The Cannabist Company Reports Fourth Quarter and Full Year 2024 Results
The Cannabist Company (CBSTF) reported Q4 and full year 2024 results, with Q4 revenue of $96.1 million, representing a 16% decrease from Q3, primarily due to asset sales in Virginia, Arizona, and Florida. Q4 gross margin was 35%, showing improvement of 120 basis points year-over-year.
The company achieved $7.0 million in Adjusted EBITDA for Q4, down from $14.8 million in Q3. Notable achievements include $23 million in annualized cost savings through corporate restructuring and positive operating cash flow of $4.3 million in Q4. The company ended Q4 with $33.6 million in cash, up from $31.5 million in Q3.
Key developments include an agreement to extend senior secured debt maturities to December 2028, with options through 2029, currently supported by 70% of noteholders. The company's retail footprint decreased to 59 locations by Q4-end, down from 73 in Q3, following strategic divestitures and optimization efforts.
La Cannabist Company (CBSTF) ha riportato i risultati del Q4 e dell'intero anno 2024, con un fatturato nel Q4 di 96,1 milioni di dollari, che rappresenta una diminuzione del 16% rispetto al Q3, principalmente a causa delle vendite di beni in Virginia, Arizona e Florida. Il margine lordo del Q4 è stato del 35%, mostrando un miglioramento di 120 punti base rispetto all'anno precedente.
L'azienda ha raggiunto 7,0 milioni di dollari in EBITDA rettificato per il Q4, in calo rispetto ai 14,8 milioni di dollari del Q3. Tra i risultati significativi ci sono 23 milioni di dollari di risparmi annualizzati attraverso la ristrutturazione aziendale e un flusso di cassa operativo positivo di 4,3 milioni di dollari nel Q4. L'azienda ha chiuso il Q4 con 33,6 milioni di dollari in contanti, in aumento rispetto ai 31,5 milioni di dollari del Q3.
Sviluppi chiave includono un accordo per estendere le scadenze del debito senior garantito fino a dicembre 2028, con opzioni fino al 2029, attualmente supportato dal 70% dei detentori di note. La rete di vendita al dettaglio dell'azienda è diminuita a 59 sedi entro la fine del Q4, rispetto alle 73 del Q3, a seguito di dismissioni strategiche e sforzi di ottimizzazione.
La Cannabist Company (CBSTF) reportó los resultados del cuarto trimestre y del año completo 2024, con ingresos en el Q4 de 96,1 millones de dólares, lo que representa una disminución del 16% en comparación con el Q3, principalmente debido a la venta de activos en Virginia, Arizona y Florida. El margen bruto del Q4 fue del 35%, mostrando una mejora de 120 puntos básicos interanuales.
La empresa logró 7,0 millones de dólares en EBITDA ajustado para el Q4, en comparación con 14,8 millones de dólares en el Q3. Logros notables incluyen 23 millones de dólares en ahorros anuales a través de la reestructuración corporativa y un flujo de efectivo operativo positivo de 4,3 millones de dólares en el Q4. La empresa terminó el Q4 con 33,6 millones de dólares en efectivo, un aumento respecto a los 31,5 millones de dólares del Q3.
Desarrollos clave incluyen un acuerdo para extender los vencimientos de la deuda senior garantizada hasta diciembre de 2028, con opciones hasta 2029, actualmente respaldado por el 70% de los tenedores de notas. La huella minorista de la empresa disminuyó a 59 ubicaciones al final del Q4, en comparación con 73 en el Q3, tras desinversiones estratégicas y esfuerzos de optimización.
캔나비스트 컴퍼니 (CBSTF)는 2024년 4분기 및 연간 실적을 보고했으며, 4분기 매출은 9,610만 달러로 3분기 대비 16% 감소했으며, 이는 주로 버지니아, 애리조나 및 플로리다의 자산 판매 때문입니다. 4분기 총 마진은 35%로, 전년 대비 120bp 개선되었습니다.
회사는 4분기에 700만 달러의 조정 EBITDA를 달성했으며, 이는 3분기의 1,480만 달러에서 감소한 수치입니다. 주목할 만한 성과로는 기업 구조조정을 통한 연간 2,300만 달러의 비용 절감과 4분기 운영 현금 흐름이 430만 달러로 긍정적이라는 점이 있습니다. 회사는 4분기 말에 3,360만 달러의 현금을 보유하고 있으며, 이는 3분기의 3,150만 달러에서 증가한 것입니다.
주요 개발 사항으로는 2028년 12월까지의 선순위 담보 부채 만기 연장에 대한 합의가 있으며, 2029년까지의 옵션이 포함되어 있으며, 현재 70%의 채권자가 이를 지원하고 있습니다. 회사의 소매 매장은 4분기 말까지 59개로 줄어들었으며, 이는 3분기의 73개에서 감소한 수치로, 전략적 매각 및 최적화 노력에 따른 것입니다.
La Cannabist Company (CBSTF) a annoncé les résultats du 4ème trimestre et de l'année 2024, avec un chiffre d'affaires au 4ème trimestre de 96,1 millions de dollars, représentant une baisse de 16 % par rapport au 3ème trimestre, principalement en raison des ventes d'actifs en Virginie, en Arizona et en Floride. La marge brute du 4ème trimestre était de 35 %, montrant une amélioration de 120 points de base par rapport à l'année précédente.
L'entreprise a réalisé 7,0 millions de dollars d'EBITDA ajusté pour le 4ème trimestre, en baisse par rapport à 14,8 millions de dollars au 3ème trimestre. Parmi les réalisations notables, on trouve 23 millions de dollars d'économies annuelles grâce à la restructuration de l'entreprise et un flux de trésorerie opérationnel positif de 4,3 millions de dollars au 4ème trimestre. L'entreprise a terminé le 4ème trimestre avec 33,6 millions de dollars en liquidités, en hausse par rapport à 31,5 millions de dollars au 3ème trimestre.
Les développements clés incluent un accord pour prolonger les échéances de la dette senior garantie jusqu'en décembre 2028, avec des options jusqu'en 2029, actuellement soutenu par 70 % des détenteurs de billets. L'empreinte de vente au détail de l'entreprise a diminué à 59 emplacements à la fin du 4ème trimestre, contre 73 au 3ème trimestre, suite à des cessions stratégiques et des efforts d'optimisation.
Die Cannabist Company (CBSTF) hat die Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 bekannt gegeben, mit einem Umsatz im 4. Quartal von 96,1 Millionen Dollar, was einem Rückgang von 16 % im Vergleich zum 3. Quartal entspricht, hauptsächlich aufgrund von Vermögensverkäufen in Virginia, Arizona und Florida. Die Bruttomarge im 4. Quartal betrug 35 % und verbesserte sich um 120 Basispunkte im Jahresvergleich.
Das Unternehmen erzielte im 4. Quartal 7,0 Millionen Dollar bereinigtes EBITDA, ein Rückgang von 14,8 Millionen Dollar im 3. Quartal. Zu den bemerkenswerten Erfolgen gehören 23 Millionen Dollar an jährlichen Kosteneinsparungen durch Unternehmensrestrukturierung und ein positiver operativer Cashflow von 4,3 Millionen Dollar im 4. Quartal. Das Unternehmen schloss das 4. Quartal mit 33,6 Millionen Dollar in bar, ein Anstieg von 31,5 Millionen Dollar im 3. Quartal.
Wichtige Entwicklungen umfassen eine Vereinbarung zur Verlängerung der Fälligkeiten von vorrangigen gesicherten Schulden bis Dezember 2028, mit Optionen bis 2029, die derzeit von 70 % der Anleihegläubiger unterstützt werden. Die Einzelhandelspräsenz des Unternehmens verringerte sich bis zum Ende des 4. Quartals auf 59 Standorte, ein Rückgang von 73 im 3. Quartal, nach strategischen Veräußerungen und Optimierungsmaßnahmen.
- Positive operating cash flow of $4.3 million in Q4
- Cash position improved to $33.6 million from $31.5 million in Q3
- $23 million in annualized cost savings achieved through restructuring
- Gross margin improved 120 basis points year-over-year in Q4
- Secured agreement to extend debt maturities to 2028 with 70% noteholder support
- Q4 revenue decreased 16% quarter-over-quarter to $96.1 million
- Adjusted EBITDA declined to $7.0 million from $14.8 million in Q3
- Q4 impacted by $3.1M provision for credit losses and $2.1M intangible impairment
- Significant reduction in retail footprint from 86 to 59 locations
- Pricing pressure in several key markets affecting performance
Fourth Quarter & Full Year 2024 Financial Highlights (in $ thousands, excl. margin items):
| For the Three Months Ended | For the Year Ended | ||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||
| Revenue | $ |
96,138 |
|
$ |
114,783 |
|
$ |
128,365 |
|
$ |
458,722 |
|
$ |
511,327 |
|
| Gross Profit | $ |
33,898 |
|
$ |
43,810 |
|
$ |
43,623 |
|
$ |
168,297 |
|
$ |
179,968 |
|
| Adj. Gross Profit[1,2] | $ |
33,898 |
|
$ |
43,810 |
|
$ |
43,724 |
|
$ |
173,865 |
|
$ |
193,853 |
|
| Adj. Gross Margin[1,2] |
|
35.3 |
% |
|
38.2 |
% |
|
34.1 |
% |
|
37.9 |
% |
|
37.9 |
% |
| Income (Loss) from Operations | $ |
(13,916 |
) |
$ |
(5,626 |
) |
$ |
(77,690 |
) |
$ |
(22,272 |
) |
$ |
(105,240 |
) |
| Net Income (Loss) | $ |
(155,823 |
) |
$ |
(1,763 |
) |
$ |
(72,498 |
) |
$ |
(205,797 |
) |
$ |
(174,287 |
) |
| Adj. EBITDA[1,2] | $ |
7,054 |
|
$ |
14,815 |
|
$ |
12,472 |
|
$ |
54,711 |
|
$ |
69,645 |
|
[1] Denotes a Non-GAAP measure. See “Non-GAAP Financial Measures” in this press release for more information regarding the Company’s use of non-GAAP financial measures, as well as Table 4 for reconciliation, where applicable. |
[2] Both Adj. Gross Profit and Adj. EBITDA exclude |
“As we continued our Company’s transformation throughout 2024, we implemented structural changes to the business and executed on key initiatives to optimize our retail and cultivation assets, divest non-strategic assets, root out supply chain inefficiencies, and capitalize on adult use adoption in
He continued, “Our mandate in 2025 is to continue to simplify our business, maintain liquidity, improve margins, and drive cash flow generation, putting us in a position to succeed. We have meaningful catalysts in 2025, including the transition to adult use in
Top 5 Markets by Revenue in Q4[3]:
Top 5 Markets by Adjusted EBITDA in Q4[3]:
[3] Markets are listed alphabetically |
Financial Highlights for Fourth Quarter and Full Year 2024
-
Fourth quarter revenue of
$96.1 million 16% from the third quarter, primarily as a result of the sale ofEastern Virginia andArizona businesses in August, as well as 14 stores inFlorida during Q4. -
Gross Margin in the fourth quarter was
35% , down sequentially, but up 120 basis points compared to Q4 2023. For the full year 2024, Adjusted Gross Margin remained flat at38% . -
Adjusted EBITDA in Q4 of
$7.0 million $14.8 million Virginia andArizona , which closed during Q3, as well as pricing pressure in several key markets. -
For the 12 markets remaining following divestiture of
Florida andWashington, DC , Gross Margin for FY 2024 increased more than 200bps year over year, and Adjusted EBITDA Margin for the full year was essentially flat compared to 2023 for those 12 markets. -
Q4 results were impacted by a
$3.1 million $2.1 million -
On November 7, the Company closed on the sale of all 14 Cannabist dispensaries and 2 cultivation facilities in
Florida for consideration of$5 million -
Capital expenditures in the fourth quarter were
$1.7 million $2 $3 million -
In Q4 2024, the Company achieved positive operating cash flow of
$4.3 million -
The Company ended the fourth quarter with
$33.6 million $31.5 million -
Through several rounds of corporate restructuring during 2024, Company achieved
$23 million - Subsequent to quarter close, the Company announced an agreement with noteholders to extend the maturities of senior secured notes to December 2028, with options to extend through 2029.
Operational Highlights for Fourth Quarter and Full Year 2024
-
For FY 2024, wholesale revenue increased
11% over 2023; wholesale accounted for approximately15% of total revenue in 2024, compared to12% of total revenue in 2023 and14% in 2022. -
Wholesale revenue decreased
20% sequentially in Q4, impacted in part by asset sales inEastern Virginia andArizona ; wholesale represented16% of total revenue in Q4. -
New York demonstrated the largest increase in Adjusted EBITDA quarter over quarter as the wholesale market improved;New York was a Top 5 market in Gross Margin and Adjusted EBITDA in Q4. -
As a result of the sale of 14 retail locations in
Florida , the closure of 1 location inBoston , the sale of 1 location inCalifornia , re-opening of 1 location inColorado , and 1 new opening inNew Jersey during Q4, the quarter-end active retail count was 59, compared to 73 active retail locations at the end of Q3 and 86 at year-end 2023. -
In February 2025, the Company closed 3 underperforming locations in
Colorado , bringing total active retail count to 56 at present. -
The Company has additional retail locations in development, including one in
Virginia and three inOhio .
Conference Call and Webcast Details
The Company will host a conference call on Thursday, March 13, 2025 at 8:00 a.m. ET to discuss financial and operating results for the fourth quarter and full year 2024.
To access the live conference call via telephone, participants must pre-register at https://register.vevent.com/register/BIb332bf686ec14e6aa4a385187f8e977c. After registering, instructions will be shared on how to join the call for those who wish to dial in. A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at https://investors.cannabistcompany.com/ or at https://edge.media-server.com/mmc/p/bfxf6hzs.
A replay of the audio webcast will be available in the Investor Relations section of the Company’s website approximately 2 hours after completion of the call and will be archived for 30 days.
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 14 U.S. jurisdictions. The Company operates 84 facilities including 67 dispensaries and 17 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the
Non-GAAP Financial Measures
In this press release, the Company refers to certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Adjusted Gross Margin. The Company considers certain non-GAAP measures to be meaningful indicators of the performance of its business. These measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP and may not be comparable to (and may be calculated differently by) other companies that present similar measures. Accordingly, these measures should not be considered in isolation from nor as a substitute for our financial information reported under GAAP. These non-GAAP measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on GAAP measures. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. We also recognize that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of companies within our industry.
With respect to non-GAAP financial measures, the Company defines EBITDA as net income (loss) before (i) depreciation and amortization; (ii) income taxes; and (iii) interest expense and debt amortization. Adjusted EBITDA is defined as EBITDA before (i) share-based compensation expense; (ii) goodwill and intangible impairment, (iii) adjustments for acquisition and other non-core costs; (iv) gain on remeasurement of contingent consideration, net, (v) fair value changes on derivative liabilities; and (vi) fair value mark-up for acquired inventory. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue. Adjusted Gross Profit is defined as gross profit before the fair mark-up for acquired inventory. Adjusted Gross Margin is defined as gross margin before the fair mark-up for acquired inventory.
The Company views these non-GAAP financial measures as a means to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results and comparison to competitors’ operating results. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to the corresponding GAAP financial measure, may provide a more complete understanding of factors and trends affecting the Company’s business. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety.
Reconciliations of non-GAAP financial measures to their nearest comparable GAAP measures are included in this press release and a further discussion of some of these items are contained in our annual report on Form 10-K.
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information or forward looking statements within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Statements concerning the Company’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of the Company are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would”, “could”, “should”, “continue”, “plan”, “goal”, “objective”, and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include, among others, statements related to: the Company’s recently announced debt restructuring transaction; the Company’s corporate restructuring and related expected savings; the divestiture of the Company’s
The Company has made assumptions with regard to its ability to execute on initiatives, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. Forward-looking information involves numerous assumptions, including the fact that cannabis remains illegal under federal law; the application of anti-money laundering laws and regulations to the Company; legal, regulatory or political change to the cannabis industry; access to the services of banks; access to public and private capital for the Company; unfavorable publicity or consumer perception of the cannabis industry; expansion into the adult-use markets; the impact of laws, regulations and guidelines; the impact of Section 280E of the Internal Revenue Code; the impact of state laws pertaining to the cannabis industry; the Company’s reliance on key inputs, suppliers and skilled labor; the difficulty of forecasting the Company’s sales; constraints on marketing products; potential cyber-attacks and security breaches; net operating loss and other tax attribute limitations; the impact of changes in tax laws; the volatility of the market price of the common shares of the Company; reliance on management; litigation including existing claims and those which may surface from time to time; future results and financial projections; the impact of global financial conditions and disease outbreaks; projected revenue and expected gross margins, capital allocation, EBITDA break even targets and other financial results; growth of the Company’s operations via expansion; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s business, operations and plans; expectations that planned transactions will be completed as previously announced; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under
Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Securityholders should review the risk factors discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2024, as filed with the applicable securities regulatory authorities and as also described from time to time in other documents filed by the Company with
The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company’s objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
| TABLE 1 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| (in US $ thousands, except share and per share figures, unaudited) | |||||||||||||
| Three Months Ended | Full Year Ended | ||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||
| Revenue | $ |
96,138 |
|
$ |
128,365 |
|
$ |
458,722 |
|
$ |
511,327 |
|
|
| Cost of sales |
|
(62,240 |
) |
|
(84,742 |
) |
|
(290,425 |
) |
|
(331,359 |
) |
|
| Cost of sales related to business combination fair value adjustments to inventory |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
| Gross profit |
|
33,898 |
|
|
43,623 |
|
|
168,297 |
|
|
179,968 |
|
|
| Selling, general and administrative expenses |
|
(47,814 |
) |
|
(121,313 |
) |
|
(190,569 |
) |
|
(285,208 |
) |
|
| Loss from operations |
|
(13,916 |
) |
|
(77,690 |
) |
|
(22,272 |
) |
|
(105,240 |
) |
|
| Other income (expense), net |
|
(138,948 |
) |
|
(8,710 |
) |
|
(140,218 |
) |
|
(63,658 |
) |
|
| Income tax benefit (expense) |
|
(2,959 |
) |
|
13,902 |
|
|
(43,307 |
) |
|
(5,389 |
) |
|
| Net income (loss) |
|
(155,823 |
) |
|
(72,498 |
) |
|
(205,797 |
) |
|
(174,287 |
) |
|
| Net income (loss) attributable to non-controlling interests |
|
(540 |
) |
|
286 |
|
|
760 |
|
|
1,425 |
|
|
| Net income (loss) attributable to Columbia Care shareholders | $ |
(155,283 |
) |
$ |
(72,784 |
) |
$ |
(206,557 |
) |
$ |
(175,712 |
) |
|
| Weighted average common shares outstanding - basic and diluted |
|
460,742,673 |
|
|
408,462,038 |
|
|
462,496,369 |
|
|
411,451,127 |
|
|
| Earnings per common share attributable to Columbia Care shareholders - basic and diluted | $ |
(0.34 |
) |
$ |
(0.18 |
) |
$ |
(0.45 |
) |
$ |
(0.43 |
) |
|
| TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) | |||||||||||
| (in US $ thousands, unaudited) | |||||||||||
| Three Months Ended | Full Year Ended | ||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||
| Cash | $ |
33,607 |
|
$ |
35,764 |
$ |
33,607 |
|
$ |
35,764 |
|
| Total current assets |
|
194,997 |
|
|
187,527 |
|
194,997 |
|
|
187,527 |
|
| Property and equipment, net |
|
228,396 |
|
|
298,498 |
|
228,396 |
|
|
298,498 |
|
| Right of use assets |
|
150,254 |
|
|
218,273 |
|
150,254 |
|
|
218,273 |
|
| Total assets |
|
696,173 |
|
|
823,111 |
|
696,173 |
|
|
823,111 |
|
| Total current liabilities |
|
228,710 |
|
|
160,044 |
|
228,710 |
|
|
160,044 |
|
| Total liabilities |
|
726,232 |
|
|
757,759 |
|
726,232 |
|
|
757,759 |
|
| Total equity |
|
(30,059 |
) |
|
65,352 |
|
(30,059 |
) |
|
65,352 |
|
| Total liabilities and equity | $ |
696,173 |
|
$ |
823,111 |
$ |
696,173 |
|
$ |
823,111 |
|
| TABLE 3 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||
| (in US $ thousands, unaudited) | |||||||||||||
| Three Months Ended | Full Year Ended | ||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||
| Net cash provided by (used in) operating activities | $ | 4,295 |
|
$ | 9,380 |
|
$ |
(23,379 |
) |
$ |
7,471 |
|
|
| Net cash provided by (used in) investing activities |
|
690 |
|
|
(25,437 |
) |
|
30,975 |
|
|
(3,499 |
) |
|
| Net cash provided by (used in) financing activities | $ |
(2,125 |
) |
$ |
(8,197 |
) |
$ |
(9,003 |
) |
$ |
(14,124 |
) |
|
| TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES | |||||||||||||
| (in US $ thousands, unaudited) | |||||||||||||
| Three Months Ended | Full Year Ended | ||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||
| Net income (loss) | $ |
(155,823 |
) |
$ |
(72,498 |
) |
$ |
(205,797 |
) |
$ |
(174,287 |
) |
|
| Income tax (benefit) expense |
|
2,959 |
|
|
(13,902 |
) |
|
43,307 |
|
|
5,389 |
|
|
| Depreciation and amortization |
|
9,664 |
|
|
15,122 |
|
|
48,978 |
|
|
62,729 |
|
|
| Net interest and debt amortization |
|
13,103 |
|
|
12,909 |
|
|
51,831 |
|
|
54,865 |
|
|
| EBITDA (Non-GAAP) | $ |
(130,097 |
) |
$ |
(58,369 |
) |
$ |
(61,681 |
) |
$ |
(51,304 |
) |
|
| Share-based compensation | $ |
1,579 |
|
$ |
(12,839 |
) |
$ |
(1,009 |
) |
$ |
5,465 |
|
|
| Goodwill and intangible impairment |
|
2,100 |
|
|
65,522 |
|
|
2,100 |
|
|
65,522 |
|
|
| Adjustments for other acquisition and non-core costs |
|
114,088 |
|
|
18,329 |
|
|
89,393 |
|
|
50,078 |
|
|
| Gain on remeasurement of contingent consideration, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
| Fair value changes on investments and derivative liabilities |
|
19,384 |
|
|
(171 |
) |
|
25,908 |
|
|
(116 |
) |
|
| Fair value mark-up for acquired inventory |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
| Adjusted EBITDA (Non-GAAP) | $ |
7,054 |
|
$ |
12,472 |
|
$ |
54,711 |
|
$ |
69,645 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250313078072/en/
Investor Contact
Lee Ann Evans
SVP, Capital Markets
investor@cannabistcompany.com
Media Contact
media@cannabistcompany.com
Source: The Cannabist Company Holdings Inc.
FAQ
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