Curaleaf Earnings + Call Notes

Global cannabis leader reports Q324 results.

Curaleaf Earnings

$331M Revs; est. $339M
$75M AEBITDA; est. $78M
$161M GP; est. $169.M
$9.2M OI; est. $27.5M
48.6% GM; est. 48.7%

Third quarter 2024 revenue of $331M (-1% YoY); adjusted gross margin of 49%

Third quarter International revenue increased 82% year-over-year.

YTD operating cash flow from continuing operations of $119M and FCF from continuing operations of $53M

Secured $40.0 million revolving credit facility at 7.99% interest rate

“In the first few months in my expanded role as Chairman and CEO, my focus has been on delivering value to all shareholders through disciplined execution of fundamental operating principles. The industry has experienced the pressures of regulatory overhang, increased competition, unprecedented weather conditions, and irrational pricing strategies. This backdrop is one of the key drivers behind our shift towards focusing on sustainable, profitable organic growth by maintaining share in challenged markets and growing share where we see strategic opportunity. One example is in our international business, which was a highlight this quarter, as it grew 82% year-over-year and 17% quarter over quarter to $30 million dollars. By design, our global presence offers a diversification of revenue streams that mitigates concentration risk." Boris Jordan, CEO & Executive Chairman

Call Notes