Trulieve Reports Q4 2020 Revenues Of $168.4 Million, Net Income Of $3.0 Million

Trulieve Cannabis (CSE: TRUL) this morning reported its fourth quarter and full year financial results for fiscal 2020. For the fourth quarter, the company reported revenues of $168.4 million and a net income of $3.0 million. For the full year, the company reported revenues of $521.5 million, along with a net income of $63.0 million, beating consensus estimates on all fronts.

Full financial statements have yet to be filed by the company, with only select data provided within the firms press release this morning. What is known, is that the fourth quarter saw gross profits of $119.9 million on revenues of $168.4 million, an increase of 17% quarter over quarter when compared to the $102.2 million in gross profits recorded in Q3. Profit margins came in at 71%, as compared to 75% in the prior period however.

Operating expenses are also on the upswing, with such expenses growing by 32% quarter over quarter, climbing from $39.4 million to $52.0 million. This contributed to declining net income despite 24% growth in revenues, with net income coming in at $3.0 million, as compared to $17.4 million in the third quarter. Adjusted EBITDA meanwhile amounted to $78.2 million.

Looking to the full fiscal year, the company reported revenue growth of 106% on an annual basis, with revenues climbing from $252.8 million to $521.5 million. Gross profits climbed 101% comparatively, from $191.8 million to $386.4 million, while margins declined marginally from 76% to 74%.

Operating expenses meanwhile were up slightly disproportionatly, with such expenses increasing 112% from $73.4 million to $155.5 million year over year. Net income however climbed 19%, from $53.1 million to $63.0 million. The full year meanwhile reported an adjusted EBITDA figure of $251.0 million.

Notably, the company was one of few cannabis operators to provide guidance for the oncoming year as well. Trulieve is currently anticipating revenues between $815 to $850 million, while EBITDA is estimated to be between $355 and $375 million.

Trulieve Cannabis last traded at $62.31 on the CSE.


Information for this briefing was found via Sedar and Trulieve Cannabis 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.

Video Articles

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

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 CFO Step Down, Names Replacement Effective June 1

Trulieve Cannabis (CSE: TRUL) has seen chief financial officer Mohan Srinivasan resign from his role...

Friday, April 24, 2020, 09:00:57 AM

Allegations of Bribery and Corruption Plague Arizona’s Cannabis Industry

In Arizona, the burgeoning marijuana industry has found itself embroiled in a controversy that threatens...

Wednesday, September 27, 2023, 03:55:00 PM

Trulieve Director Sells $5.7 Million Worth Of Shares

Trulieve Cannabis (CSE: TRUL) has seen a plethora of insider transactions filed with Sedi over...

Friday, September 4, 2020, 10:01:10 AM

Canaccord Names Trulieve, Ayr Wellness Among 2022 Top Picks

On December 14th, Canaccord Genuity released their top picks going into 2022, with names like...

Thursday, December 16, 2021, 03:35:00 PM