Curaleaf Reports Fourth Quarter and Full Year Ended 2023 Results
- Fourth quarter 2023 revenue of $345 million, representing an increase of 4% quarter-over-quarter.
- Fourth quarter 2023 adjusted EBITDA(1) of $83 million, representing 24% of revenue, a 490 basis point improvement year-over-year.
- Full Year 2023 cash flow from continuing operations of $91 million.
NEW YORK, March 6, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the fourth quarter ended December 31, 2023. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars unless otherwise indicated.
Boris Jordan, Executive Chairman of Curaleaf, stated, “I’m pleased to report that the work we’ve done over the past several quarters has paid off; Curaleaf ended the year strong and is positioned extremely well for the future. In the fourth quarter, we generated record revenue of $345 million. Adjusted gross margin of 46% improved by 80 basis points versus last quarter, and adjusted EBITDA was $83 million or 24% of sales. Our gross margin trajectory is improving faster than we initially anticipated as we have turned on idle capacity to meet increasing demand, and see our first quarter margins approaching 50%. For the year, revenue was $1.35 billion dollars, up 6% from 2022. Adjusted gross margin was 46%, while adjusted EBITDA margin was 23%. The global opportunities we’ve been building our business toward are unfolding rapidly, and 2024 will be Curaleaf’s catalyst year. Our global brand portfolio is second to none, and our amazing team members continue to deliver with energy and enthusiasm. I am happy to say that Curaleaf’s future has never been greener.”
Our fourth quarter results are a solid reflection of the discipline and rigor we have put into evolving our business and the committed work of our team members. It is thanks to all of them that we have leading market share and growth in key markets like Arizona, Florida, New York and Pennsylvania, a domestic wholesale business that grew 15% sequentially, and a U.S. retail business that grew 9% for the year, eclipsing the $1 billion mark for the first time.
Matt Darin, Chief Executive Officer of Curaleaf
We’re excited about our portfolio of brands and innovative new products, as well as the potential of our retail footprint as adult use expands. We are encouraged by the momentum we see in our business because of the strategic changes we’ve made. There is no doubt that Curaleaf is poised for a solid 2024 and beyond.
Fourth Quarter 2023 Financial Highlights
- Net Revenue of $345.3 million, a year-over-year increase of 1% compared to Q4 2022 revenue of $340.2 million. Sequentially, net revenue increased 4%
- Gross profit of $156.2 million and gross margin of 45%
- Adjusted gross profit(1) of $160.4 million and adjusted gross margin of 46%
- Net loss attributable to Curaleaf Holdings, Inc. excluding discontinued operations, of $57.7 million or net loss per share $0.08
- Adjusted net loss from continuing operations attributable to Curaleaf Holdings, Inc.(1) of $5.0 million or adjusted net loss per share from continuing operations([1]) of $0.01
- Adjusted EBITDA(1) of $83.0 million and adjusted EBITDA margin of 24%, a 490 basis point improvement year-over-year
- Cash at quarter end totaled $91.8 million
