Trulieve Q1 FY23 Revenue Declines 9%, What About Net Loss?

Trulieve Cannabis Corp. TCNNF TRUL released its results for the quarter ended March 31, 2023, revealing revenue of $289 million, a decrease of 9% compared to $318 million in Q1 2022.

Q1 2023 Financial Highlights

• Gross profit of $150 million, a decrease of 17% compared to $180 million in Q1 2022.

• Gross margin of 52%, compared to a gross margin of 57% in Q1 2022.

• Net loss of $64 million, compared to a net loss of $32 million in Q1 2022.

• Adjusted EBITDA of $78 million, or 27% of revenue, a decrease of 26% compared to $105 million, or 33% of revenue in Q1 2022.

• Cash at quarter end of $195 million.

"Our team is laser focused on cash preservation and generation as we set the stage for the next phase of accelerated growth," stated Kim Rivers, Trulieve CEO. "Trulieve's scale and service, operational flexibility, and strong balance sheet are essential for success in the current environment. With increasing adoption and expanding state level access to cannabis, the industry is well beyond the tipping point. Tremendous opportunities lie ahead for companies that can successfully adapt within evolving landscapes."

Photo by Esteban López on Unsplash

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