TerrAscend Reports Q1 Revenues Of $53.4 Million, Net Loss Of $12.7 Million
TerrAScend Corp (CSE: TER) this morning reported its first quarter financial results, posting net sales of $53.4 million along with a net loss of $12.7 million for the period ended March 31, 2021. The company also reported adjusted EBITDA of $22.6 million.
Revenues increased 8% on a quarter over quarter basis from $49.6 million in Q4 2020, and 106% on a year over year basis. However, revenues still fell short of the consensus estimate of $57.41 million, while the company also came up short on EBITDA estimates of $22.93 million.
Cost of sales for the quarter came in at $18.4 million, resulting in a gross profit before fair value adjustments of $34.9 million. Operating expenses meanwhile came in $22.2 million, lead by general and administrative expenses of $15.8 million and share based payments of $4.2 million. The company posted an income from operations of $15.2 million.
This figure however was then impacted by several other expenses, including financing expenses of $7.2 million and loss on fair value of warrants of $5.4 million among other items, as well as an income tax expense of $9.2 million. The company ultimately posted a net loss of $12.7 million as a result.
The company this morning also raised its full year guidance for both net sales and adjusted EBITDA. The company now expects to generate net sales of US$300 million, and adjusted EBITDA of US$128 million for the full fiscal year, compared to US$290 million and $122 million, respectively.
TerrAscend Corp last traded at $13.93 on the CSE.
Information for this briefing was found via Sedar and TerrAscend Corp. 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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