Cannabis company Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) reported having earned $260 million in the first three months of 2021, representing an increase of 170% year-over-year and 13% sequentially.
Adjusted EBITDA came in positive at $63 million, up by 213% year-over-year and 16% quarter-over-quarter.
The Wakefield, Massachusetts-based company achieved record adjusted EBITDA alongside roughly 640 basis points of improvement in gross margin over the one year, Joe Bayern, CEO of Curaleaf, said Monday.
"Curaleaf delivered record first quarter 2021 financial results with total revenue exceeding the high-end of our guidance range as we extended our U.S. leadership, all while creating a new foundation for future international growth opportunities," he added.
Q1 2021 Highlights
- Retail revenue rose by 231% year-over-year and 14% quarter-over-quarter to $188 million compared to $57 million in the same period of 2020, accounting for 72% of total revenue.
- The significant increase can be attributed to the expansion of the company's footprint and the opening of sex new retail location across Florida, Maine, and Pennsylvania, and its operations in Arizona.
- Wholesales revenue amounted to $72 million, representing a year-over-year and sequential increase of 254 and 12%, respectively.
- Gross profit on cannabis sales was $128 million, versus $33 million in the first three months of last year.
- Net loss amounted to $17 million compared to a $15 million net loss in the corresponding quarter of 2020.
- As of March 31, Curaleaf had $315 million of cash, $340 million of outstanding debt net of unamortized debt discounts, and approximately $2,68 billion in total assets.
- The company expects to generate between $305 million and $315 million in revenue in the second quarter.
Curaleaf entered the European cannabis market after finalizing the acquisition of EMMAC Life Sciences in April.
Under the deal, the company opted to pay $310 million in combined cash and stock.
Curaleaf also created Curaleaf International Holdings Limited on the island of Guernsey and appointed Antonio Costanzo to serve as CEO and boost the company's European footprint further and hold its EMMAC investment.