TerrAscend's Q2 2024 Results: Keeps 48.6% Of Revenue As Profit, EBITDA Margin Increases

TerrAscend Corp. TSNDF reported net revenue of $77.5 million for the second quarter of 2024, reflecting a 7.5% increase compared to $72.1 million in the same period in 2023.

Executive chairman Jason Wild highlighted the company's material revenue and EBITDA growth, positive free cash flow and a strategic focus on geographic expansion supported by a recently secured $140 million term loan. 

"We are closing in on multiple transactions to expand our geographic footprint and the recent closing of our $140 million term loan provides financial flexibility and fuel to execute this growth strategy. We can’t wait to share more details, when appropriate,” Wild stated in a press release. 

Gross Profit And Margin

The company's gross profit for the quarter was $37.7 million, resulting in a gross margin of 48.6%, slightly down from 50.2% in Q2 2023.

Net Loss

TerrAscend recorded a net loss from continuing operations of $6.2 million, an improvement from the net loss of $12.9 million in the second quarter of 2023.

Adjusted EBITDA

Adjusted EBITDA from continuing operations grew by 21.9% year-over-year to $15.6 million, with an adjusted EBITDA margin of 20.2%, up from 17.8% in the same quarter of the previous year.

Read Next: Cannabis Co. Cresco Lab's Q2 Gross Profit Increases Over 9% YoY, Reports Nearly 7% Drop In Revenue

Price Action: TSNDF closed at $1.35, up 11.57% for the day. 

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