TerrAscend Corp. (CSE: TER) reported today its Q2 2021 financial results, which saw the company post US$58.7 million in revenue. The topline figure is also an increase from Q1 2021’s revenue of US$53.4 million and Q2 2020’s revenue of US$34.2 million.
The cannabis firm relayed that the revenue growth is mainly driven by acquisitions, cultivation capacity expansions, and an increase in the number of dispensaries.
The company also recorded US$23.1 million net loss for the quarter, down from last quarter’s net loss of US$12.7 million and last year’s US$9.8 million net loss. This translates to US$0.14 loss per share.
The quarterly loss is mainly impacted by a loss on the fair value of warrants amounting to US$19.9 million. Considering this and a number of financial calibrations, adjusted EBITDA came in at $24.3 million compared to $22.6 million last quarter and $8.4 million last year.
The cash and cash equivalents balance at the quarter’s end came in at US$154.2 million compared to a beginning balance of US$59.2 million. The quarterly cash inflow is attributable to the $173.5 million net proceeds from private placement financing. This puts the company’s current asset balance to $254.2 million while current liabilities ended at $74.1 million.
The North American cannabis operator also announced that it is withdrawing its 2021 financial guidance due to a temporary reduction in yields caused by ongoing construction at its Pennsylvania locations. The company also considers allocating more company-branded products to its own Apothecarium dispensaries in New Jersey as another factor for withdrawing the guidance.
TerrAscend last traded at $10.75 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.