4Front Ventures FY22 Revenue Grows 13%, What About Net Loss?

4Front Ventures Corp. FFNT FFNTF FY 2022 revenue increased 13% year-over-year to $118.5 million.

FY 2022 Highlights

• Gross profit was $41.1 million compared to $49.4 million in FY 2021.

• Net loss was $46.9 million compared to $38.3 in FY 2021.

• Adjusted EBITDA of $27.7 million as compared to $33.9 million in FY 2021.

• As of December 31, 2022, the company had $15.2 million of cash and $49.8 million of related-party long-term debt not due until May 2024.

Leo Gontmakher, CEO of 4Front, stated: "Despite the challenging and unpredictable operating environment for cannabis in 2022, I could not be prouder of our team for remaining focused on controlling what we could control. We left the year with a stronger balance sheet, a highly experienced management team, and enhanced operating assets to drive significant shareholder value over the next 12 months."

"During the year we bolstered our competitive position in Massachusetts and California with the acquisitions of New England Cannabis Company, Island Cannabis Co., and Bloom Farms, and substantially completed all funded capital improvements throughout our operational footprint to a consistent, industry-leading standard. We have taken the proprietary cultivation and processing techniques we acquired from New England Cannabis Company and implemented them across our core markets, creating an unrivaled, nationwide blueprint of industry-leading SOPs. We have also made substantial additions to our operating team, including Chris Wimmer as general counsel, Keith Adams as CFO, and Brandon Mills and Ray Landgraf, respectively taking on operating responsibility for the entire footprint. With this bench strength, we are confident in our ability to continue to execute on our growth strategy."

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