Curaleaf Holdings, Inc. reported its fourth-quarter financial results on Wednesday, showcasing impressive growth and success in the cannabis market. The company’s executive chairman, Boris Jordan, expressed his satisfaction with the results, stating that the hard work put in over the past few quarters has paid off.
In the fourth quarter, Curaleaf generated record revenue of $345 million, with an adjusted gross margin of 46% and adjusted EBITDA of $83 million. The company’s CEO, Matt Darin, attributed these positive results to the teamwork and discipline of the Curaleaf team members. Darin highlighted the company’s leading market share and growth in key markets such as Arizona, Florida, New York, and Pennsylvania.
Some of the key financial highlights from Curaleaf’s fourth quarter include a net revenue of $345.3 million, a gross profit of $156.2 million, and adjusted gross profit of $160.4 million. The company also reported a net loss attributable to Curaleaf Holdings, Inc. of $57.7 million and adjusted EBITDA of $83 million, marking a 490-basis-point improvement year-over-year.
Looking at the full year 2023 financial highlights, Curaleaf reported a net revenue of $1.35 billion, a gross profit of $614.4 million, and adjusted EBITDA of $304.5 million. The company also saw operating and free cash flow from continuing operations of $91.2 million and $25.8 million, respectively.
Overall, Curaleaf’s strong financial performance in the fourth quarter and full year 2023 positions the company well for future growth and success in the cannabis industry. With a focus on teamwork, discipline, and market share expansion, Curaleaf continues to solidify its position as a leading player in the cannabis market.
