Trulieve Crosses $1.0 Billion Revenue Mark In 2022, Reports Net Loss

Trulieve Cannabis (CSE: TRUL) this morning reported its delayed fourth quarter financial results. The results were toplined by revenue of $302 million, up marginally from the $301 million in topline revenue reported in the third quarter, and a decline on a year over year basis.

Gross profit for the quarter amounted to $150 million, down from $168 million in the prior quarter, while gross margins slipped from 56% to 50% on a quarter over quarter basis. Operating expenses meanwhile came in at $156 million.

The firm as a result reported a net loss of $77.0 million for the quarter, with adjusted EBITDA amounting to $85 million for the three month period.

READ: Trulieve Settles With OSHA After Employee’s Death From Inhaling Cannabis Dust

On a full year basis, the company saw revenues come in at $1.24 billion, versus $0.94 billion in 2021, a 32% increase. Gross profits came in at $682 million, while gross margins came in at 55%, versus $568 million and 61% in the prior year.

Operating expenses meanwhile climbed a dramatic 77% on a year over year basis, from $368 million to $650 million. This ultimately lead to the company reporting a net loss of $246 million for 2022, versus a net income of $18 million in 2021. Adjusted EBITDA meanwhile climbed to $400 million, up 4% from $385 million in 2021.

Trulieve Cannabis last traded at $9.02 on the CSE.

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