Green Thumb Industries Inc. GTBIF GTII released its financial results for the second quarter ended June 30, 2023, revealing revenue of $252.4 million a decrease of 0.8% compared to $254.3 million in Q2 2022, and an increase of 2% compared to $248.5 million in Q1 2023.
Q2 2023 Financial Highlights
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Gross profit of $125.3 million, a decrease of 0.4% compared to $125.8 million in Q2 2022.
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Gross margin of 49.6% compared to 49.5% in Q2 2022.
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Net income attributable to the company of $13.4 million or $0.05 per basic and diluted share, a decease of 45.2% compared to income of $24.4 million or $0.11 per basic and $0.1 per diluted share in Q2 2022.
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Adjusted EBITDA was $75.8 million, compared to $78.7 million in Q2 2022.
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As of June 30, 2023, current assets were $341.3 million, including cash and cash equivalents of $149.0 million. Total debt outstanding was $289.9 million.
“In the second quarter, we delivered solid results of $252 million in revenue, up slightly from the first quarter, and GAAP net income of $13 million or $0.05 per basic and diluted share. Adjusted EBITDA was $76 million or 30% of revenue. Importantly, cash flow from operations was $18 million after paying $52 million of taxes this quarter. For the first six months of 2023, the company had adjusted EBITDA of $152 million and cash flow from operations of $93 million. Finally, we ended the second quarter with a strong balance sheet and $149 million in cash. As we move into the second half of the year, we are pleased with our overall position and our team’s ability to execute on our long-term strategy,” stated Green Thumb founder, chairman and CEO Ben Kovler.
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