Columbia Care (NEO: CCHW) reported its third quarter financial results this morning, posting record quarterly revenue of $132.3 million for the three month period. The firm also posted a net loss of $37.2 million for the quarter.
Revenue improved 21% on a quarter over quarter basis, climbing from $109.7 million to $132.3 million. Full financial results have yet to be released by the company, but this figure is believed to be reported on a gross, rather than net, basis.
Gross profit before fair value adjustments came in at $63.0 million, while operating expenses amounted to $61.5 million. After fair value adjustments, the company posted an income from operations of $10.8 million, before other expenses of $60.1 million were factored in.
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Following an income tax benefit of $12.2 million, the company posted a net loss of $37.2 million. Adjusted EBITDA for the quarter meanwhile was reported to be $31.0 million, an 89% improvement on a quarter over quarter basis.
Despite the firm claiming it to be a record quarter in terms of both revenue and adjusted EBITDA, the numbers weren’t enough to meet the firms guidance for the full fiscal year. The company has revised its prior guidance for the year, reducing revenue expectations from a range of $500 million to $530 million, to that of $470 million to $485 million. Adjusted gross margin is now expected to be 46% or higher, down from 47% or higher, while adjusted EBITDA has seen its range drop from $95 million to $105 million, to that of $85 million to $95 million.
The reduction in guidance is being blamed on regulatory delays, as well as the delayed closing of Medicine Man. Also referenced was the wholesale pricing dynamics in California and Pennsylvania, as well as the competitive nature of Florida.
Columbia Care last traded at $4.04 on the Neo Exchange.
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