Cresco Labs (CSE: CL) this morning reported its fourth quarter and full year 2020 financial results. The company recorded fourth quarter revenues of $162.3 million, along with a net loss of $23.4 million. For the full year, revenues came in at $476.3 million, while the company posted a net loss of $36.6 million.
The fourth quarter saw the company beat consensus estimates for revenue, which sat at $161.38 million, while also beating on adjusted EBITDA, which was estimated at $48.06 million, compared to the $50.0 million realized by the company. Full year results also beat consensus on both measures, with revenue consensus sitting at $475.5 million and adjusted EBITDA consensus at $114.12 million. The company reported full year adjusted EBITDA of $116.0 million.
Looking at the fourth quarter, revenues grew from $153.3 million in the third quarter to $162.3 million in the fourth. Cost of sales amounted to $89.3 million, resulting in a gross profit before fair value adjustments of $73.0 million. Post-fair value adjustments the firm saw gross profit jump to $95.7 million, which the company pegged as being a 59.0% margin, compared to 55.2% in the prior quarter.
Total expenses meanwhile amounted to $73.7 million, with SG&A amounted to $68.1 million, a significant climb from the $46.8 million recorded in the third quarter. Depreciation and amortization amounted to a further $5.6 million in expenditures.
Other expenses of $31.1 million ultimately put the company in the red. Cresco recognized $10.4 million in interest expenses during the quarter, while other expenses hit $19.8 million, resulting in a net loss of $23.4 million overall for the quarter.
Full financials have yet to be filed for the quarter, with a brief snapshot being provided for the balance sheet. Cash and cash equivalents for the quarter amounted to $136.3 million, a notable improvement from the $57.7 million recorded in the third quarter. Total current assets overall improved from $257.1 million to $361.8 million. To current liabilities meanwhile declined from $243.7 million to $194.6 million.
Cresco Labs last traded at $16.46 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. 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.
