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TerrAscend (TSNDF) has reported its financial results for the second quarter (Q2) ended June 30th, 2024. 

Q2 Financial Highlights

All financial information is provided in U.S. dollars unless otherwise indicated and compared with the previous quarter.

• Net Revenue: DOWN 3.8% to $77.5M
• Gross Profit: DOWN 2.6% to $37.7M
  • Gross Profit Margin: UP to 48.6% from 48.0%
• Gen. & Admin. Exp.: Declined 13.9% to $24.1M
  • as a % of Net Revenue: DOWN to 31.1% from 34.7%
• Adj. EBITDA: DOWN 3.7% to $15.6M
  • as a % of Net Revenue: UP to 20.2% from 20.1%
• Net Income (Loss): Improved by 58.4% to $(6.2)M
• Cash/Equiv. + Restricted on Hand: UP 18.7% to $30.5M

​​​​​​​Q2 Operational Highlights

• Achieved 8th consecutive quarter of positive cash flow provided by continuing operations.
• Achieved #1 market share position in New Jersey throughout the first half of 2024, according to BDSA.
• Doubled Pennsylvania wholesale revenue year-over-year.
• Doubled New Jersey wholesale revenue year-over-year.
• Grew Maryland wholesale revenue by 117% year-over-year.
• Delivered 40% gross margin in Michigan for the third consecutive quarter.
• Celebrated the opening of new Detroit dispensary, GAGE 313.
• Relocated and opened dispensary in Nottingham, Maryland.
• Expanded cultivation capacity at Hagerstown, Maryland facility.

​​​​​​​​​​​​​​Management Commentary

Jason Wild, Executive Chairman, said:

• “...We have the right team, high-performing assets, and a major differentiation in having a ‘wide open map’ which will enable us to strike accretive deals to enter attractive new states via best-in-breed operators.
• We are closing in on multiple transactions to expand our geographic footprint and the recent closing of our $140 million term loan provides financial flexibility and fuel to execute this growth strategy...”
   

Stock Performance

TerrAscend's stock price declined 28.6% during Q2, was unchanged at the close of business today prior to the release of the Q2 financial report, and is DOWN 17.7% YTD. 

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