Third Quarter 2021 Financial Results Systemwide Pro Forma Revenue1 of $33.1 million compared to $22.3 million in Q3 2020, increased 48% year over year, and decreased 4% sequentially as compared to Q2 2021
GAAP-reported revenue of $25.9 million, an increase of 70% year over year and a decrease of 4% from Q2 2021
Q3 2021 Adjusted EBITDA increased 103% to $7.5 million as compared to $3.7 million in Q3 2020, representing an Adjusted EBITDA margin of 23% as compared to an Adjusted EBITDA margin of 22% in Q2 2021
Commenced Construction on the First Phase of an up to 558,000 Sq. Ft. Cultivation and Production Facility in Matteson, Illinois
State-of-the-art 170,000 Square Foot Manufacturing Facility in Commerce, California Now Officially Open and Operational
Announced Proposed Acquisition of Massachusetts Based New England Cannabis Corporation
The Company's Existing Licensed Projects at Maturity Represent a Long-term Revenue and EBITDA Opportunity Upwards of $650 Million and $250 Million
Conference call to be held today, November 17, 2021 at 5:00 p.m. ET
PHOENIX, Ariz., Nov. 17, 2021 /PRNewswire/ - 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) ("4Front" or the "Company"), a vertically integrated, multi-state cannabis operator and retailer, today announced its financial results for the third quarter ended September 30, 2021 ("Q3 2021"). All financial information is presented in U.S. dollars unless otherwise indicated.
Q3 2021 Financial Results Highlights
- Systemwide Pro Forma Revenue of $33.1 million compared to $22.3 million in Q3 2020, an increase of 48% year over year and decrease of 4% from Q2 2021
- GAAP-reported revenue of $25.9 million, an increase of 70% year over year and a decrease of 4% from Q2 2021
- Adjusted EBITDA of $7.5 million, an increase of 103% year over year and flat as compared to Q2 2021, representing an Adjusted EBITDA margin of 23% as compared to an Adjusted EBITDA margin of 22% in Q2 2021