Trulieve Posts $224.1 Million In Q3 Revenues, Positive Net Income
Trulieve Cannabis (CSE: TRUL) this morning reported its third quarter financial results for 2021. The company posted revenues of $224.1 million for the period, along with a net income of $18.6 million, beating analyst consensus estimates.
Revenues wer up a marginal 4.2% on a quarter over quarter basis, climbing from $215.1 million to $224.1 million. Things improved more substantially on a year over year basis however, with revenue improving by 64% from $136.3 million in the year-ago period.
Gross profit also saw a quarterly improvement, climbing from $144.5 million to $153.9 million, representing a gross profit of 69%. Expenses however climbed substantially, with operating expenses jumping from $68.2 million last quarter to $87.7 million. The jump is said to be related to one-time costs related to the Harvest Health acquisition that closed the day after the quarter closed, on October 1.
Net income for the quarter as a result came in at $18.6 million, as compared to $40.9 million in the second quarter. Adjusted EBITDA meanwhile amounted to $98.0 million.
Positive net income quarters may now be coming to an end however following the close of the Harvest transaction. Trulieve noted that on a combined basis, Trulieve and Harvest reported Q3 revenues of $316 million, while the net loss hit $9.8 million and adjusted EBITDA of would have been $121 million.
Trulieve reported a cash positive of $213.6 million for the quarter, a decline from $289.2 million in the prior quarter.
Trulieve Cannabis last traded at $38.75 on the CSE.
Information for this briefing was found via Sedar and Trulieve Cannabis. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.