AYR Wellness Earnings
U.S. cannabis operator shares Q324 results.
$114.3M Revs; est. $120.8M
$26.1M AEBITDA; est. $26.8M
$43M GP; est. $55.9M
$(17.4 M) OI; est. $4.9M
38% GM; est. 46.3%
($ 50.2M) NI; est. ($24.5M)
($0.44 ) EPS; est. ($0.18)
Received conditional approval to serve as a pharmaceutical processor by the Virginia Cannabis Control Authority with exclusive rights to service Health Service Area 1, one of five service regions in the state of Virginia.2
Launched adult-use sales in Ohio with three affiliated AYR stores and wholesale operations. The Company has also started the process of building out five new dispensaries in Ohio that are expected to open in the first half of 2025.
In November 2024, the New York Cannabis Control Board voted to approve the application for Amethyst Health, LLC for registration as a “Registered Organization,” which would conditionally allow the company to commence medical marijuana operations in the state.
^ AYR is an operational partner and minority equity holder in Amethyst Health.
Entered the Connecticut market with the opening of AYR Cannabis Manchester.
Opened four retail stores in total during the quarter, including the Company’s fourth Illinois retail store in July, and the Company’s 65th and 66th stores in Florida.
Quote-Unquote
"Notwithstanding the ongoing leadership transition, we remain focused on strengthening execution and are committed to positioning AYR for sustained growth and profitability. Particularly, in 2025, we plan to expand our presence in Ohio, develop an initial footprint in Virginia, and improve our vertical operations in Florida. Although we are disappointed by the result of the Amendment 3 referendum last week in Florida, we continue to maintain strong share in the state’s medical market and see potential for revenue growth as our new indoor cultivation facility comes online next year, which will fill a crucial gap by supplying high-quality indoor flower to our stores. We are well-positioned to navigate the near-term environment as we focus on improving execution in our key markets.” Steven M. Cohen, Interim CEO
Call Notes
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