Glass House Earnings + Call Notes

Cali canna leader contemplates hemp.

Glass House Brands Earnings

$53M Revs; est. $49.4M
$9M AEBITDA; est. $5.5M
$22.8M GP; est. $19.8M
43% GM; est. 40.1%

FY24 net revenue was $200.9M, +25% YoY

Q424 revenue was $53.0 million, +31% YoY

^ reflecting over 20% growth in all three business segments

Q424 aEBITDA was $9M, +139% YoY

Biomass production was 165,074 pounds in Q424, +60% YoY

Q424 cost per equivalent dry pound of production was $110, down from $121 YoY

Q424 consolidated gross profit margin was 43% vs. 45% in Q423

Cash and restricted cash balance rose to $36.9M on December 31, 2024

We expect Q1 revenue to be between $42M -$44M, +43% YoY (mid-point of guidance).

“Looking ahead, while we plan for pricing pressure in California to persist in the near-term, we will continue to drive operational efficiencies, execute on strategic product initiatives and place emphasis on our leading brands to drive further growth through our retail, CPG and wholesale businesses.

We have a winning strategy and even with our outperformance in 2024, we believe we’re well positioned for above market growth this year. At the same time, we have obtained our hemp license for Greenhouse 4 and are actively growing and testing hemp-derived cannabis.

It’s clear there is massive demand throughout the country and we are confident that we could sell everything we grow that is 2018 Farm Bill compliant. We intend to formalize our plans by the Q225. Further, our Phase III investment plans remain unchanged, regardless of our plans for hemp.” Kyle Kazan, CEO

Call Notes