The New York-based company reported achieving $38.4 million in consolidated revenue in the first three months of 2021, representing a 58% year-over-year and 22% sequential growth.
The gross margin was 53.7%, representing an increase of 12.6 percentage points compared to the corresponding period of last year.
Acreage also posted a positive adjusted EBITDA of $1.6 million in the first quarter of 2021, versus a $12.3 million loss in the same period of the prior year.
Peter Caldini, Acreage's CEO, said the company achieved positive adjusted EBITDA “for the first time in our history."
Other highlights from the company’s first-quarter report include:
- Retail revenue amounting to $25.8 million, representing a 47% year-over-year increase.
- Wholesale revenue rose by 53% over the same period to $10 million.
- Company-owned same-store sales growth was 16%. This was the ninth consecutive quarter of double-digit same-store sales comparisons, the company disclosed.
- Net loss for the period amounted to $7.8 million, an improvement from $172 million net loss from the first quarter of 2020.
- Total gross profit was $20.6 million, up by 107% year-over-year.
- Acreage wrapped up the quarter with $45.9 million in cash and restricted cash.
Caldini added that the first quarter results validate their “refocused strategy on the path to improved performance.”
The company sold 100% of its Acreage Florida, Inc. subsidiary to RWB for $60 million.