Cresco Labs Q3 Net Loss Hits $263.45M, Revenue Improves 40.6% YoY, Reaffirms Guidance

Benzinga2021-11-11

Vertically integrated cannabis company Cresco Labs Inc. announced its financial results Thursday for the third quarter ended September 30, 2021, reporting revenue of $215.5 million, up by 40.6% year-...

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Kave
2021-11-11
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GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cannabis/21/11/24039432/cresco-labs-q3-net-loss-hits-263-45m-revenue-improves-40-6-yoy-reaffirms-guidance><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Vertically integrated cannabis company Cresco Labs Inc. announced its financial results Thursday for the third quarter ended September 30, 2021, reporting revenue of $215.5 million, up by 40.6% year-...</p>\n\n<a href=\"https://www.benzinga.com/markets/cannabis/21/11/24039432/cresco-labs-q3-net-loss-hits-263-45m-revenue-improves-40-6-yoy-reaffirms-guidance\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CRLBF","symbol_name":"Cresco Labs 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September 30, 2021, reporting revenue of $215.5 million, up by 40.6% year-over-year.\nQ3 Financial Highlights\n\nAdjusted EBITDA of $56.4 million, or 26.2% of revenue, an increase of 24.0% quarter-over-quarter;\nGross profitexcluding fair value mark-up for acquired inventory of $116.7 million, or 54.2% of revenue,an increase of 9.0% quarter-over-quarter and 48.3% year-over-year;\nNet loss amounted to $263.45 million, compared to net income of $25.58 million in the same period a year ago;\nRecord net wholesale revenue of $109.3 million;\nRecord retail revenue of $106.2 million from 37 stores;\nAt the end of the reporting period on September 30, 2021, current assets were $449 million, including cash and cash equivalents of $252.8 million.\n\nFinancial Outlook\nThe Company reaffirms the previously provided guidance of:\n\nGross profit margins in excess of 50.0% in the remainder of 2021;\nAdjusted EBITDA margin of at least 30.0%by the end of 2021;\nRevenue in the fourth quarter between $235 million and $245 million;\n\n“Q3 was another outstanding quarter at Cresco Labs and a very strong start to the second half of the year,”Charles Bachtell, co-founder and CEO of Cresco Labs stated. “During the quarter, we replenished our balance sheet with non-dilutive capital, we closed a transformative acquisition in Massachusetts creating our third top three market share in a billion-dollar market, we announced several new deals to drive market depth, and we made massive improvements in bottom-line profitability as infrastructure investments began to bear fruit.”\nRecent Milestones\n\nAugust:The company closed an agreement with lenders to upsize its senior secured term loan, increasing the principal amount by $200 million, and reducing the interest rate to 9.5% per annum, with a maturity date of August 12, 2026.\n\nIt has executed a definitive agreement to acquire 100% of the outstanding equity interests in Blair Wellness, LLC,a Baltimore, Maryland medical cannabis dispensary.\n\nSeptember:Cresco closed the previously announced acquisition of Cultivate Licensing LLC and BL Real Estate LLC,a vertically integrated Massachusetts operator.\n\nIt has also executed a definitive agreement to acquire 100% of the outstanding equity interests in Bay, LLC d/b/aCure Pennsylvania, a Pennsylvania retail operator.\n\nOctober:Cresco executed a definitive agreement to acquire 100% of the outstanding equity interests in Laurel Harvest Labs, LLC, a Pennsylvania Clinical Registrant and vertically integrated operator.\n\nThe company reported that its “Summer of Social Justice” initiative raised over $250,000and supported the expungement process for over 1,000 people with cannabis-related criminal 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