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Glass House Earnings + Call Notes

Glass House Earnings + Call Notes

California cannabis leader reports Q324.

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Todd Harrison
Nov 13, 2024
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Cannabis Confidential
Cannabis Confidential
Glass House Earnings + Call Notes
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Glass House Brands Earnings

$63.8M Revs; est. $65.8M
$20.4M AEBITDA; est. $18.3M
$33.4M GP; est. $34.2M
$7.5M OI; est. $11.4M
52.4% GM; est. 51.9%
$103/lb COGS 👀

Record setting results for over 10 key metrics, including consolidated revenue and gross profit, wholesale biomass revenue, retail revenue, biomass production and cultivation cost per pound.

Wholesale biomass production was 232,295 pounds, up 128% year-over-year and exceeding the top end of guidance by over 35,000 pounds

Third quarter 2024 revenue was $63.8M , up 18% sequentially and 32% year-over-year

Consolidated gross margin was 52%, compared to 53% in Q2 2024 and 54% in Q3 2023

Greenhouse 5 continues to surpass targets for both quantity and quality of flower

Cash and restricted cash balance rose to $35.1 million on September 30, 2024 compared to $25.9 million on June 30, 2024

After careful analysis, management has determined that we do not owe taxes for the application of Section 280E, and 2023 federal income taxes have been filed accordingly. The change will result in about $6M of cash savings in Q424.

“We have procured our hemp license and are actively testing hemp strains at the farm so that we will be prepared to enter the hemp derived cannabis space. We expect to make a final decision to move forward with large scale production of hemp by the second quarter of 2025.” Kyle Kazan CEO

Call Notes

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