Ayr Strategies Reports Q3 Earnings, Projects Double Adjusted EBITDA In 2020

Vertically-integrated cannabis company Ayr Strategies Inc. AYR AYRSF reported Monday record third-quarter revenue of $32.1 million, up 19% from $26.9 million in the previous quarter.

The company posted gross profits before fair value adjustments of $17.2 million, up by 17% from $14.7 million in the second quarter. It also achieved a positive adjusted EBITDA in the third quarter of $8.7 million, compared to adjusted EBITA of $7.5 million.

Ayr Strategies posted a loss from operations for the quarter of $10.7 million, which compared to $20.1 million in the prior quarter.

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“We are extremely pleased with how well our business is executing after just four months of combined operations,” Jonathan Sandelman, CEO of Ayr said in a statement. “In that brief time, we have made considerable progress on key initiatives in both the Western and Eastern U.S. – organic growth has exceeded our expectations, our retail stores are among the most productive in the industry, and our wholesale business has become a substantial contributor to the top and bottom line.”

With $14.7 million cash on balance sheet and more than $4 million of quarterly cash flow from operations, the company said its expansion plans remain fully supported.

The company also announced it has appointed Jason Griffith as CIO and promoted Brad Asher from controller to CFO.

Ayr Strategies closed Monday's session at $8.57 per share.