Daredevil1964 wrote: - Adjusted Operating EBITDA increased 50.2% to $53.2 million, or 33.9% of revenue, quarter-over-quarter driven by continued operational scale and increased operating leverage
- Revenue increased 31.3% quarter-over-quarter and 131.1% year-over-year to $157.1 million
- New milestone of positive net income of $9.6 million or $0.04 per basic and diluted share
- Positive cash flow from operations for the third consecutive quarter
- Strong balance sheet and financial flexibility will support continued growth in 2021
CHICAGO and VANCOUVER, British Columbia, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb,” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ retail stores, today reported its financial results for the third quarter ended September 30, 2020. Financial results are reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and all currency is in U.S. dollars.
“This was an excellent quarter for Green Thumb as we delivered substantial revenue growth and our ‘Enter, Open, Scale’ strategy is generating meaningful operating leverage across our business. We expanded gross margins and EBITDA margins quarter-over-quarter while delivering positive net income for the first time. This was driven by the execution of our capital projects in Illinois, New Jersey, Pennsylvania and Ohio, and the rebound in our Nevada and Massachusetts markets following the initial impact of COVID-19. We are poised to further benefit from the strong tailwinds driving a robust, multi-billion-dollar marketplace*,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.
Kovler continued, “Momentum remains strong across the country and in our business. The national election saw a green wave sweep across the country with five states – New Jersey, Montana, South Dakota, Arizona and Mississippi – all legalizing their respective cannabis programs. New Jersey is great news for us as we think that legal market has the potential to mirror Illinois – a single state, multi-billion dollar legal cannabis market about to be born. There was resounding support for our mission to promote well-being through cannabis and we remain bullish on our strategic position and the long-term prospects of our business.”
Financial Highlights
- Revenue: Revenue for the third quarter 2020 increased 31.3% quarter-over-quarter and 131.1% year-over-year to $157.1 million. Revenue growth was driven primarily by the increased scale in the Company’s Consumer Packaged Goods and Retail businesses.
- Gross Margin: Gross margin for the third quarter 2020 was 55.4% compared to 53.2% for the prior quarter.
- Net Income Attributable to Green Thumb: Net income attributable to the Company for the third quarter 2020 was $9.6 million or $0.04 per basic and diluted share.
- Adjusted Operating EBITDA: Adjusted Operating EBITDA(1), which is a non-GAAP financial measure as described below and in an accompanying financial table in this release, increased 50.2% to $53.2 million or 33.9% of revenue for the third quarter 2020 compared to $35.4 million or 29.6% of revenue for the prior quarter.
- Balance Sheet: As of September 30, 2020, current assets totaled $159.1 million and included cash and cash equivalents of $78.1 million. Total debt outstanding was $97.1 million, $0.3 million of which is due within 12 months.