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.
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.