Curaleaf Holdings (CSE: CURA) this evening reported its third quarter 2021 financial results, posting revenues of $317.1 million for the quarter along with a net loss of $59.3 million. Adjusted EBITDA for the period came in at $71.4 million.
Revenues were up a marginal 2% on a quarter over quarter basis from $312.2 million, perhaps indicating why the company continues to acquire firms to achieve inorganic growth. On a year over year basis revenues were up 74% meanwhile, from $182.4 million.
Gross profits came in at $144.9 million for the quarter before the impact of fair value adjustments, following $172.2 in cost of goods sold. Operating expenses meanwhile totaled $142.7 million, lead by selling, general and administrative expenses of $101.8 million for the quarter. Following the impact of fair value gains on biological assets, the company posted an income from operations of $40.0 million.
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Other expenses then turned the quarter negative however, with a total of $39.0 million in other expenses recorded. Included within the figure is interest expenses of $15.7 million, interest expense related to lease liabilities of $9.5 million, other expenses of $8.2 million and impairment of intangibles to the tune of $5.7 million.
Overall, after tax expenses of $60.3 million, the company posted a net loss of $59.3 million.
Looking to the balance sheet, the company currently has a cash position of $317.2 million, along with inventory of $346.2 million. Total current assets overall are currently pegged at $906.5 million. Accounts payable meanwhile are sitting at $60.8 million, while income tax payable is sitting at $130.1 million. Current liabilities overall are at $335.2 million.
Finally, the company indicated that they remain on track to hit prior guidance of $1.2 to $1.3 billion in FY2021 revenues, “albeit at the lower end of the range.”
Curaleaf Holdings last traded at $12.80 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.
