TerrAscend Corp. TSNDF, a cannabis company with a presence in several states, reported its financial performance for the first quarter that ended March 31, 2024 with gains in revenue and operational efficiency.
TerrAscend announced an increase in net revenue to $80.6 million, marking a 16.1% rise compared to the same period last year. The company also announced a cash flow from operations of $13.3 million and a healthy free cash flow of $10.5 million.
Despite the positive revenue growth, the company recorded a net loss from continuing operations of $14.9 million, which, while substantial, is an improvement from the $19.2 million loss reported in Q1 2023.
Profitability And Efficiency
TerrAscend's gross profit margin slightly decreased to 48.0% from 48.8% year-over-year.
However, adjusted EBITDA from continuing operations rose by 33% to $16.2 million, reflecting a more efficient operational structure with an adjusted EBITDA Margin of 20.1%, up from 17.6% in Q1 2023.
Strategic Growth And Operational Achievements
The company continues to expand its market reach, having opened four new dispensaries and initiated adult-use sales in Maryland. This expansion, coupled with an 80% increase in Pennsylvania wholesale sales, drove the company's revenue growth.
Jason Wild, executive chair of TerrAscend, highlighted the company's strategic position and upcoming opportunities that could further enhance performance. "With legislative movements favoring adult use in Pennsylvania and potential DEA rescheduling, we are poised for significant advancements," he said.
Scanning through cannabis spreadsheets can take some time. To learn more about investing, don't miss the opportunity to join us at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry's future. Secure your tickets now before prices increase by following this link.
Photo: AI-Generated Image.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.