Green Thumb Industries (CSE: GTII) reported its third quarter financial results this evening after the bell, reporting revenues net of discounts of $157.1 million, along with a net income of $10.8 million. Notably, the company also posted positive cash flows from operations during the quarter.
Revenues were up 31.3% on a quarter over quarter basis, with the company posting revenues last quarter of $119.6 million compared to the $157.1 million posted in the current period. The results posted beat consensus estimates, which sat at $135.4 million. Gross profit meanwhile amounted to $87.0 million.
Expenses during the quarter amounted to $49.7 million, essentially flat when compared to the $49.6 million spent in the previous quarter. Unlike many of its peers, Green Thumb lumps all expenses under the selling, general and administrative banner, providing minimal insight to where the money was placed.
Other income posted during the quarter amounted to $2.0 million, with the company posting income of $6.4 million which was offset by $4.5 million in interest expenses. Net income as a result came out to $10.8 million before non-controlling interests are factored in.
Moving to the balance sheet, the company saw its cash position fall from $82.9 million to that of $78.1 million over the three month period. No other breakdown was provided within the news release, aside from other current assets totaling out at $81.0 million. Collectively, its believed that current assets amount to $159.1 million, an increase over the $152.6 million posted in the previous quarter.
Total current liabilities meanwhile had no breakdown provided, with the total figure slated at $105.9 million within the abbreviated balance sheet provided in the earnings news release. Comparatively, total current liabilities last quarter amounted to $133.4 million.
Green Thumb Industries last traded at $26.55 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. 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.