Adam JacksonCuraleaf Holdings (OTCQX: CURLF) (TSX:CURA) beat on moderate revenue growth in its fourth-quarter and full-year revenue for the year ending Dec. 31, 2023, as it gears up for what Executive Chairman Boris Jordan described as a “catalyst year.”
The New York-based cannabis giant reported fourth-quarter revenue of $345 million, a 1% year-over-year increase from $340.2 million in the same period of 2022. The company saw a 4% rise in revenue versus the previous quarter. This beat Yahoo analysts’ average by $7.59 million.
“Our fourth quarter results are a solid reflection of the discipline and rigor we have put into evolving our business and the committed work of our team members,” CEO Matt Darin said in a statement.
“It is thanks to all of them that we have leading market share and growth in key markets like Arizona, Florida, New York, and Pennsylvania, a domestic wholesale business that grew 15% sequentially, and a U.S. retail business that grew 9% for the year, eclipsing the $1 billion mark for the first time.”
The company also reported adjusted EBITDA of $83 million for the fourth quarter, which made up 24% of revenue. That represents a 490-basis-point improvement from the year-over-year figures. However, Curaleaf posted a net loss of $57.7 million in the fourth quarter, though that was an improvement over 2022’s $370 million loss.
For the entire year of 2023, Curaleaf reported revenue of $1.35 billion, a 6% increase from 2022. The company maintained a consistent adjusted gross margin of 46% for the year. The annual figures showed a net loss of $281.2 million, hinting at ongoing profitability challenges.
Despite the losses, the company remains optimistic about future growth and is eyeing expansion and new product launches in various states and countries, including Utah and Germany.
“Curaleaf ended the year strong and is positioned extremely well for the future,” Jordan said. “The global opportunities we’ve been building our business toward are unfolding rapidly.”
