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Green Thumb Industries Inc. (CSE: GTII|OTCQX: GTBIF) reported its financial results today for the second quarter (Q2) that ended June 30, 2023. Financial results are reported in U.S. dollars and are in comparison to those reported in Q1.
 

Q2 Financial Highlights

• Revenue: UP 4.0% to $252.4M
• Gross Profit: UP 1.95% to $125.3M
  • as a % of revenue: DOWN to 49.6% from 50.7%
• SG&A Exp.:  UP 23.1% to $84.2M
  • as a % of revenue: UP to 33.4% from 28.2%
• Income from Operations: DOWN 24.7% to $41.1M
• Net Income/Share: DOWN to $0.05 from $0.12
• Adj. EBITDA: UP 13.1% to 75.8%
  • as a % of revenue:  UP to 30.0% from 27.6%
  • Adjusted Operating EBITDA defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction-related expenses, or other non-operating costs
• Cash on Hand: $149.0M
• Outstanding Debt: $259.9M
   

Q2 Operational Highlights

• opened six retail stores and now has 83 nationwide in 15 states
   

Management Commentary

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

• “...As we move into the second half of the year, we are pleased with our overall position and our team’s ability to execute on our long-term strategy.

Green Thumb President Anthony Georgiadis added,

• “...Over the last 12 months, we have made approximately $240 million in capital investments to position the Company for continued strong performance across our diversified portfolio of states.”
   

Stock Performance

Green Thumb's stock price of $6.96 was up 1.9% today on the release of its Q2 financial results but is DOWN 17.4% YTD.

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