Trulieve Cannabis Corp. TCNNF TRUL released its results for the quarter ended June 30, 2022, revealing revenue increased 49% year over year to $320.3 million from $215.1 million and 1% sequentially.
Q2 2022 Financial Highlights
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Gross profit of $182.2 million and GAAP gross margin of 57% in the second quarter compared to gross profit of $178.2 million and GAAP gross margin of 56% in the first quarter of 2022.
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Net loss of $22.5 million, a sequential improvement of 30%.
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Adjusted EBITDA grew 17% year over year to $111.0 million, or 35% of revenue in the second quarter compared to adjusted EBITDA of $105.5 million, or 33% of revenue in the first quarter of 2022.
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Cash at quarter end of $181.4 million.
"Our team delivered strong second quarter results with topline growth and margin improvement by staying focused on our plan," stated Kim Rivers, Trulieve CEO. "During our mid-year strategic review, we identified proactive measures to address the rapidly evolving economic landscape."
Rivers continued, "We are committed to meeting customer needs, improving performance in core markets, managing cash wisely, and streamlining operations across the company. We strongly believe that taking firm and decisive action now will better position the organization to capitalize on numerous catalysts in the years ahead. Trulieve has the capital, discipline, and experience to navigate short term headwinds and emerge as a stronger company."
Financial Guidance
Factoring in strategic changes across its business, the impact of inflation on consumer spending, softness in wholesale markets, and the lack of visibility in the current macroeconomic environment, the company is adjusting 2022 revenue guidance by 5% from the low end of its prior outlook to $1.25 billion to $1.3 billion. Accordingly, the company anticipates adjusted EBITDA will be in the range of $415 million to $450 million.
Photo by Esteban Lopez on Unsplash
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