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.


Information for this briefing was found via Sedar and the sources mentioned. 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.

Video Articles

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Trulieve, Harvest Health Receive Court Approval For Merger, Closing Timeline Remains Vague

Approval from the courts has been granted to Harvest Health (CSE: HARV) in relation to...

Thursday, August 19, 2021, 08:59:38 AM

Trulieve Sees Canaccord Maintain $35 Price Target Days Before Share Unlock

Trulieve Cannabis (CSE: TRUL) this morning saw Canaccord Genuity reaffirm its speculative buy rating on...

Wednesday, May 13, 2020, 11:20:52 AM

Trulieve: Canaccord Reiterates $97 Price Target After Results

On November 15th, Trulieve Cannabis (CSE: TRUL) reported its third quarter results, announcing record revenues...

Friday, November 19, 2021, 10:31:00 AM

Trulieve Posts Q1 Revenues Of $215.1 Million, Net Income

Trulieve Cannabis (CSE: TRUL) this morning reported its second quarter financial results, healthily beating analyst...

Thursday, August 12, 2021, 07:38:54 AM

Trulieve Records $120.8 Million In Revenue In Q2, Net Income of $6.6 Million, Raises Guidance

Trulieve Cannabis Corp (CSE: TRUL) reported its second quarter 2020 earnings this morning, reporting record...

Wednesday, August 12, 2020, 07:53:43 AM