Curaleaf Q3 Report Reveals 80% Decrease In Net Profit


Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) reported its financial and operating results for the third quarter ended September 30, 2022, on Monday. All financial information is provided in U.S. dollars unless otherwise indicated and compared with the previous quarter.

Q3 Financial Highlights

  • Total Revenue: +0.6% to $339,728
    • Retail: +3.1% to $259,652
    • Wholesale: -6.5% to $78,903
    • Other: -4.6% to $1,173
  • Gross Profit: -9.8% to $152,999
  • EBIT: -300% to $13,670
    • Normalized EBITDA: decreased by 22.1% to $56,449
  • Net Profit (Loss): decreased 81.7% to $(51,475)
    • Net Loss/Share: increased to $(0.07) from $(0.04) 
  • Cash on Hand: $198M
  • Outstanding Debt: $599M

Management Commentary

Boris Jordan, Founder and Executive Chairman, commented:

  • "...The fundamentals of our business remain solid, our early advantage in Europe is taking shape and we are preparing for the year ahead by looking closely at operational efficiencies and optimizing our current assets." 

Matt Darin, Chief Executive Officer, stated:

  •  "...With a strategic focus on cost reduction, cultivation productivity and flower strain diversity, R&D, and technology investments, we delivered another record quarter with ample runway for continued success."

Q3 Operational Highlights

  • Added two net new retail dispensaries in PA and Citrus Park, FL closing the quarter with 137 total locations, and serviced over 2,000 wholesale partner accounts.
  • Acquired a 55% stake in Four20 Pharma GmbH, a fully EU-GMP & GDP licensed German producer and distributor of medical cannabis, with a strategic pathway to acquire complete control of Four20 Pharma after two years of the commencement of adult-use in Germany.
  • Launched Plant Precision, a curated collection of edibles and a topical gel designed to target specific wellness categories.
  • Launched "The Farmer's Select" program, an ongoing series of limited-edition collaborations with licensed legacy farmers and diverse operators in California.
  • Began expansion of Grassroots into new states, including the introduction of Infused Pre-rolls in California.

Stock Performance

Curaleaf's stock price has gone up 11.4% since the end of June 2022, (@ $5.00) and remains unchanged (@5.40) from its close last Friday, November 5th.

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