Curaleaf Holdings (CSE: CURA) has finally published its fourth quarter financial results for the period ended December 31, 2022. The company saw revenues for the quarter grow to $352.5 million, a 3.7% improvement over the third quarter.

Gross profit however fell substantially from the third quarter, dropping from $153.0 million to just $78.1 million, a function of changing from IFRS to GAAP accounting practices. Operating expenses however jumped from $141.6 million to $159.6 million, leading to a loss from operations of $81.5 million.

After a further $17.4 million in interest expense, a $8.5 million in interest expenses related to lease liabilities, and a $144.5 million impairment loss, the firm posted other expenses of $167.7 million.

Curaleaf overall posted a net loss of $262.7 million for the fourth quarter, equating to $0.36 per share. Adjusted EBITDA meanwhile came in at a positive $73.2 million.

“Curaleaf accomplished a great deal last year; we launched 171 new products, introduced three new brands, opened 28 new stores, completed six acquisitions, expanded our European presence with the German market, converted to GAAP accounting, and built out the management team with high caliber talent,” commented CEO Matt Darin on the results.

On an annual basis, revenue improved 11.7%, growing to $1,336.3 million, leading to gross profit of $579.0 million. Operating expenses however totaled $591.4 million, and other expenses hit $214.1 million, leading to a net loss for 2022 of $376.9 million, or a loss of $0.52 per share. Adjusted EBITDA for 2022 was reported as being $305.4 million.

As of the year end, Curaleaf had $163.2 million cash and equivalents.

Post quarter end, the company has implemented a cost reduction plan while discontinuing its operations in three states as it works to streamline operations. The cuts have resulted in payroll cuts of 10%, while the company continues to expand in Florida and Utah.

The firm presently operates 152 retail locations across the US.

Curaleaf Holdings last traded at $3.52 on the CSE.

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