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.
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