Curaleaf Records $317.1 Million In Q3 2021 Revenue, Net Loss
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.
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.
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.
