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Curaleaf Reports Third Quarter 2024 Results

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Curaleaf Holdings reported Q3 2024 results with revenue of $331 million, down 1% year-over-year, and adjusted gross margin of 49%, up 312 basis points. International revenue grew 82% year-over-year to $30 million. The company secured a $40 million revolving credit facility at 7.99% interest rate. Q3 highlights include net loss of $44 million, adjusted EBITDA of $75.3 million (23% margin), and cash balance of $90 million. Year-to-date operating cash flow reached $119 million with free cash flow of $53 million. The company expanded operations by opening new dispensaries in New York and Florida, bringing total U.S. retail stores to 151.

Curaleaf Holdings ha riportato i risultati del terzo trimestre 2024, con ricavi di 331 milioni di dollari, in calo dell'1% rispetto all'anno precedente, e un margine lordo rettificato del 49%, in aumento di 312 punti base. I ricavi internazionali sono cresciuti dell'82% anno su anno, raggiungendo i 30 milioni di dollari. L'azienda ha assicurato una linea di credito revolving di 40 milioni di dollari con un tasso d'interesse del 7,99%. I punti salienti del Q3 includono una perdita netta di 44 milioni di dollari, EBITDA rettificato di 75,3 milioni di dollari (margine del 23%) e un saldo di cassa di 90 milioni di dollari. Fino ad oggi, il flusso di cassa operativo ha raggiunto i 119 milioni di dollari, con un flusso di cassa libero di 53 milioni di dollari. L'azienda ha ampliato le operazioni aprendo nuovi negozi a New York e Florida, portando il numero totale di negozi al dettaglio negli Stati Uniti a 151.

Curaleaf Holdings informó los resultados del tercer trimestre de 2024 con ingresos de 331 millones de dólares, una disminución del 1% en comparación con el año anterior, y un margen bruto ajustado del 49%, un aumento de 312 puntos base. Los ingresos internacionales crecieron un 82% en comparación con el año anterior, alcanzando los 30 millones de dólares. La compañía aseguró una línea de crédito revolvente de 40 millones de dólares con una tasa de interés del 7.99%. Los aspectos destacados del tercer trimestre incluyen una pérdida neta de 44 millones de dólares, un EBITDA ajustado de 75.3 millones de dólares (margen del 23%) y un saldo de efectivo de 90 millones de dólares. El flujo de efectivo operativo hasta la fecha alcanzó los 119 millones de dólares, con un flujo de efectivo libre de 53 millones de dólares. La empresa expandió sus operaciones abriendo nuevas dispensas en Nueva York y Florida, llevando el total de tiendas minoristas en EE. UU. a 151.

큐레리프 홀딩스는 2024년 3분기 실적을 발표했으며, 매출은 3억 3천 1백만 달러로 전년 대비 1% 감소했으며, 조정된 총 매출 이익률은 49%로 312 베이시스 포인트 증가했습니다. 해외 매출은 전년 대비 82% 증가하여 3천만 달러에 달했습니다. 회사는 7.99% 이자율로 4천만 달러의 회전 신용 시설을 확보했습니다. 3분기 주요 내용으로는 4천4백만 달러의 순손실, 7530만 달러의 조정된 EBITDA(23%의 이익률), 9천만 달러의 현금 잔고가 포함됩니다. 연초부터 현재까지 운영 현금 흐름은 1억 1천9백만 달러에 이르렀으며, 자유 현금 흐름은 5천3백만 달러입니다. 회사는 뉴욕과 플로리다에 새로운 약국을 개설하여 미국의 소매점 총수를 151개로 늘렸습니다.

Curaleaf Holdings a publié ses résultats du troisième trimestre 2024 avec un chiffre d'affaires de 331 millions de dollars, en baisse de 1% par rapport à l'année précédente, et une marge brute ajustée de 49%, en augmentation de 312 points de base. Le chiffre d'affaires international a augmenté de 82% d'une année sur l'autre, atteignant 30 millions de dollars. L'entreprise a sécurisé une ligne de crédit renouvelable de 40 millions de dollars à un taux d'intérêt de 7,99%. Les temps forts du T3 incluent une perte nette de 44 millions de dollars, un EBITDA ajusté de 75,3 millions de dollars (marge de 23%) et un solde de trésorerie de 90 millions de dollars. Depuis le début de l'année, le flux de trésorerie d'exploitation a atteint 119 millions de dollars avec un flux de trésorerie libre de 53 millions de dollars. L'entreprise a élargi ses opérations en ouvrant de nouveaux dispensaires à New York et en Floride, portant le total des magasins de détail aux États-Unis à 151.

Curaleaf Holdings hat die Ergebnisse des dritten Quartals 2024 bekannt gegeben, mit einem Umsatz von 331 Millionen Dollar, was einem Rückgang von 1% im Vergleich zum Vorjahr entspricht, sowie einer bereinigten Bruttomarge von 49%, was einem Anstieg um 312 Basispunkte entspricht. Der internationale Umsatz wuchs im Jahresvergleich um 82% auf 30 Millionen Dollar. Das Unternehmen sicherte sich eine revolvierende Kreditlinie von 40 Millionen Dollar zu einem Zinssatz von 7,99%. Zu den Highlights des dritten Quartals gehören ein Nettoverlust von 44 Millionen Dollar, ein bereinigtes EBITDA von 75,3 Millionen Dollar (23% Marge) und ein Barguthaben von 90 Millionen Dollar. Der operative Cashflow bis heute erreichte 119 Millionen Dollar mit einem freien Cashflow von 53 Millionen Dollar. Das Unternehmen hat seine Aktivitäten durch die Eröffnung neuer Verkaufsstellen in New York und Florida ausgeweitet, wodurch die Gesamtanzahl der Einzelhandelsgeschäfte in den USA auf 151 gestiegen ist.

Positive
  • International revenue growth of 82% year-over-year to $30 million
  • Adjusted gross margin improved by 312 basis points to 49%
  • Secured $40 million revolving credit facility at 7.99% interest rate
  • Strong operating cash flow of $119 million year-to-date
  • Retail expansion with new store openings, reaching 151 U.S. locations
Negative
  • Revenue declined 1% year-over-year to $331 million
  • Net loss of $44 million in Q3 2024
  • Sequential revenue decrease of 3% from previous quarter

Third quarter 2024 revenue of $331 million, representing a decrease of 1% year-over-year, and adjusted gross margin(1) of 49%

Third quarter International revenue increased 82% year-over-year 

Year to date operating cash flow from continuing operations of $119 million and free cash flow from continuing operations of $53 million

Secured $40.0 million revolving credit facility at 7.99% interest rate

STAMFORD, Conn., Nov. 6, 2024 /PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the third quarter ended September 30, 2024. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars unless otherwise indicated.

Boris Jordan, Chairman and CEO of Curaleaf, stated, "Third quarter revenue was $331 million, down 1% and adjusted gross margin of 49% was up 312 basis points compared to last year. Adjusted EBITDA was $75 million or 23%, consistent with last year. In the first few months in my expanded role as Chairman and CEO, my focus has been on delivering value to all shareholders through disciplined execution of fundamental operating principles. The industry has experienced the pressures of regulatory overhang, increased competition, unprecedented weather conditions, and irrational pricing strategies. This backdrop is one of the key drivers behind our shift towards focusing on sustainable, profitable organic growth by maintaining share in challenged markets and growing share where we see strategic opportunity. One example is in our international business, which was a highlight this quarter, as it grew 82% year-over-year and 17% quarter over quarter to $30 million dollars. By design, our global presence offers a diversification of revenue streams that mitigates concentration risk." 

Third Quarter 2024 Financial Highlights

  • Net Revenue of $330.5 million, a year-over-year decrease of 1% compared to Q3 2023 revenue of $333.2 million. Sequentially, net revenue decreased 3%
  • Gross profit of $160.5 million and gross margin of 49%
  • Adjusted gross profit(1) of $161.3 million and adjusted gross margin(1) of 49%, an increase of 312 basis points year-over-year
  • Net loss attributable to Curaleaf Holdings, Inc. of $44 million from continuing operations or net loss per share from continuing operations of $0.07
  • Adjusted EBITDA(1) of $75.3 million and adjusted EBITDA margin([1]) of 23%, a 23 basis point increase year-over-year
  • Cash at quarter end totaled $90.0 million
  • Operating and free cash flow from continuing operations of $42.3 million and $14.5 million, respectively

_________________________

1

Adjusted EBITDA, adjusted gross profit and free cash flow from continuing operations are non-GAAP financial measures, and adjusted EBITDA margin and adjusted gross margin are non-GAAP financial ratios, in each case without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Performance Measures" below for definitions and more information regarding Curaleaf's use of non-GAAP financial measures and non-GAAP financial ratios. See "Reconciliation of Non-GAAP financial measures" below for a reconciliation of each non-GAAP financial measure used in this press release from the most directly comparable GAAP financial measure.



Nine Months Ended September 30, 2024 Financial Highlights

  • Net revenue of $1,011.7 million, a 1% increase year-over-year
  • Gross profit of $481.9 million and gross margin of 48%
  • Adjusted gross profit(1) of $485.8 million and adjusted gross margin(1) of 48%
  • Operating cash flow from continuing operations of $118.6 million and free cash flow from continuing operations of $53.0 million
  • Net loss attributable to Curaleaf Holdings, Inc. of $144 million from continuing operations or net loss per share from continuing operations of $0.20
  • Adjusted EBITDA(1) of $225.0 million and adjusted EBITDA margin of 22%

Third Quarter 2024 Operational Highlights

  • In New York, opened two new dispensaries in Rochester and Syracuse and expanded adult-use sales in two existing stores.
  • Commenced adult-use sales in Ohio to wholesale customers and at our two retail dispensaries in Newark and Cuyahoga Falls.
  • In Florida, opened two new dispensaries in Pensacola and Destin, bringing the total to 150 U.S. retail stores at quarter end.
  • Launched JAMS Remix, a new line of flavor-forward jellies in New York, Arizona, Illinois, Connecticut, and Massachusetts.

Post Third Quarter 2024 Operational Highlights

  • In Florida, opened two new dispensaries in Port St. Lucie and Miami, bringing the state total to 66 retail stores and the U.S. total to 151 U.S. retail stores.
  • Successfully introduced Curaleaf flower into the German market.
  • Rebranded our three Nevada stores to Curaleaf stores.
  • Secured a $40 million revolving credit facility with a major commercial regional bank at a 7.99% interest rate that matures December 15, 2026, a milestone for a cannabis company.

Third Quarter 2024 Revenues, net by Segment


Domestic


International


Total

Retail revenue

$                243,253


$                    9,997


$                253,250

Wholesale revenue

57,199


18,484


$                  75,683

Other

504


1,093


$                    1,597

Total revenues, net

$                300,956


$                  29,574


$                330,530

Balance Sheet and Cash Flow

As of September 30, 2024, the Company had $90.0 million of cash and $557.4 million of outstanding debt net of unamortized debt discounts.

During the nine months ended September 30, 2024, Curaleaf invested $65.6 million, net in capital expenditures, focused on cultivation, automation, and selective retail expansion in strategic markets.

Shares Outstanding

For the third quarter of 2024 and 2023, the Company's weighted average Subordinate Voting Shares plus Multiple Voting Shares outstanding amounted to 742,535,355 and 725,319,477 shares, respectively.

Conference Call Information

The Company will host a conference call and audio webcast for investors and analysts on Wednesday, November 6, 2024 at 5:00 P.M. ET to discuss Q3 2024 earnings results. The call can be accessed by dialing 1-844-512-2926 in the U.S., Canada 1-416-639-5883, or internationally from 1-412-317-6300. The conference pin # is 1873022.

A replay of the conference call can be accessed at 1-877-344-7529 in the U.S., Canada 1-855-669-9658, or internationally from 1-412-317-0088, using the replay pin # 4809848.

A webcast of the call can be accessed on the investor relations section of the Curaleaf website at ir.curaleaf.com. The teleconference will be available for replay starting at approximately 7:00 P.M. ET on November 6, 2024 and will end at 11:59 P.M. ET on November 13, 2024.

Non-GAAP Financial and Performance Measures

Curaleaf reports its financial results in accordance with GAAP and uses a number of financial measures and ratios when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. Curaleaf refers to certain non-GAAP financial measures and ratios, such as "adjusted gross profit", "adjusted gross margin", "adjusted EBITDA", "adjusted EBITDA margin" and "Free cash flow from operations". These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company defines "adjusted gross profit" as gross profit net of cost of goods sold and related other add-backs. "Adjusted gross margin" is defined by Curaleaf as adjusted gross profit divided by total revenues. "Adjusted EBITDA" is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and other add-backs related to business development, acquisition, financing and reorganization costs. "Adjusted EBITDA margin" is defined by Curaleaf as adjusted EBITDA divided by total revenue. "Free cash flow from operations" is defined by Curaleaf as Net cash provided by operating activities from continuing operations less the Purchases of property, plant and equipment (i.e. net capital expenditures). Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. We believe the adjusted results presented provide relevant and useful information for investors, because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported GAAP financial results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of Non-GAAP measures to the most directly comparable GAAP measures.

Reconciliation of Non-GAAP financial measures

Adjusted Gross Profit from Continuing Operations (Unaudited)

($ thousands)


Three Months Ended


September 30,
2024


June 30, 2024


September 30,
2023

Gross profit from continuing operations

$                160,516


$                 160,465


$                150,052

Other add-backs(1)

772


2,662


2,121

Adjusted gross profit from continuing operations(2)

$                161,288


$                 163,127


$                152,173

Adjusted gross profit margin from continuing operations(2)

49 %


48 %


46 %







(1) Other add-backs in Q3 2024 primarily include labor and overhead write-downs primarily associated with idling capacity.

(2) Represents a Non-GAAP measure or Non-GAAP ratio. See preceding "Non-GAAP Financial and Performance Measures" section for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Gross profit from continuing operations, the most comparable GAAP measure, to Adjusted gross profit from continuing operations, a non-GAAP measure.

Gross profit from continuing operations was $160.5 million in the third quarter of 2024, compared with $150.1 million in the prior year period. Adjusted gross profit from continuing operations for the third quarter of 2024 was $161.3 million compared with $152.2 million in the third quarter of 2023. Adjusted gross profit margin from continuing operations for the third quarter of 2024 was 49%, an increase of 312 basis points compared with the third quarter of 2023. The year-over-year increase in adjusted gross profit margin was due to lower production costs, an increase in vertical mix and higher utilization, partially offset by price compression and discounts.


Nine months ended September 30,


2024


2023

Gross profit from continuing operations

$                        481,885


$                        458,257

Other add-backs(1)

3,945


6,434

Adjusted gross profit from continuing operations(2)

$                        485,830


$                        464,691

Adjusted gross profit margin from continuing operations(2)

48 %


46 %





(1) Other add-backs for the nine months ended September 30, 2024 primarily include inventory and labor write-downs primarily associated with idling capacity.

(2) Represents a Non-GAAP measure or Non-GAAP ratio. See preceding "Non-GAAP Financial and Performance Measures" section for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Gross profit from continuing operations, the most comparable GAAP measure, to Adjusted gross profit from continuing operations, a non-GAAP measure.

Gross profit from continuing operations was $481.9 million in the nine months ended September 30, 2024, compared with $458.3 million in the nine months ended September 30, 2023. Adjusted gross profit from continuing operations for the nine months ended September 30, 2024 was $485.8 million compared with $464.7 million in the nine months ended September 30, 2023. Adjusted gross profit margin from continuing operations for the nine months ended September 30, 2024 was 48%, an increase of 160 basis points compared with the nine months ended September 30, 2023.

Adjusted EBITDA (Unaudited)


($ thousands)


Three Months Ended


September 30,
2024


June 30, 2024


September 30,
2023

Net loss

$                 (42,728)


$                 (49,830)


$                 (93,729)

Net income (loss) from discontinued operations

1,620


(1,277)


(25,915)

Net loss from continuing operations

(44,348)


(48,553)


(67,814)

Interest expense, net

25,097


24,810


23,581

Provision for income taxes

32,566


31,391


31,860

Depreciation and amortization(1)

54,612


52,272


45,804

Share-based compensation

6,017


6,843


6,222

Loss on impairment

642


1,774


24,790

Other (income) expense, net

(4,728)


(1,908)


2,796

Other add-backs(2)

5,435


6,334


8,018

Adjusted EBITDA(3)

$                    75,293


$                     72,963


$                    75,257

Adjusted EBITDA Margin(3)

23 %


21 %


23 %







(1) Depreciation and amortization expense include amounts charged to Cost of goods sold on the statement of operations.

(2) Other add-backs in Q3 2024 primarily include costs related to salaries and benefits, legal and professional fees and lobbyist/PR spend.

(3) Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net loss, the most comparable GAAP measure to Adjusted EBITDA, a non-GAAP measure.

Adjusted EBITDA held steady at $75.3 million for the third quarter of 2024 and 2023, and Adjusted EBITDA margin remained flat at 23%.


Nine months ended September 30,


2024


2023

Net loss

$                       (143,534)


$                       (224,690)

Net income (loss) from discontinued operations

910


(46,410)

Net loss from continuing operations

(144,444)


(178,280)

Interest expense, net

75,669


71,935

Provision for income taxes

104,046


114,540

Depreciation and amortization(1)

158,343


144,497

Share-based compensation

20,369


14,178

(Gain) loss on impairment

(1,543)


24,790

Other income, net

(4,250)


(4,070)

Other add-backs(2)

16,809


35,422

Adjusted EBITDA(3)

$                           224,999


$                           223,012

Adjusted EBITDA Margin(3)

22 %


22 %





(1) Depreciation and amortization expense include amounts charged to Cost of goods sold on the statement of operations.

(2) Other add-backs in the current nine months ended primarily include costs related to salaries and benefits, inventory, legal and professional fees and lobbyist/PR spend.

(3) Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net loss, the most comparable GAAP measure, to Adjusted EBITDA, a non-GAAP measure.

Adjusted EBITDA was $225 million in the nine months ended September 30, 2024, compared with $223 million in the prior year period, and Adjusted EBITDA margin remained flat at 22%.

Free Cash Flow (Unaudited)

($ thousands)



Nine months ended September 30, 2024

Net cash provided by operating activities from continuing operations

$                                                            118,585

Less: Capital expenditures

(65,558)

Free cash flow from continuing operations(1)

$                                                              53,027



(1) Represents a Non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" above for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net cash provided by operating activities from continuing operations, a GAAP measure, to Free cash flow from continuing operations, a non-GAAP measure.

 

Condensed Interim Consolidated Balance Sheets (Unaudited)


($ thousands)

As of


September 30, 2024


December 31, 2023


Unaudited


Audited

Assets




Cash, cash equivalents and restricted cash

$                        89,968


$                        91,818

Other current assets

332,250


326,785

Property, plant and equipment, net

596,742


571,627

Right-of-use assets, finance lease, net

132,974


143,203

Right-of-use assets, operating lease, net

116,818


118,435

Intangible assets, net

1,126,917


1,172,445

Goodwill

634,617


626,628

Other long-term assets

44,296


45,635

Total assets

$                   3,074,582


$                   3,096,576





Liabilities, Temporary equity and Shareholders' equity




Total current liabilities

$                      379,259


$                      494,034

Total long-term liabilities

1,610,664


1,431,250

Total shareholders' equity

958,923


1,050,642

Redeemable non-controlling interest contingency

125,736


120,650

Total liabilities, temporary equity and shareholders' equity

$                   3,074,582


$                   3,096,576

 

Condensed Interim Consolidated Statements of Operations (Unaudited)

($ thousands, except for share and per share amounts)



Three months ended
September 30,


Nine months ended
September 30,


2024


2023


2024


2023

Revenues, net:








Retail and wholesale revenues

$       328,933


$       331,796


$     1,007,348


$       997,100

Management fee income

1,597


1,376


4,400


4,263

Total revenues, net

330,530


333,172


1,011,748


1,001,363

Cost of goods sold

170,014


183,120


529,863


543,106

Gross profit

160,516


150,052


481,885


458,257

Operating expenses:








Selling, general and administrative

106,297


97,120


320,196


316,315

Share-based compensation

6,017


6,222


20,369


14,178

Depreciation and amortization

38,973


31,497


111,842


98,849

Total operating expenses

151,287


134,839


452,407


429,342

Income from operations

9,229


15,213


29,478


28,915

Other income (expense):








Interest income

274



601


23

Interest expense

(15,085)


(13,078)


(45,240)


(40,128)

Interest expense related to lease liabilities and financial
obligations

(10,286)


(10,503)


(31,030)


(31,830)

Gain (loss) on impairment

(642)


(24,790)


1,543


(24,790)

Other income (expense), net

4,728


(2,796)


4,250


4,070

Total other expense, net

(21,011)


(51,167)


(69,876)


(92,655)

Loss before provision for income taxes

(11,782)


(35,954)


(40,398)


(63,740)

Provision for income taxes

(32,566)


(31,860)


(104,046)


(114,540)

Net loss from continuing operations

(44,348)


(67,814)


(144,444)


(178,280)

Net income (loss) from discontinued operations

1,620


(25,915)


910


(46,410)

Net loss

(42,728)


(93,729)


(143,534)


(224,690)

Less: Net loss attributable to non-controlling interest

(2,032)


(1,382)


(5,674)


(6,721)

Net loss attributable to Curaleaf Holdings, Inc.

$        (40,696)


$        (92,347)


$      (137,860)


$      (217,969)









Per share from continuing operations – basic:








Net loss per share from continuing operations, net of loss per
share attributable to non-controlling interest

$           (0.07)


$           (0.09)


$           (0.20)


$           (0.24)

Net income (loss) per share from discontinued operations, net of
income (loss) per share attributable to non-controlling interest


(0.04)



(0.06)

Net loss per share attributable to Curaleaf Holdings, Inc. – basic
and diluted

$           (0.07)


$           (0.13)


$           (0.20)


$           (0.30)

Weighted average common shares outstanding – basic and
diluted

742,535,355


725,319,477


739,833,334


721,206,068

About Curaleaf Holdings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find, The Hemp Company and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.

Curaleaf IR X Account: https://x.com/Curaleaf_IR

Investor Relations Website: https://ir.curaleaf.com/

Contact Information:

Investor Contact:
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
ir@curaleaf.com

Media Contact:
Curaleaf Holdings, Inc.
Jordon Rahmil, VP Public Relations
media@curaleaf.com

Disclaimer

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (collectively, "forward-looking statements"). Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on management's current beliefs, expectations or assumptions regarding the future of the business, plans and strategies, operational results and other future conditions of the Company. In addition, the Company may make or approve certain statements in future filings with Canadian securities regulatory authorities, in press releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to, statements preceded by, followed by or that include words such as "assumptions", "assumes", "guidance", "outlook", "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal" or the negative of those words or other similar or comparable words. 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 benefits of recent or future acquisitions, rebranding and product offering expansion, as well as future operating results and economic performance are forward-looking statements. 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, including, but not limited to, risks and uncertainties related to: risks and uncertainties related to the legality of cannabis in the U.S., including the fact that cannabis is a controlled substance under the United States Federal Controlled Substances Act; anti-money laundering laws and regulations; the lack of access to U.S. bankruptcy protections; financing risks, including risks related to additional financing and restricted access to banking; general regulatory and legal risks, including the potential constraints on the Company's ability to expand its business in the U.S. by virtue of the restrictions of the TSX following the TSX listing; risk of legal, regulatory or political change; general regulatory and licensing risks; limitation on ownership of licenses; risks relating to regulatory action and approvals from the U.S. Food and Drug Administration ("FDA"); the fact that cannabis may become subject to increased regulation by the FDA; potential heightened scrutiny by regulatory authorities following the TSX listing; loss of foreign private issuer status; risks related to internal controls over financial reporting; litigation risks; increased costs as a result of being a public company in Canada and the U.S.; recent and proposed legislation in respect of U.S. cannabis licensing; environmental risks, including risks related to environmental regulation and unknown environmental risks; general business risks including risks related to the Company's expansion into foreign jurisdictions; future acquisitions or dispositions; service providers; enforceability of contracts; the ability of our shareholders to resell their subordinate voting shares on the Toronto Stock Exchange; the Company's reliance on senior management and key personnel, and the Company's ability to recruit and retain such senior management and key personnel; competition risks; risks inherent in an agricultural business; unfavorable publicity or consumer perception; product liability; product recalls; the results of future clinical research; dependence on suppliers; reliance on inputs; risks related to limited market data and difficulty to forecast; intellectual property risks; constraints on marketing products; fraudulent or illegal activity by employees, consultants and contractors; increased labor costs based on union activity; information technology systems and cyber-attacks; security breaches; the Company's reliance on management services agreements with subsidiaries and affiliates; website accessibility; high bonding and insurance coverage; risks of leverage; management of the Company's growth; the fact that past performance may not be indicative of future results and that financial projections may prove materially inaccurate or incorrect; risks related to conflicts of interests; challenging global economic conditions; currency fluctuations; risks related to the Company's business structure and securities; including the status of the Company as a holding company; no dividend record; risks related to the senior secured notes of the Company; concentrated voting control; risks related to the sale of a substantial amount of the Company's subordinate voting shares; the volatility of the market price for the subordinate voting shares; liquidity risks associated with an investment in the subordinate voting shares; risks associated with securities or industry analysts not publishing or ceasing to publish research or reports or publishing misleading information about the Company; the potentially limited market for the subordinate voting shares for holders of the Company's securities who live in the U.S.; shareholders having little to no rights to participate in the Company's business affairs; enforcement against directors and officers outside of Canada may prove difficult; and tax risks; as well as those risk factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 6, 2024 for the fiscal year ended December 31, 2023, and additional risks described in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2023 (both of which documents have been filed on the Company's SEDAR+ profile at www.sedarplus.ca and on its EDGAR profile at www.sec.gov/edgar/html), and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. 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. 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. You should not place undue reliance on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. We undertake 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.

Neither the Toronto Stock Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

Cision View original content:https://www.prnewswire.com/news-releases/curaleaf-reports-third-quarter-2024-results-302297985.html

SOURCE Curaleaf Holdings, Inc.

FAQ

What was Curaleaf's (CURLF) revenue in Q3 2024?

Curaleaf reported revenue of $331 million in Q3 2024, representing a 1% decrease year-over-year.

How much did Curaleaf's (CURLF) international revenue grow in Q3 2024?

Curaleaf's international revenue grew 82% year-over-year to $30 million in Q3 2024.

What was Curaleaf's (CURLF) net loss in Q3 2024?

Curaleaf reported a net loss of $44 million from continuing operations in Q3 2024.

How many retail stores does Curaleaf (CURLF) operate as of Q3 2024?

Curaleaf operates 151 retail stores across the United States as of Q3 2024.

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