Jushi Holdings (CSE: JUSH) this morning reported its third quarter financial results, posting revenues of $54.0 million for the three month period. The firm also posted a positive net income of $38.2 million.
Revenue for the quarter was up 13.1% on a quarter over quarter basis from the $47.7 million reported in second quarter revenue, while also up 116.7% on a year over year basis. Gross profits meanwhile were up a smaller 7.9% on a quarter over quarter basis, climbing to $23.3 million before fair value adjustments, as compared to the prior $21.6 million.
Expenses during the quarter were down slightly, coming in at $24.6 million. Little breakdown was provided by the company here, with $24.3 million attributed to SG&A, while $0.3 million was attributed to acquisition and deal costs. The end result however was a loss from operations of $0.2 million.
The company however managed to get a boost from fair value changes in derivative liabilities to the tune of $55.1 million, which was partially offset by an interest expense of $8.1 million. Overall, the come posted a net income of $38.2 million, largely attributed to fair value adjustments. Adjusted EBITDA meanwhile came in at $6.4 million.
Jushi Holdings last traded at $5.84 on the CSE.
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