Green Thumb Industries (CSE: GTII) this evening reported its fourth quarter and full year financial results, beating the latest consensus estimates. The company reported fourth quarter revenues of $177.2 million, along with a net income of $23.9 million. For the full fiscal year, Green Thumb reported revenues of $556.6 million, along with a net income of $19.1 million.
Revenues for the quarter beat the consensus estimate of $167.2 million. In terms of EBITDA, the company also posted a beat with an adjusted EBITDA of $65.4 million for the quarter, as compared to consensus estimates of $57.4 million. On a quarterly basis, revenues were up 12.8% from the $157.1 million in revenues posted in the third quarter
Cost of goods sold meanwhile amounted to $76.7 million, resulting in a quarterly gross profit of $100.5 million. The company also posted selling, general, and administrative expenses of $53.2 million for the quarter, as compared to $49.7 million in the prior quarter. Income from operations as a result amounted to $47.3 million, compared to $37.2 million in the third quarter.
Other income amounted to a net benefit of $3.4 million, with the company seeing other income of $7.9 million, which was partially offset by an interest expense of $4.4 million. All told, the company reported $23.9 in net income for the quarter.
Looking at the full fiscal year, revenues amounted to $556.6 million, a beat on consensus estimates of $549.8 million. Adjusted EBITDA meanwhile came in at $179.6 million, compared to consensus estimates of $172.2 million. On a year over year basis, revenues climbed by 157.2% from $216.4 million in revenues recognized in fiscal 2019.
Gross profit for the year amounted to $304.2 million, offset by SG&A expenses of $198.1 million, resulting in an income from operations of $106.1 million for the year. Total other income meanwhile had a net negative impact of $3.2 million, a result of other income amount to $15.4 million, which was offset by interest expenses of $18.7 million. Net income for the year totaled out at $19.1 million.
Looking to the balance sheet, cash was up slightly from the third quarter, coming in at $83.8 million as compared to $78.1 million previously. Full financials have yet to be filed, however “other” current assets were indicated as being $100.2 million, resulting in total current assets of $183.9 million. This compares to $159.1 million in total current assets at the end of the third quarter.
Less color was provided on total current liabilities, which were only indicated to be $119.3 million, as compared to $105.9 million in the previous quarter.
Green Thumb Industries last traded at $44.13 on the CSE.
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