Verano Holdings Reports Revenues Of $120.9 Million, Net Income Of $68.8 Million
Verano Holdings (CSE: VRNO) reported first quarter financial results this morning, reporting revenues of $143.0 million on a pro-forma basis. The company however officially filed revenues of $120.9 million, along with a net income of $68.8 million after taxes.
Notably, the company presented all results within its related news release on a pro-forma basis, meaning that much of the data provided does not match that of actually filed financial results. On a pro-forma basis, the company reported a net income of $125.6 million, along with an adjusted EBITDA of $75.0 million.
Officially, revenues amounted to $120.9 million for the quarter, while cost of goods sold came in at $46.3 million, resulting in a gross profit before fair value adjustments of $74.6 million. Expenses meanwhile amounted to $29.1 million, lead by general and administrative expenditures of $14.8 million, resulting in an income from operations of $117.2 million following a significant bump from fair value adjustments.
Other expenses meanwhile amounted to $3.1 million, lead by interest expenses of $1.8 million for the quarter. Following provisions for income taxes of $45.3 million, the company reported a net income of $68.8 million for the three month period, largely a result of a net $70.9 million fair value adjustment to its biological assets.
In terms of current liquidity, on a pro-forma basis the company reported cash and cash equivalents of $112 million, and working capital of $329 million. Total debt excluding lease liabilities amounted to $34 million.
Verano Holdings last traded at $23.87 on the CSE.
Information for this briefing was found via Sedar, and Verano Holdings. 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.
