Jushi Holdings Reports FY2020 Revenues Of US$80.8 Million, US$211.9 Million Net Loss

Jushi Holdings Inc. (CSE: JUSH) released this morning its full-year financial results for 2020, highlighting an annual revenue of US$80.8 million in revenue. The results were notably delayed as a result of its auditing partner failing to get the necessary reports completed in time.

The company’s 2020 annual revenue is a notable increase from 2019’s revenue of US$10.2 million. Jushi has already previously announced unaudited financial results that showed Q4 2020’s revenue at US$32.3 million and Q1 2021’s revenue at US$41.7 million. The firm also reiterated that the increase in revenue is due to growth at its BEYOND/HELLO stores in Pennsylvania and Illinois, early revenue contributions from its Virginia retail operations, and increased operating activity at its PAMS and Nevada facilities.

Jushi’s gross margin for 2020 came in at 53.3%, a climb from last year’s gross margin of 47.2%. The company attributes the increase to improvement in revenue and an increase in unrealized gains on biological assets. Jushi previously stated that Q1 2021’s gross margin is at 48.2%, a decline from Q4 2020’s gross margin of 54.5%

The cannabis company recorded a US$211.9 million net loss for 2020, US$152.1 million of which was recorded in Q4 2020.  In comparison, the company saw a net loss of US$26.8 million in Q1 2021.

The annual net loss is a decline from 2019’s US$30.8 million net loss. Looking at the financials, a major contributor to 2020’s net loss is the cost of fair value changes in derivatives amounting to US$173.7 million. The 2020 net loss translates to US$2.11 loss per share.

However, the company’s adjusted EBITDA for 2020 is at negative US$2.6 million, compared to 2019’s adjusted EBITDA of negative US$27.5 million. On a quarterly basis, adjusted EBITDA for Q4 2020 is at US$2.6 million while Q1 2021 saw it increase to US$3.0 million.

Jushi ended 2020 with US$85.9 million in cash and cash equivalents, an increase from US$38.9 million in 2019. Jushi’s previously announced unaudited financials for Q1 2021 already saw cash and cash equivalents amounting to US$162.1 million for the quarter.

The company expects Q2 2021 to record a quarterly revenue between US$45 million to US$48 million and adjusted EBITDA between US$4 million to US$6 million.

You may view Jushi’s full financial results for 2020 here.

Jushi Holdings Inc. last traded at $7.38 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. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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