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Green Thumb Industries Inc. (CSE: GTII|OTCQX: GTBIF) reported its financial results today for the first quarter (Q1) that ended March 31st, 2024. Financial results are reported in U.S. dollars and are in comparison to those reported in Q4.
 

Q1 Financial Highlights

• Revenue: DOWN 0.9% to $275.8M
• Gross Profit: UP 1.5% to $144.9M
  • as a % of revenue: UP to 52.5% from 51.3%
• SG&A Exp.: Reduced by 19.5% to $74.3M
  • as a % of revenue: Declined to 26.9% from 33.2%
• Net Income (Loss): UP 87.2% to $31.1M
  • As a % of revenue: UP to 11.3% from 1,2%
  • Net Income/Share: UP to $0.13 from $0.01
• Adj. EBITDA: DOWN 0.3% to $90.5M
  • as a % of revenue: UP to 32.8% from 32.6%
• Cash on Hand: UP 38.2% to $223.9M
   

Q1 Operational Highlights

The Company repurchased 1,067,000 Shares for $13.6 million, bringing the aggregate spend under the repurchase program to $53.4 million for 4,910,125 Shares. The Company’s remaining authority to repurchase Shares is $46.6 million.
 

Management Commentary

Green Thumb Founder, Chairman, and Chief Executive Officer Ben Kovler, said:

“...Our team delivered an outstanding quarter...and have the pieces in place to execute on our strategy to create award-winning brands and build customer loyalty. As we round out our tenth year as a company, we believe we have a clear vision, a healthy balance sheet and the best team in the business to execute the next decade of the Green Thumb story.”

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