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TerrAscend (TSNDF) reported its financial results for the fourth quarter ended December 31, 2023, on Thursday. All financial information is provided in U.S. dollars unless otherwise indicated and compared with the previous quarter.

Q4 Financial Highlights

• Net Revenue: DOWN 2.9% to $86.6M
• Gross Profit: DOWN 12.6% to $41.8M
  • Gross Profit Margin: DOWN to 48.2% from 53.6%
• Gen. & Admin. Exp.: DOWN 5.5% to $27.7M
  • as a % of Net Revenue: DOWN  to 32.0 from 32.8%
• Adj. EBITDA: DOWN 19.0% to $19.6M
  • Adj. EBITDA Margin: DOWN to 22.7% from 27.1%
• Net Income (Loss): Loss INCREASED by 397.6%  to $(41.8)M
• Cash/Equiv. + Restricted): DOWN 67.4% to $9.4M

Management Commentary

Jason Wild, Executive Chairman, said:

• “...For the first time in our history, we generated positive cash flow for a full year, with $31.1 million in cash flow from continuing operations and $23.4 million in free cash flow.
• We have the right team, high-performing assets, strong operating results and cash flow, and ample greenfield opportunities to pursue additional growth.”

Outlook for 2024

• The Company states that 2024 will be about expansion by capitalizing on the current environment and entering into attractive states on accretive terms which would not have been possible two years ago.

Stock Performance

TerrAscend's stock price went DOWN 20.5% during and its price has remained more or less constant since then even in spite of the release of the terrible Q4 results yesterday

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