Verano Holdings (CSE: VRNO) this morning reported its fourth quarter and full year financial results. The results released this morning follow the company last night posted amended financial results for the first three quarters of the year as a result of misstatements related to business combinations.
Revenues for the fourth quarter came in at $211.4 million, with the company showing quarterly growth of just 2.4% in terms of topline revenue. Beyond this however, its difficult to measure financial performance on a comparative basis as a result of the company transitioning to US GAAP accounting in the fourth quarter, and full financial results not yet being filed by the company.
Cost of sales came in at $96.9 million for the quarter, leading to a gross profit of $114.6 million, or a gross profit of 54.1%. Expenses meanwhile came in at $70.5 million for the three month period, lead by SG&A of $56.0 million and depreciation and amortization of $14.5 million.
After $17.9 million in income tax expenses, the company posted a net income of $27.2 million for the quarter, while adjusted EBITDA amounted to $83.6 million.
For the full fiscal year, the company saw revenues climb from $225.5 million in 2020 to that of $737.9 million in 2021. With cost of sales of $403.3 million, Verano posted a gross profit of 334.6 million, or 45.3%. Comparatively, in 2020 the firm saw gross profits of $135.6 million, or 59.3%.
In terms of expenses, total expenses for the year amounted to $230.0 million, lead by SG&A of $188.2 million and depreciation and amortization of $41.8 million. Income tax expenses meanwhile totaled $104.1 million, leading to a negative net income of $14.7 million for the full year.
Looking to the balance sheet, Verano reported a cash position of $99.1 million as of December 31, 2021, while other current assets totaled $174.9 million. Total current liabilities, for which a breakdown was not provided, meanwhile amounted to $469.9 million, suggesting the company may be in need of further capital.
Verano Holdings last traded at $10.18 on the CSE.
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