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.
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.