Glass House Brands Inc. GHBWF reported financial results for Q1 2024 with a revenue of $30.1 million, a 9% increase year-over-year. Biomass production reached 61,334 pounds, a 28% increase from the previous year, despite no expansion in cultivation footprint. Glass House specializes in greenhouse cultivation operations, manufacturing practices and brand-building as well as retailing of cannabis products.
Kyle Kazan, co-founder, chairman and CEO, stated, "We exceeded Q1 guidance across all operating metrics including cash, sales, production, and Adjusted EBITDA."
Financial Highlights
- Adjusted EBITDA was $(1.6) million, compared to $0.5 million in Q1 2023 and $3.8 million in Q4 2023.
- Revenue: $30.1 million, an increase from $27.6 million in Q1 2023 and a decrease from $40.4 million in Q4 2023.
- Gross Profit: $12.5 million, compared to $12.6 million in Q1 2023 and $18.0 million in Q4 2023.
- Gross Margin: 42%, compared to 46% in Q1 2023 and 45% in Q4 2023.
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Cash Position
Glass House ended Q1 with a cash balance of $24 million, up from $16.4 million at the end of Q1 2023.
Cost Efficiency
The company achieved a cost per equivalent dry pound of production of $182, a 7% decrease compared to Q1 2023. Greenhouse 5 is fully operational and will impact Q2 2024 results. Q2 revenue is projected between $52 million and $54 million.
Q2 2024 Projections
The company expects Q2 revenue to reach between $52 million and $54 million. Biomass production guidance is raised to 128,000 to 130,000 pounds. The average selling price for wholesale biomass is projected to be $330 to $335 per pound.
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