Green Thumb Industries Inc. (CSE: GTII|OTCQX: GTBIF) reported its financial results today for the fourth quarter (Q4) that ended December 31, 2022. Financial results are reported in U.S. dollars and are in comparison to those reported in Q3.
 

Q4 Financial Highlights

• Revenue: -0.7% to $259.3M
• Gross Profit: -5.5% to $124.0M
• SG&A Exp.: -3.0% to $80.0
• Income from Operations: decreased to $(51.5)M from $48.8M
• Net Income/Share: decreased to $(0.22) from $0.04
• Adj. EBITDA: -3.9% to $81.2M
  • as a % of net revenue: decreased to 31.3% from 32.3%
  • 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: +20.6% to $177.7M
   

Q4 Operational Highlights

• its branded cannabis products now include &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredible, and RYTHM,
• owns and operates rapidly growing national retail cannabis stores called RISE,
• has 18 manufacturing facilities, 77 open retail locations, and operations across 15 U.S. markets,
• employs approximately 3,800 people and serves millions of patients and customers each year. 
   

Management Commentary

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

• "...We remain focused on our cash position, while consistently paying interest and taxes on time...[but] the crippling tax burden continues to hurt new operators by greatly reducing their prospects for a profitable and sustainable cannabis business.
• I am confident that Green Thumb has the right team, the right brands, and the right operational setup to navigate the middle innings of this industry and beyond...”
   

Stock Performance

Green Thumb's stock price decreased 6.2% during Q4 (October, November, December) but had increased 1.1% as of the close of business on February 24th before declining 2.6% on its extremely disappointing Q4 results.

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