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TPCO Holdings Reports Pro-Forma Q4 Revenues Of $40.2 Million, Loss Of $94.0 Million

TPCO Holdings (NEO: GRAM) this morning released its financial results for the fourth quarter and full fiscal year of 2020, with the results herein provided on a pro-forma basis as a result of the combination of the firm occurring after the end of the period. For the fourth quarter, the company reported revenues of $40.2 million along with a net loss of $94.0 million before taxes.

For the full fiscal year, on a pro-forma basis the company reported revenues of $188.7 million, along with a net loss before taxes of $151.2 million.

For the fourth quarter, revenues of $40.2 million were offset by cost of sales of $37.3 million, resulting in a gross profit of $3.2 million. Operating expenses meanwhile totaled $78.7 million, with general and administrative expenses amount to $32.7 million, while sales and marketing amounted to $46.0 million.

Further impacting the quarter were other expenses of $18.5 million, including underwriting commissions of $20.1 million, which culminated in a net loss for the quarter on a pro-forma basis of $94.0 million. On an adjusted EBITDA basis, the company posted a loss of $17.7 million.

For the full fiscal year, pro-forma revenues of $188.7 million were offset by cost of sales of $156.5 million, resulting in a gross profit of $32.8 million. Operating expenses meanwhile amounted to $137.6 million, consisting of general and administrative expenses of $89.2 million and sales and marketing of $48.3 million.

Other expenses for the year amounted to $48.4 million, resulting in a net loss before income taxes of $151.2 million. On an adjusted EBITDA basis the firm posted a loss of $35.6 million.

Looking to the balance sheet, on a pro-forma basis the company reported cash and cash equivalents of $337.9 million, as well as inventories of $25.5 million and receivables of $4.2 million. Total current assets as of December 31, 2020, on a pro-forma basis sat at $399.4 million.

On the other side of things, accounts payable currently sits at $15.0 million, while accrued and other liabilities are pegged at $29.1 million. Contingent considerations makes up the largest portion of the current liabilities however, which sits at $199.7 million, while a brand strategy liability is listed at $18.5 million. Total current liabilities amounted to $277.9 million on a pro-forma basis.

TPCO Holdings last traded at $9.13 on the Neo.


FULL DISCLOSURE: TPCO Holdings is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover TPCO Holdings on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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