Verano Holdings (CSE: VRNO) this morning released its third quarter financial results. Results came in short of analyst consensus estimates, with the firm reporting Q3 revenues of $207 million. The company however posted a positive net income of $103.7 million.
Revenues were up marginally on a quarter over quarter basis., climbing 4% from $198.7 million to $206.8 million. However, revenues came up rather short of analyst consensus estimates of $219.7 million.
The company posted a gross profit of $133.4 million before fair value adjustments, resulting in a gross profit percentage of 64.5%. Expenses meanwhile amounted to $36.5 million, lead by SG&A of $31.6 million. After a significant bump from fair value items of $88.8 million, the company posted an income from operations of $186.511.
This figure was then taken down by $73.7 million as a result of a significant income tax expense of $73.7 million. The company ultimately posted a net income of $103.7 million, while adjusted EBITDA came in at $111 million.
Cash and cash equivalents meanwhile came in at $56.9 million.
Verano Holdings last traded at $16.53 on the CSE.
Information for this briefing was found via Sedar and the companies 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.
