Size Matters: Glass House's 150,000-Pound Harvest Drives Record $53.9M Revenue In Q2 2024

Glass House Brands GLASF reported a record-setting second quarter for 2024, with revenue reaching $53.9 million, marking a 21% year-over-year increase.

Q2 Highlights

Gross profits also saw a significant rise, hitting $28.7 million, up from $24.4 million in Q2 2023, though the gross margin slightly decreased to 53%.

The company’s adjusted EBITDA soared to $12.4 million, a substantial improvement from a negative $1.6 million in the previous quarter.

The company's biomass production exceeded expectations, producing over 149,000 pounds, which contributed to a record wholesale biomass revenue of $39.1 million.

“Net revenue increased 21% year over year and 79% sequentially to a record high of $54 million, reaching the high end of our guidance range of $52 to $54 million," said CEO Kyle Kazan in a press release. "We produced approximately 150,000 pounds of biomass and sold 138,000 pounds, driving wholesale revenue to a record high of $39.1 million and wholesale biomass gross profit to a record high of $22.6 million.”

Despite these positive outcomes, Glass House reported a net loss of $10 million, a notable recovery from the $18.3 million loss in Q1 2024.

Operating cash flow was a positive $8.9 million, compared to $8.3 million in Q2 2023 and negative $1.9 million in Q1 2024.

Looking ahead, the company projects Q3 revenue to hit between $65 million and $67 million, driven by continued strong performance in biomass production and retail sales.

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