Ayr Strategies Inc. (AYRSF), a constituent in the munKNEE Pure-Play Pot Stock Index, is a vertically-integrated cannabis multi-state operator (MSO), and it reported its Q3 financial results on Wednesday for the period ended September 30, 2020, as follows:
Q3 Financial Highlights
(All results are presented in USD and compared to the previous quarter.)
- Revenue: increased 61% to $45.5M
- Gross Profit: increased 74% to $40.8M
- Net Income (Loss): increased by 257% to $(26.8)M
- Adj. EBITDA: increased 112% to $19.3M
- EBITDA As a % of Revenue: increased to 42.4% from 32.2%
- Cash/Equiv.: $23.2M
Q3 Operational Highlights
- Announced planned expansions into Pennsylvania, Ohio, and Arizona which will more than triple the addressable market to over 40 Million people across five states.
Management Commentary
Jonathan Sandelman, CEO, said:
- “We had a record quarter with revenues up 42% year-over-year and 61% sequentially and Adjusted EBITDA more than doubled.
- ...Our wholesale business continues to benefit from expanded cultivation capacity and strong demand resulting from new adult-use dispensaries coming online every month...
- Gross margins have also continued to improve as a result of our expanded cultivation capacity...."
Stock Performance
The Ayr Strategies stock price has almost doubled (+96%%) YTD and is UP 29% so far in November as illustrated in the chart below:
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