TerrAscend Announces Preliminary Fourth Quarter 2024 Financial Results and Schedules Earnings Conference Call
TerrAscend announced preliminary Q4 2024 financial results, reporting net revenue of $74.4 million, a slight increase of 0.3% from Q3 2024's $74.2 million. The company achieved a gross profit margin of 50.2%, up 140 basis points from Q3, while reducing general and administrative expenses and generating positive cashflow from operations.
The company maintained its #1 market share position in New Jersey throughout 2024 and saw consecutive quarterly revenue growth in Maryland with gross margins exceeding 50%. TerrAscend is preparing for potential adult-use implementation in Pennsylvania, where it operates a 150k sq ft cultivation facility. The company is also expanding into Ohio through the Ratio Cannabis deal, marking its entry into a sixth state.
TerrAscend ha annunciato i risultati finanziari preliminari per il Q4 2024, riportando un fatturato netto di 74,4 milioni di dollari, con un lieve aumento dello 0,3% rispetto ai 74,2 milioni di dollari del Q3 2024. L'azienda ha raggiunto un margine di profitto lordo del 50,2%, in aumento di 140 punti base rispetto al Q3, riducendo le spese generali e amministrative e generando un flusso di cassa positivo dalle operazioni.
L'azienda ha mantenuto la sua posizione di #1 in quota di mercato nel New Jersey per tutto il 2024 e ha visto una crescita continua del fatturato trimestrale nel Maryland con margini lordi superiori al 50%. TerrAscend si sta preparando per l'implementazione potenziale dell'uso per adulti in Pennsylvania, dove gestisce un impianto di coltivazione di 150.000 piedi quadrati. L'azienda sta anche espandendo la sua attività in Ohio attraverso l'accordo con Ratio Cannabis, segnando il suo ingresso nel sesto stato.
TerrAscend anunció los resultados financieros preliminares para el Q4 2024, reportando ingresos netos de $74.4 millones, un ligero aumento del 0.3% respecto a los $74.2 millones del Q3 2024. La compañía logró un margen de ganancia bruta del 50.2%, un incremento de 140 puntos básicos desde el Q3, al tiempo que redujo los gastos generales y administrativos y generó un flujo de caja positivo de las operaciones.
La compañía mantuvo su posición de cuota de mercado #1 en Nueva Jersey durante todo el 2024 y vio un crecimiento de ingresos trimestral consecutivo en Maryland con márgenes brutos que superan el 50%. TerrAscend se está preparando para la posible implementación del uso para adultos en Pennsylvania, donde opera una instalación de cultivo de 150,000 pies cuadrados. La empresa también se está expandiendo a Ohio a través del acuerdo con Ratio Cannabis, marcando su entrada en un sexto estado.
TerrAscend는 2024년 4분기 예비 재무 결과를 발표하며 순수익 7440만 달러를 보고했습니다. 이는 2024년 3분기의 7420만 달러보다 0.3% 상승한 수치입니다. 회사는 총 이익률 50.2%를 달성했으며, 이는 3분기 대비 140BP 증가한 것입니다. 또한 일반 및 관리 비용을 줄이고 운영에서 긍정적인 현금 흐름을 생성했습니다.
회사는 2024년 내내 뉴저지에서 #1 시장 점유율을 유지하였고, 메릴랜드에서는 연속 분기 매출 성장을 보았으며 총 마진이 50%를 초과했습니다. TerrAscend는 15만 평방 피트의 재배 시설을 운영하는 펜실베이니아에서 성인 사용 구현 가능성에 대비하고 있습니다. 또한 Ratio Cannabis 계약을 통해 오하이오로의 확장을 준비하고 있으며, 이는 여섯 번째 주로의 진입을 의미합니다.
TerrAscend a annoncé ses résultats financiers préliminaires pour le Q4 2024, rapportant un chiffre d'affaires net de 74,4 millions de dollars, soit une légère augmentation de 0,3 % par rapport aux 74,2 millions de dollars du Q3 2024. L'entreprise a réalisé une marge bénéficiaire brute de 50,2 %, soit une augmentation de 140 points de base par rapport au Q3, tout en réduisant ses frais généraux et administratifs et en générant un flux de trésorerie positif provenant des opérations.
L'entreprise a maintenu sa position de #1 en part de marché dans le New Jersey tout au long de 2024 et a connu une croissance continue des revenus trimestriels dans le Maryland avec des marges brutes dépassant 50 %. TerrAscend se prépare à une éventuelle mise en œuvre de l'usage pour adultes en Pennsylvanie, où elle exploite une installation de culture de 150 000 pieds carrés. L'entreprise s'étend également dans l'Ohio grâce à l'accord avec Ratio Cannabis, marquant son entrée dans un sixième État.
TerrAscend hat die vorläufigen Finanzresults für Q4 2024 veröffentlicht und berichtet von Nettoeinnahmen in Höhe von 74,4 Millionen US-Dollar, was einem leichten Anstieg von 0,3% im Vergleich zu den 74,2 Millionen US-Dollar im Q3 2024 entspricht. Das Unternehmen erzielte eine Bruttogewinnmarge von 50,2%, was einen Anstieg um 140 Basispunkte gegenüber dem Q3 darstellt, während die allgemeinen und administrativen Ausgaben gesenkt und ein positiver Cashflow aus den operativen Tätigkeiten generiert wurde.
Das Unternehmen behielt seine #1-Markanteil-Position in New Jersey während des gesamten Jahres 2024 und erlebte ein kontinuierliches Umsatzwachstum im Maryland, wo die Bruttomargen über 50% lagen. TerrAscend bereitet sich auf die potenzielle Einführung der Erwachsenen-Nutzung in Pennsylvania vor, wo es eine Anbaufläche von 150.000 Quadratfuß betreibt. Das Unternehmen expandiert auch nach Ohio durch den Deal mit Ratio Cannabis, was den Eintritt in den sechsten Bundesstaat markiert.
- Net revenue increased 0.3% quarter-over-quarter to $74.4 million
- Gross profit margin improved by 140 basis points to 50.2%
- Achieved positive cashflow from operations
- Reduced general and administrative expenses
- Maintained #1 market share position in New Jersey
- Grew revenue in Maryland for fourth consecutive quarter
- Minimal revenue growth of only 0.3% quarter-over-quarter
Net Revenue of
Gross Profit Margin of
Generated Positive Cashflow from Operations in the quarter
Fourth quarter and full year 2024 earnings conference call scheduled for March 6, 2025, at 5 p.m. ET
TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, today announced preliminary and unaudited financial results for its quarter ended December 31, 2024. All amounts are in U.S. dollars.
For the fourth quarter of 2024, the Company anticipates:
- Net Revenue of
$74.4 million , up0.3% from$74.2 million in the third quarter of 2024. - Gross Profit Margin of
50.2% , up 140 basis points from48.8% in the third quarter of 2024. - General and Administrative expenses decreased quarter-over-quarter.
- Generated Positive Cashflow from Operations in the quarter.
“Despite a challenging environment, the business performed ahead of our expectations during the fourth quarter of 2024, delivering positive sequential revenue growth with an expansion of gross margin to
Fourth Quarter Operational Highlights
- Retained the #1 market share position in New Jersey for all quarters of 2024, according to BDSA.
- Grew revenue in Maryland for the fourth consecutive quarter and expanded gross margin to over
50% . - Commenced preparation for Pennsylvania adult use implementation, leveraging the Company’s 150k sq ft cultivation and manufacturing facility and Apothecarium retail network.
- Signed Ohio Ratio Cannabis deal which is expected to close in the first quarter of 2024, marking the Company’s entry into its 6th state.
Conference Call Details:
The Company will host a conference call to discuss the results for its fourth quarter and full year ended December 31, 2024 on Thursday, March 6, 2025 at 5:00 p.m. Eastern Time. The Company will report its financial results for the fourth quarter and full year 2024 the same day after market close.
| Date: | Thursday, March 6, 2025 |
| Time: | 5:00 p.m. Eastern Time |
| Webcast: | https://app.webinar.net/MnqwOWP3G5o |
| Dial-in Number: | 1-888-510-2154 |
| Replay: | 1-289-819-1450 or 1-888-660-6345 Available until 12:00 midnight Eastern Time on Thursday, March 20, 2025 Replay Entry Code: 33966# |
About TerrAscend
TerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp. and retail operations in Canada through TerrAscend Canada Inc. TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend’s cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit www.terrascend.com.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend’s operations and financial performance.
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and include, but not limited to, statements with respect to the Company’s expectations for its fourth quarter 2024 revenue and other financial results; the Company’s operational improvements, growth and expansion opportunities in 2025; and the expected closing of the Ohio Ratio Cannabis deal. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company’s most recently filed MD&A, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca and in the section titled “Risk Factors” in the Company’s Annual Report for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 14, 2024, as updated by its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 6, 2024.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
In addition, the Company’s expectations about fourth quarter 2024 results are based on preliminary unaudited information about the fourth quarter and are subject to revision. Although the fourth quarter is now completed, the Company is still in the process of its standard financial reporting closing procedures. Accordingly, following completion of the Company’s normal year-end closing and review processes, it may turn out that actual results differ materially from these preliminary results. Factors that could cause the Company’s actual results for the full year 2024 to differ materially from its preliminary results include, but are not limited to, inaccurate assumptions, unrecorded expenses, changes in estimates or judgments, and facts or circumstances affecting the application of the Company’s critical accounting policies. In addition, the Company’s independent registered public accounting firm has not audited, nor have they completed their review and other procedures with respect to the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary results.
For more information regarding TerrAscend:
Keith Stauffer
Chief Financial Officer
ir@terrascend.com
717-343-5386
IR@terrascend.com
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