American medical cannabis provider Trulieve Cannabis Corp. (CNSX: TRUL) (OTCMKTS: TCNNF) continues to establish itself as an industry leader, posting record first quarter results to kick off 2022.
On Thursday, the Florida-based firm released its earnings results for the first quarter ended March 31, with revenue of US$318.3 million, up 64 per cent year-over-year from US$193.8 million during Q1 2021.
Trulieve posted gross profit of US$178.2 million compared to US$132.4 million in the fourth quarter of 2021. Gross profit margin increased to 56 per cent from 43.4 per cent.
The company reported a net loss of US$32 million, an improvement of 55 per cent after a net loss of US$71.5 million during the previous quarter, and adjusted net income of US$1.7 million.
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Trulieve had an adjusted EBITDA of US$105.5 million, up 4.5 per cent from US$100.9 million during the fourth quarter of 2021.
At the end of the first quarter, the company had US$267 million in cash, bolstered by US$45.1 million in cash flow from operations and the closing of US$75 million senior secured notes at 8 per cent due October 2026.
“Thanks to the efforts of all of our Trulieve employees, we’re off to a great start in 2022, with strong first quarter results underpinned by topline growth and cash flow,” Trulieve CEO Kim Rivers said in a statement.
“Once again we did what we said we would do, improving performance with our focus on the customer, hub strategy, branded products, and disciplined capital allocation.”
During the first quarter, the firm launched a supplier diversity campaign, opened three new dispensaries — two in Florida and one in Pennsylvania — and rebranded 22 retail locations in Maryland and Pennsylvania under the Trulieve banner.
Read more: Trulieve acquires Harvest, becomes largest cannabis operator in US
Read more: Trulieve launches supplier diversity campaign
Trulieve currently operates 165 retail dispensaries in 11 states, and has more than 4 million square feet of cultivation and processing capacity in the United States.
The company is giving 2022 revenue guidance of up to US$1.4 billion and adjusted EBITDA of at least US$450 million.
“In 2022 we expect our strong balance sheet, access to capital and financial discipline will uniquely position us to capitalize on market opportunities created by the macroeconomic factors impacting our industry,” Rivers said.
Company stock was up nearly 3 per cent Friday to $18.76 on the Canadian Securities Exchange.