Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) released its financial results for 2022 and reported record revenue of $1.34 billion in the fiscal year 2022, a 12 per cent increase from the previous year.
The positive momentum carried into the fourth quarter, with a 14 per cent year-over-year revenue jump to $352.5 million and adjusted EBITDA reaching $73 million.
On Monday, the cannabis company released its financial and operating results for the fourth quarter and fiscal year 2022, ending on Dec. 31, 2022. With a solid operating cash flow of $46 million and a cash balance of $163 million, the company says it is well-positioned for continued financial prosperity.
The company achieved a gross profit of $78.1 million with a gross margin of 22 per cent. Adjusted gross profit, net of add-backs, reached $165.4 million, and the adjusted gross margin stood at 47 per cent, including a 240 basis point impact from an expense reclassification into the cost of goods sold.
Curaleaf posted a net loss of $260.3 million or a net loss per share of $0.36, and an adjusted net loss of $162 million, or a net loss per share of $0.23.
Company stock went up on Monday by 2.62 per cent to $3.52 on the Canadian Securities Exchange.
3.52 CAD+0.090 today
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For the full year 2022, Curaleaf reported net revenue of $1.3 billion, representing a 12 per cent increase year-over-year. The company’s gross profit reached $579 million, with a gross margin of 43 per cent. Adjusted gross profit, net of add-backs, amounted to $671.9 million, an 18 per cent increase year-over-year. Adjusted gross margin was 50.3 per cent, inclusive of a 60 basis point impact from an expense reclassification into the cost of goods sold.
Curaleaf’s operating cash flow was $46 million, while the net loss attributable to the company amounted to $370 million, or a net loss per share of $0.52. The adjusted net loss was $252 million, or a net loss per share of $0.35. Adjusted EBITDA for the year totalled $305 million, or 23 per cent of revenue, excluding non-cash goodwill impairments and inventory write-downs of $225 million.
We have a strong cash position and will continue to invest in the right opportunities for growth domestically and abroad,” Curaleaf executive chairman Boris Jordan said.
“I am pleased that we took the necessary actions in Q4 and early Q1 to reduce expenses and streamline the organization, positioning us for years of profitable growth to come.”