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2021-11-11
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Cresco Labs Q3 Net Loss Hits $263.45M, Revenue Improves 40.6% YoY, Reaffirms Guidance
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</p></body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/870574364","repostId":1152789653,"repostType":4,"repost":{"id":"1152789653","kind":"news","pubTimestamp":1636639284,"share":"https://www.laohu8.com/m/news/1152789653?lang=&edition=full","pubTime":"2021-11-11 22:01","market":"us","language":"en","title":"Cresco Labs Q3 Net Loss Hits $263.45M, Revenue Improves 40.6% YoY, Reaffirms Guidance","url":"https://stock-news.laohu8.com/highlight/detail?id=1152789653","media":"Benzinga","summary":"Vertically integrated cannabis company Cresco Labs Inc. announced its financial results Thursday for","content":"<p>Vertically integrated cannabis company <b>Cresco Labs Inc.</b> announced its financial results Thursday for <b>the third quarter</b> ended September 30, 2021, reporting r<b>evenue of $215.5 million, up by 40.6% year-over-year.</b></p>\n<p><b>Q3 Financial Highlights</b></p>\n<ul>\n <li><b>Adjusted EBITDA of $56.4 million</b>, or 26.2% of revenue, an increase of 24.0% quarter-over-quarter;</li>\n <li><b>Gross profit</b>excluding fair value mark-up for acquired inventory of $<b>116.7 million, or 54.2% of revenue,</b>an increase of 9.0% quarter-over-quarter and 48.3% year-over-year;</li>\n <li><b>Net loss amounted to $263.45 million</b>, compared to net income of $25.58 million in the same period a year ago;</li>\n <li>Record net wholesale revenue of $109.3 million;</li>\n <li>Record retail revenue of $106.2 million from 37 stores;</li>\n <li>At the end of the reporting period on September 30, 2021, current assets were $449 million, including cash and cash equivalents of $252.8 million.</li>\n</ul>\n<p><b>Financial Outlook</b></p>\n<p><b>The Company reaffirms the previously provided guidance of:</b></p>\n<ul>\n <li>Gross profit margins in excess of 50.0% in the remainder of 2021;</li>\n <li><b>Adjusted EBITDA margin of at least 30.0%</b>by the end of 2021;</li>\n <li><b>Revenue in the fourth quarter between $235 million and $245 million</b>;</li>\n</ul>\n<p>“Q3 was another outstanding quarter at Cresco Labs and a very strong start to the second half of the year,”<b>Charles Bachtell</b>, 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.”</p>\n<p><b>Recent Milestones</b></p>\n<ul>\n <li><b>August:</b>The company closed an agreement with lenders to <b>upsize its senior secured term loan</b>, 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.</li>\n</ul>\n<p>It has executed a definitive agreement <b>to acquire 100% of the outstanding equity interests in Blair Wellness, LLC,</b>a Baltimore, Maryland medical cannabis dispensary.</p>\n<ul>\n <li><b>September:</b>Cresco c<b>losed the previously announced acquisition of Cultivate Licensing LLC and BL Real Estate LLC,</b>a vertically integrated Massachusetts operator.</li>\n</ul>\n<p>It has also executed <b>a definitive agreement to acquire 100% of the outstanding equity interests in Bay, LLC d/b/aCure Pennsylvania</b>, a Pennsylvania retail operator.</p>\n<ul>\n <li><b>October:</b>Cresco executed a definitive agreement <b>to acquire</b> <b>100% of the outstanding equity interests in Laurel Harvest Labs, LLC</b>, a Pennsylvania Clinical Registrant and vertically integrated operator.</li>\n</ul>\n<p>The company reported that its “<b>Summer of Social Justice</b>” initiative raised over $250,000and supported the expungement process for over 1,000 people with cannabis-related criminal records.</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cresco Labs Q3 Net Loss Hits $263.45M, Revenue Improves 40.6% YoY, Reaffirms Guidance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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#494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCresco Labs Q3 Net Loss Hits $263.45M, Revenue Improves 40.6% YoY, Reaffirms Guidance\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-11 22:01 GMT+8 <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\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRLBF":"Cresco Labs Inc."},"source_url":"https://www.benzinga.com/markets/cannabis/21/11/24039432/cresco-labs-q3-net-loss-hits-263-45m-revenue-improves-40-6-yoy-reaffirms-guidance","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152789653","content_text":"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-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 records.","news_type":1},"isVote":1,"tweetType":1,"viewCount":567,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/870574364"}
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