Curaleaf Holdings (TSX: CURA) reported its first quarter financial results yesterday after the closing bell. The company reported revenues of $338.9 million, an increase of 2% on a year over year basis, while also a decline of 2% sequentially.
Gross margin meanwhile was flat at $160.9 million for the quarter on a year over year basis, as was adjusted gross profit from continuing operations at $161.4 million. The adjusted gross profit margin meanwhile improved marginally from 47% to 48%.
Curaleaf reported a net loss of $51.0 million for the three month period, or $0.07 per share, as compared to a net loss of $56.5 million in the year ago period. Adjusted EBITDA came in at $76.7 million.
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Free cash flow meanwhile was reported as being $33.1 million, leading to a bond repurchase of $15.0 million in April as the company works to deleverage its balance sheet. The company closed the quarter with $105 million in cash on the balance sheet, an improvement from $91.8 million as of year end.
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Despite the rather flat quarter, management commentary focused on selling the big picture strategy of the company.
“At this important inflection point in our industry and our Company, on the heels of rescheduling news, our expanded custody solutions and the advances in Europe, Curaleaf has evolved from an MSO to an MCO, a multi-country operator, a term which represents our global vision and business that today spans over 15 countries across the world. With each ensuing quarter, we will create further separation from our peers because of the strategic global lens through which we operate.,” commented executive chairman Boris Jordan.
CEO Matt Darin added to this vision, commenting, “We are laser focused on expanding the global reach of our brand portfolio, with Select, Grassroots, Curaleaf, and Four20 in Europe leading the way. [..] Our unique exposure to the most significant catalysts on the horizon – continued expansion of the NY market, expansion of Pillar 1 in Germany, and adult use in Ohio, Florida, and Pennsylvania sets us up for robust growth in 2025 and beyond.”
Curaleaf Holdings last traded at $7.35 on the TSX.
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