Image Source: Unsplash
 

Curaleaf Holdings, Inc. (CURA) (CURLF) reported its financial and operating results for the third quarter (Q3) ended September 30th, 2024, on November 6th, as follows:

Q3 Financial Highlights

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

• Total Revenue: DOWN 3.4% to $330.5M
  • Domestic: $301.0M (Q2 data NA)
  • International: $29.5M (Q2 data NA)
• Gross Profit: Unchanged at  $160.5M
  • as a % of Revenue: UP to 48.6% from 46.9%
• SG&A Exp.: DOWN 2.9% to $106.3M
• Adj. EBITDA: UP 3.2%% to $75.3M
  • as a % of Revenue: DOWN to 22.8% from 21.3%
• Net Loss: DOWN 9.4% to $(44.3)M
  • Net Loss/Share:  UP to $(0.07) from $(0.06)
• Cash on Hand: UP 0.7% to $90.0M

Management Commentary

Matt Darin, Chief Executive Officer, stated:

• "...One of the key drivers behind our shift towards focusing on sustainable, profitable organic growth [is] by maintaining share in challenged markets and growing share where we see strategic opportunity. One example is in our international business, which was a highlight this quarter, as it grew 82% year-over-year and 17% quarter over quarter to $30 million dollars. By design, our global presence offers a diversification of revenue streams that mitigates concentration risk." 

Q3 Operational Highlights

• Opened their 64th dispensary in Florida, and 2 in New York state, ending the quarter with a total of 150 U.S. retail stores
• Commenced adult-use sales in Ohio to wholesale customers and at our two retail dispensaries in New Jersey
• Launched JAMS Remix, a new line of flavor-forward jellies in New York, Arizona, Illinois, Connecticut, and Massachusetts.

Stock Performance

Curaleaf Holdings' stock went DOWN 20.9% in Q3 (i.e. from July 1st to September 30th), went DOWN a further 4.6% in October but was UP by 8% as of the close on November 5th. The stock cratered (DOWN 27.9%) on the 6th/7th with the culmination of the defeat of Florida's Amendment 3 and the victory of the Republicans on November 6th., and is now DOWN 45.8% YTD.

More By This Author:

Green Thumb Q3 Results Show 58% Decline In Net Income And 5% Decline In EBITDA
Verano Q3 Revenue Loss Increased 245%; Stock Sinks 27% On News
TerrAscend Q3 Financials: 245% Increase In Net Revenue Loss; 12% Decrease In EBITDA