Green Thumb Industries Inc. (CSE: GTII) last night reported its Q1 2021 financial results, which saw the company post US$194.4 million in revenue, topping analyst expectations. This is an increase of 9.7% from Q4 2020’s revenue of US$177.2 million and 89.5% from Q1 2020’s revenue of US$102.6 million.
The company also recorded a US$11.5 million net income for the quarter, a decline from last quarter’s net income of US$23.9 million, but an increase from last year’s US$3.8 million net loss. Adjusted EBITDA meanwhile came in at $71.4 million. This quarter’s net income translates to US$0.05 earnings per share.
Green Thumb attributes the increase in revenue to the expanded distribution of its branded products, the additional 13 new stores, and the increased traffic in its 56 operating retail stores.
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This is the first quarterly financial results released by the company after its US IPO in February 2021 which saw the sale of approximately 4.7 million shares. The offering raised US$156.0 million for Green Thumb.
The company ended the quarter with US$275.9 million in cash and cash equivalents, while the total debt outstanding was at US$100.1 million.
Green Thumb Industries Inc. last traded at $35.80 on the CSE.
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