Curaleaf Holdings Reports Q4 2020 Revenues Of $230.3 Million, Net Loss Of $35.3 Million
Curaleaf Holdings (CSE: CURA) this evening reported total revenue of $230.3 million for the fourth quarter of 2020, an increase of 26% from the prior quarter, along with a net loss of $35.3 million. Adjusted EBITDA meanwhile hit $53.8 million.
For the full fiscal year, the company managed to post revenues of $626.6 million, an increase of 184% on a year over year basis, below the consensus estimate of $635 million on a total revenue basis. Managed revenues however hit $653.0 million for the year.
Looking at the fourth quarter, retail revenue accounted for $164.9 million, while wholesale revenue amounted to $64.4 million for the three month period. Cost of goods sold meanwhile amounted to $119.7 million, resulting in gross profit on cannabis sales of $109.6 million.
Operating expenses meanwhile came in at $104.8 million. Selling general and administrative expenses came in at $68.3 million for the quarter, a notable decline from the $72.7 million spent on SG&A in the prior quarter, while depreciation and amortization hit $20.4 million as compared to $21.3 million in the prior period. Share based compensation was next in line in terms of expenses, hitting $16.1 million, as compared to $5.4 million in the third quarter.
Other expenses brought the company into negative net income territory for the quarter, which includes an interest expense of $13.7 million, and other expenses of $19.5 million. The company as a whole reported a net loss of $35.3 million.
For the full fiscal year, the company reported a net loss of $61.7 million, fueled by operating expenses of $326.8 million and total other expenses of $41.6 million, which was supported by a gross profit before biological impacts of $315.5 million.
Looking to the balance sheet, Curaleaf saw its cash position decline from $84.6 million to $73.5 million, while receivables grew from $23.0 million to $28.8 million. Inventory was also up, climbing from $182.9 million to $198.0 million. Assets held for sale also climbed, increasing from $33.5 million in the third quarter to $58.5 million. Total current assets overall grew from $376.9 million to $417.9 million during the quarter.
On the other side of the balance sheet, accounts payable rose from $30.8 million to $47.0 million. Accrued expenses climbed from $44.8 million to $57.5 million, while income tax payable rose considerably from $35.5 million to $79.6 million. The current portion of lease liability meanwhile fell from $39.8 million to $15.7 million. Overall, total current liabilities grew from $177.2 million to $220.1 million.
Curaleaf Holdings last traded at $20.70 on the CSE.
Information for this briefing was found via Sedar and Curaleaf 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
