John SchroyerToronto-based TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) on Thursday reported a 2024 calendar year net loss of $72.7 million, including a $30.2 net loss in the fourth quarter alone.
The performance is a slight improvement from 2023, when TerrAscend lost $82.3 million, which itself was a significant improvement over 2022 when TerrAscend lost $325.4 million.
Revenue was down 3.3% year-over-year to $306.7 million from $317.3 million, and was about flat for the fourth quarter, at $74.4 million, up a touch from $74.2 million in 2023.
TerrAscend did manage to post free cash flows of $28.6 million for the year, up up $23.4 million in 2023, including $5 million for the fourth quarter, up sequentially from $1.5 million.
That was enough for Executive Chairman Jason Wild to declare in a press release that TerrAscend overperformed expectations for the most recent quarter, which he said was the 10th consecutive quarter of positive operating cash flow and the sixth straight with positive free cash flow.
“This performance was driven by our ability to achieve a #1 market share position in New Jersey for all quarters of 2024, growth of our business in Maryland … as well as improved gross margin in Pennsylvania,” Wild said in a release.
During the past year, TerrAscend entered the Ohio market through its $10 million acquisition of Ohio Ratio Cannabis, continued expanding its footprint in New Jersey, increased its market share in Maryland and expanded its new cultivation facility in the state, and “commenced preparation for anticipated Pennsylvania adult-use,” the company said in a release.
TerrAscend also inked a new $140 million loan, launched a share buyback program and found $10 million worth of general and administrative savings, the company reported.
As of Dec. 31, TerrAscend had $607.2 million in total assets, including $26.3 million in cash, against $430.4 million in total liabilities.
