Columbia Care Posts Q4 Loss Of $28M, 123% Adjusted Revenue Growth

Columbia Care Inc. CCHWF CCHW reported fourth-quarter and full-year 2019 financial results Tuesday, with quarterly adjusted revenue of $24.5 million — a year-over-year increase of 123%. 

For the full year, the cannabis company posted adjusted revenue of $78.8 million, which represents and increase of 100% from 2018.

Columbia Care's fourth-quarter adjusted EBITDA loss rose sharply year-over-year from $2.9 million to $13.9 million. The full-year adjusted EBITDA loss rose from $11.1 million in 2018 to $46.9 million in 2019.

The fourth-quarter and full-year net loss totaled $28 million and $106.7 million, respectively, versus $20.4 million and $39.7 million in the same periods of 2018. 

At the end of 2019, the company had no debt and $47.5 million in cash on hand.

“2019 was a historic year for Columbia Care,” CEO Nicholas Vita said in a statement.

“We delivered a third straight quarter of triple-digit revenue growth as well as 100% top line revenue growth for the year. We are now active in 14⁽²⁾ US jurisdictions with 35 dispensaries in operation and six more awaiting regulatory approval to open."

Columbia Care launched adult use sales in the Illinois and Massachusetts markets and saw revenue growth by a factor of three to five times "almost overnight," the CEO said. 

Columbia Care's Outlook

"We remain on track to close our acquisition of The Green Solution, Colorado’s market leader, and with as many as seven of our medical-only markets potentially converting to adult use, the timing could not be better to create shareholder value and build the best company in the industry," Vita said. 

The company issued fiscal 2020 guidance, projecting standalone revenue of $155 million to $180 million and break-even adjusted EBITDA in the fourth quarter. 

Columbia Care shares were trading down 0.89% at $2.23 at the time of publication Tuesday.