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Trulieve Cannabis Q1 Financial Results Impressive: Revenue Loss Reduced 30%; Adj. EBITDA Up 20%

May 09, 2024Finance0

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a constituent in the munKNEE American Cannabis MSO Stocks Portfolio, has announced its results for the first quarter ended March 31, 2024, as follows:

Q1 Financial Highlights
(The information below compares Q1 2024 with Q4 2023 and all figures are in U.S. dollars.)

Q1 Financial Highlights

  • Revenue: DOWN 4% to $298M
  • Gross Profit: UP 13% to $174M

    • as a % of Revenue: UP to 58% from 52%
  • SG&A Expenses: Increased 5% to $101M

    • as a % of Revenue: UP to 33.9% from 33.4%
  • Net Income (Loss): Loss reduced by 30% to $(23)M
  • Adj. EBITDA: Increased 21% to $106M

    • as a % of Revenue: UP to 35.5% from 30.7%
  • Cash on Hand: UP 57% to $327M

    • Q1 Operational Highlights

  • Opened 3 new retail outlets for a total of 196 nationwide of which 69% are in Florida

    • Management Commentary
    Kim Rivers, Trulieve CEO, said:

  • “…The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail.
  • Given our financial performance and significant scale in key markets, Trulieve is well positioned for the coming wave of growth catalysts.”

    • Stock Performance
    Trulieve Cannabis is UP 3.5% on the day as of mid-day and is now UP 114% YTD which is double that of its nearest MSO competitor.More By This Author:Green Thumb Q1 Financial Metrics Excel Across The Board
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