decline of 0.6%. Managed entity revenue was down more significantly, falling from $17.0 million in the third quarter to $15.7 million in the fourth, a 7.6% decline. Despite this, the company has stated that “Company-owned same store sales growth* was 27%.” Adjusted EBITDA was pegged at -$3.5 million for the period.
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Little other information on the quarter was released by the company, aside from the comment that gross margins were reportedly 46.1% for the quarter.
Acreage Holdings last traded at $6.98 on the CSE under the symbol ACRG.a.u.
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.
