Saturday, August 23, 2025

Curaleaf Q1 2023 Financials: Higher Revenue, Lower Margins, Wider Losses

Curaleaf Holdings (CSE: CURA) reported its Q1 2023 financials late last night, just days after publishing the results of the previous quarter. The cannabis firm posted $336.5 million in revenues, a sequential decline from Q4 2022’s $344.9 million but a 14% jump from Q1 2022’s $296.1 million.

The company said its year-over-year revenue growth is primarily driven by new retail store openings and a significant focus on research and development, which has resulted in the introduction of 171 products in 2022, three new brand launches, and contributions from Tryke and Four 20 Pharma.

“2023 is off to a strong start for Curaleaf, with first quarter year-over-year revenue growing 14% to $336.5 million, beating our guidance of low double-digit growth,” said Executive Chairman Boris Jordan. “Adjusted gross margin was 48% and adjusted EBITDA margin was 22%.”

Gross margin for the quarter came in at 47.8%, down from last year’s 54.5%, mainly due to higher sales costs. Operating margin also dwindled down to 4.9% from 8.9% in the year-ago period.

Net loss for the quarter ended at $56.5 million, $10.1 million of which came from discontinued operations. This is a wider loss from last year’s $38.3 million net loss, when $4.3 million coming from discontinued operations.

The bottomline figure translates to a $0.07 loss per share.

Calibrating for financial items, adjusted EBITDA came in at $73.2 million for the quarter, down from both last quarter’s $76.9 million and last year’s $76.1 million.

The firm generated operating cash of $14.2 million, leading to end with a cash balance of $115.8 million, down from its balance of $163.2 million at the end of the last quarter. Total current assets came in at $599.4 million while total current liabilities came in at $544.7 million.

Curaleaf announced a single-day sales record on April 20, an unofficial holiday for marijuana users, propelled by sales in New Jersey, which increased 77% year over year.

Curaleaf last traded at $3.70 on the CSE, up 7.6% on the day. The stock is down more than 32% year to date.


Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Views expressed within are solely that of the author. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

A Medical Breakthrough the Market Overlooked | David Elsley – Cardiol Therapeutics

Why Grade Beats Size in Silver Mining | Frank Basa – Nord Precious Metals

Are Investors Missing the Start of the Next Commodity Supercycle? | Morgan Lekstrom – NexMetals

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Curaleaf Holdings Reports Negative Revenue Growth In Q1, Replaces CEO

Growth appears to have gone negative within the US cannabis space. Following Green Thumb Industries...

Tuesday, May 10, 2022, 08:23:47 AM

Curaleaf Secures US$275 Million Senior Secured Term Loan

Curaleaf Holdings (CSE: CURA) has secured a significant term loan facility to the tune of...

Friday, December 20, 2019, 08:33:30 AM

TerrAscend Acquires Maryland Assets From Curaleaf In US$27.5 Million Deal

Curaleaf Holdings (CSE: CURA) apparently is looking to dispose assets. It was announced this morning...

Friday, November 6, 2020, 07:26:47 AM

Cronos Confirms That It Has Received Expressions Of Interest, While Curaleaf Refuses To Comment

Cronos Group (TSX: CRON) has confirmed that it has received what amounts to “a number”...

Friday, July 7, 2023, 08:37:08 AM

Curaleaf: Cormark Upgrades To Buy Rating, Canaccord, Haywood Raise Price Targets

After Curaleaf’s (CSE: CURA) record-breaking second-quarter numbers, analysts have upgraded their twelve-month price targets. Curaleaf...

Wednesday, August 19, 2020, 11:29:55 AM