TerrAscend (TSX: TSND) this morning elected to pre-announce preliminary financial results for the second quarter, while scheduling the full results to be released on August 10.
The second quarter has seen preliminary net revenues of $72.1 million, which represents a 3.9% sequential increase in revenues, and a 12.7% improvement year over year. Gross profit margins meanwhile are said to have improved slightly, from 48.8% in Q1 2023 to that of 50.2% in Q2, which is a major improvement over the 37.5% gross profit margin achieved in Q2 2022.
The company at the same time provided guidance for the full fiscal year, with TerrAscend anticipating net revenues of $305 million for the full fiscal year, a 23% improvement over the $247.8 million reported for 2022.
Adjusted EBITDA from continuing operations meanwhile is targeted at $58 million for 2023, a 49% improvement over the $38.8 million figure reported in 2022.
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“These achievements bolster our confidence in the remainder of the year. As evidenced by today’s guidance, we expect significant growth in revenue and profitability as we realize the benefit of our now vertically integrated operations in Maryland as well as continued strong execution in our other geographies,” commented Jason Wild, Executive Chairman of TerrAscend.
Full financial results for the second quarter are slated to be released August 10.
TerrAscend last traded at $1.85 on the TSX.
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