TerrAscend Corp. (CSE: TER) reported late Thursday its Q1 2022 financial results, which saw the company post US$49.7 million in revenue. The topline figure is a decline from Q1 2021’s revenue of US$53.4 million.
The cannabis firm relayed that the revenue decline is mainly driven by a temporary impact of the vape recall on the Pennsylvania business. Gross margin also dipped to 30.5% for the quarter from 65.5% last year.
The company also recorded a US$16.0 million net loss for the quarter, down from last year’s US$14.1 million net loss. This translates to US$0.08 loss per share.
The quarterly loss is mainly “driven by the mix of revenue resulting in compressed gross margin.” Considering a number of financial calibrations, adjusted EBITDA came in at $3.3 million compared to $11.9 million last quarter and $21.6 million last year.
The cash and cash equivalents balance at the quarter’s end came in at US$88.4 million compared to a beginning balance of US$79.6 million. The quarterly cash inflow is attributable mainly to the cash proceeds from the Gage acquisition and from the exercise of options and warrants. This puts the company’s current asset balance at US$187.1 million while current liabilities ended at $148.3 million.
TerrAscend last traded at $4.87 on the CSE.
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