Acreage FY22 Revenue Grows 26% To $237.1M

Acreage Holdings, Inc. ACRHF ACRDFACRG ACRG, FY 2022 revenue was $237.1 million, an increase of 26% compared to $188.9 million in 2021.

Full Year 2022 Financial Highlights

• Gross profit was $101.7 million or 42.9% of revenue, compared to $95.9 million or 50.7% of revenue in 2021.

• Net loss of $168.7 million, compared to a loss of $73.2 million in 2021.

• Adjusted EBITDA was $34.8 million, marking a second consecutive year and eight consecutive quarters of positive Adjusted EBITDA and a $10.2 million improvement compared to $24.6 million in full year 2021.

• Acreage ended FY 2022 with $24.1 million in cash and cash equivalents.

Fourth Quarter 2022 Financial Highlights

• Total revenue for Q4 2022 was $57.5 million compared to $58.1 million in Q4 2021and $61.4 million in Q3 2022.

• Total gross profit for Q4 2022 was $20.4 million, compared to $27.6 million in Q4 2021. Total gross margin was 35% in Q4 2022 compared to 47% in Q4 2021.

• Adjusted EBITDA for Q4 2022 was $7.0 million compared to Adjusted EBITDA of $8.5 million in Q4 2021 and Adjusted EBITDA of $8.8 million in Q3 2022.

• Net loss attributable to Acreage for Q4 2022 was $(95.0) million, compared to $(40.4) million in Q4 2021.

“Over the course of 2022, we completed a number of important initiatives and laid a strong foundation for sustained growth, making way for a transformative shift through our arrangement with Canopy CGC and Canopy USA,” stated Peter Caldini, CEO of Acreage. “Despite challenging macroeconomic conditions, we achieved annual growth by focusing our operations and scaling in strategic markets, diversifying our brand and product portfolio, and responsibly restructuring our balance sheet. While our fourth quarter performance was impacted by continued headwinds, we are confident that these actions will better position Acreage for the future amid current market challenges.”

Photo by Richard T on Unsplash

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