Curaleaf Holdings (CSE: CURA) this evening reported its first quarter financial results, with the company reporting total revenue of $260.3 million, beating consensus estimates. Adjusted EBITDA meanwhile came in at $62.6 million, beating consensus estimates of $60.2 million.
Revenues reported for the quarter represents a beat on the prior guidance of $250 to $255 million, while also marking a 13% gain from the fourth quarter revenue figure of $230.3 million. Year over year meanwhile revenue at Curaleaf grew from $96.5 million, a 170% increase.
Gross margins on cannabis sales meanwhile hit 49%, with cost of goods sold coming in at $131.9 million, representing a gross profit of $128.0 million before the impact of biological assets. After operating expenditures of $107.1 million, Curaleaf reported an income from operations of $33.7 million.
However, after factoring in interest expense of $12.2 million, interest expenses related to lease liabilities of $8.6 million, and income tax expenses of $30.7 million, the company recorded a net loss of $17.2 million.
Looking to the balance sheet, Curaleaf currently has $314.6 million in cash on the books, as well as receivables of $33.8 million and inventories of $237.3 million. The company currently has total current assets of $718.5 million. Comparatively, the company has current liabilities of $238.0 million, of which the largest portion, $110.1 million, is attributable to income tax payable, followed by accrued expenses of $54.4 million.
In terms of outlook, CEO Joe Bayern stated, “With our revenue projected to increase to $305 million to $315 million in the second quarter, we also expect to generate significant improvements in terms of achieving positive net income and positive operating cash flows in the back half of 2021.”
Curaleaf Holdings last traded at $17.35 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.
