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Curaleaf Holdings, Inc. (CURA) () reported its financial and operating results for the third quarter (Q3) ended September 30th, 2024, on November 6th, as follows:
Q3 Financial Highlights
All financial information is provided in U.S. dollars unless otherwise indicated and compared with the previous quarter.
Total Revenue: DOWN 3.4% to $330.5M
- Domestic: $301.0M (Q2 data NA)
- International: $29.5M (Q2 data NA)
Gross Profit: Unchanged at $160.5M
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as a % of Revenue: UP to 48.6% from 46.9%
SG&A Exp.: DOWN 2.9% to $106.3M
Adj. EBITDA: UP 3.2%% to $75.3M
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as a % of Revenue: DOWN to 22.8% from 21.3%
Net Loss: DOWN 9.4% to $(44.3)M
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Net Loss/Share: UP to $(0.07) from $(0.06)
Cash on Hand: UP 0.7% to $90.0M
Management Commentary
Matt Darin, Chief Executive Officer, stated:
“…One of the key drivers behind our shift towards focusing on sustainable, profitable organic growth [is] by maintaining share in challenged markets and growing share where we see strategic opportunity. One example is in our international business, which was a highlight this quarter, as it grew 82% year-over-year and 17% quarter over quarter to $30 million dollars. By design, our global presence offers a diversification of revenue streams that mitigates concentration risk.”
Q3 Operational Highlights
Opened their 64th dispensary in Florida, and 2 in New York state, ending the quarter with a total of 150 U.S. retail stores
Commenced adult-use sales in Ohio to wholesale customers and at our two retail dispensaries in New Jersey
Launched JAMS Remix, a new line of flavor-forward jellies in New York, Arizona, Illinois, Connecticut, and Massachusetts.
Stock Performance
Curaleaf Holdings’ stock went DOWN 20.9% in Q3 (i.e. from July 1st to September 30th), went DOWN a further 4.6% in October but was UP by 8% as of the close on November 5th. The stock cratered (DOWN 27.9%) on the 6th/7th with the culmination of the defeat of Florida’s Amendment 3 and the victory of the Republicans on November 6th., and is now DOWN 45.8% YTD.More By This Author:
