American multistate cannabis operator Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is celebrating the firm’s record 2021 revenues, which topped US$1.2 billion.
On Thursday, the firm published its earnings results for the fourth quarter and fiscal year ended Dec. 31, with annual sales up 97 per cent from US$626.6 million in 2020.
Curaleaf’s gross profit on cannabis sales was up 107 per cent for the year, to US$585.7 million from US$275.1 million.
Adjusted earnings before interest, taxes, depreciation and amortization rose 107 per cent to US$298 million last year, from US$144.1 million the year before.
But net losses on the year rose 78 per cent to negative US$101.7 million from negative US$57.2 million.
In the fourth quarter, total revenue was up 1 per cent to US$320 million, from US$317 million in the third quarter.
Adjusted EBITDA was up around 12 per cent to US$79.7 million in the fourth quarter, while net loss improved by 47 per cent to negative US$30.1 million.
As of Dec. 31 the firm had US$299 million in cash, and US$436 million of outstanding debt net of discounts.
Curaleaf says its year-over-year revenue growth stems primarily from new retail store openings, the addition of new wholesale partner accounts, product launches as well as the expansion of cultivation and production facilities.
“In 2021, we made significant progress strengthening all areas of our business including growing our retail and wholesale distribution, introducing new products, expanding our cultivation and production capacity, and entering new markets such as Europe,” CEO Joe Bayern said in a statement.
In the fourth quarter, Curaleaf added eight new dispensaries: five in Florida, two in Colorado and one in Arizona. It entered into a US$211-million deal to buy Bloom Dispensaries, which operates in Arizona.
The firm also completed an offering of senior secured notes for proceeds of US$475 million, retiring all of its other outstanding debt at a better rate.
Company stock jumped nearly 3 per cent Thursday to $7.80 on the Canadian Securities Exchange.