Columbia Care Achieves Record Revenue Of $511.6M In 2022 Thanks To 'An Increasing Contribution From Markets Such As New Jersey And Virginia'

Columbia Care Inc. CCHWF CCHW CCHW (FSE:3LP) FY 2022 revenue was $511.6 million, an increase of 11% compared to $460.1 million in FY 2021.

Q4 Financial Highlights

• Revenue was $126.2 million compared to $139.3 million in Q4 2021.

• Gross profit was $41.6 million compared to $57.3 million in Q4 2021.

• Net loss was $301 million compared to $54.7 million in Q4 2021.

• Adjusted EBITDA was $17.4 million, compared to $20.6 million in Q4 2021.

FY 2022 Financial Highlights

• Record gross profit of $201.2 million, an increase of 4% YoY

• Net loss was $421.5 million compared to net loss of $146.9 million in FY 2021.

• Record adjusted EBITDA of $67.4 million, an increase of 17% YoY

• Adjusted EBITDA margin of 13%, an increase of 60bps YoY

“Columbia Care achieved record financial results again in 2022, as we continued to build scale and optimize our portfolio of assets within our strategically diverse retail footprint. Despite cyclicality in the fourth quarter coinciding with ongoing macroeconomic headwinds that impacted both the consumer, and in particular, wholesale market pricing, topline revenue grew to more than $511 million, up 11% over 2021, and we improved our adjusted EBITDA margin by 60 basis points during that same time period. Our strategic position in the fastest growing markets in the country continues to drive revenue and earnings growth, as we see an increasing contribution from markets such as New Jersey and Virginia,” stated Nicholas Vita, CEO of Columbia Care.

Senior Security Notes Maturity Extension

The company has provided notice to extend the maturity of its 13% senior secured notes (the “2023 notes”) in the amount of $38.2 million, originally due on May 14, 2023, by twelve months.

The 2023 notes were issued pursuant to the trust indenture dated May 14, 2020 between the company and Odyssey Trust Company, as trustee, as amended and supplemented and were originally scheduled to become due and payable, together with all accrued and unpaid interest thereon, on May 14, 2023. Under the terms of the indenture, the company had the discretion to extend the 2023 note maturity date to May 14, 2024. Other than the change in maturity date, all other terms of the indenture remain in place, including the company’s right to redeem the 2023 notes and the company’s obligation to make an offer to repurchase all or any part of the 2023 notes upon a change of control.

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