Curaleaf Reports Record Q4 Revenue Of $345M, Narrows Loss On Higher Sales, Growing Market Share

Curaleaf Holdings, Inc. CURLF reported fourth-quarter financial results Wednesday.

“I’m pleased to report that the work we’ve done over the past several quarters has paid off," said Curaleaf's executive chairman Boris Jordan.

"Curaleaf ended the year strong and is positioned extremely well for the future. In the fourth quarter, we generated record revenue of $345 million. Adjusted gross margin of 46% improved by 80 basis points versus last quarter, and adjusted EBITDA was $83 million or 24% of sales."

Matt Darin, Curaleaf CEO, said the positive results are thanks to the company's teamwork and discipline.

“Our fourth quarter results are a solid reflection of the discipline and rigor we have put into evolving our business and the committed work of our team members," Darin said in a press release.

"It is thanks to all of them that we have leading market share and growth in key markets like Arizona, Florida, New York and Pennsylvania, a domestic wholesale business that grew 15% sequentially, and a U.S. retail business that grew 9% for the year, eclipsing the $1 billion mark for the first time."

Curaleaf’s Q4 Financial Highlights

• Net Revenue of $345.3 million, a year-over-year increase of 1% compared to Q4 2022 revenue of $340.2 million. Sequentially, net revenue increased 4%
• Gross profit of $156.2 million and gross margin of 45%
• Adjusted gross profit of $160.4 million and adjusted gross margin of 46%
• Net loss attributable to Curaleaf Holdings, Inc. excluding discontinued operations, of $57.7 million or net loss per share of 8 cents
• Adjusted net loss from continuing operations attributable to Curaleaf Holdings, Inc. of $5 million or adjusted net loss per share from continuing operations of 1 cent
• Adjusted EBITDA of $83 million and adjusted EBITDA margin of 24%, a 490-basis-point improvement year-over-year
• Cash at quarter end totaled $91.8 million

Full Year 2023 Financial Highlights

• Net revenue of $1.35 billion, a 6% increase year-over-year
• Gross profit of $614.4 million and gross margin of 46%
• Adjusted gross profit of $625.1 million and adjusted gross margin of 46%
• Operating cash flow from continuing operations of $91.2 million and free cash flow from continuing operations of $25.8 million
• Net loss attributable to Curaleaf Holdings, Inc. of $281.2 million or net loss per share of 39 cents
• Adjusted net loss attributable to continuing operations of $126.1 million or adjusted net loss per share from continuing operations of 17 cents
• Adjusted EBITDA of $304.5 million and adjusted EBITDA margin of 23%
• Operating and free cash flow from continuing operations of $91.2 million and $25.8 million

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