[PRESS RELEASE] – STAMFORD, Conn., March 3, 2025 – Curaleaf Holdings Inc., a number one world supplier of client merchandise in hashish, reported its monetary and running effects for the fourth quarter ended Dec. 31, 2024. All monetary knowledge is reported in response to U.S. most often approved accounting ideas (GAAP) and is supplied in U.S. bucks until another way indicated.
Curaleaf Chairman and CEO Boris Jordan, “Fourth quarter earnings used to be $331 million, up relatively sequentially. Adjusted gross margin used to be 48% and adjusted EBITDA used to be $76 million or 23%. We ended the fourth quarter with $107 million in money at the stability sheet, and for the yr, generated running and unfastened money waft from proceeding operations of $163 million and $70 million, respectively. Over the last two quarters, my number one purpose has been to enlarge our strengths, deal with key demanding situations, and stabilize the trade. Having effectively accomplished this, we are actually forging forward with our ‘Go back to our ROOTS’ initiative—an bold technique targeted on riding natural enlargement, optimizing margins and money waft, and lowering debt. With this sharp center of attention, I’m assured that Curaleaf won’t simplest care for however extend its management place. We can construct at the robust natural enlargement observed in our World trade, Ohio, and New York, whilst harnessing our innovation pipeline to carry our product choices. As we step into 2025, there are super alternatives forward for Curaleaf.”
Fourth Quarter 2024 Monetary Highlights
- Web earnings of $331.1 million, a year-over-year lower of four% when compared to This autumn 2023 earnings of $345.3 million. Sequentially, web earnings used to be flat in comparison to Q3 2024.
- Gross benefit of $157.4 million and gross margin of 48%, an build up of 230 foundation issues year-over-year.
- Adjusted gross benefit(1) of $158.7 million and changed gross margin(1) of 48%, an build up of 150 foundation issues year-over-year.
- Web loss because of Curaleaf Holdings Inc. from proceeding operations of $71.8 million or web loss according to percentage from proceeding operations of $0.10.
- Adjusted web source of revenue(1) from proceeding operations of $12.4 million or adjusted web source of revenue according to percentage from proceeding operations of $0.02.
- Adjusted EBITDA(1) of $75.8 million and changed EBITDA margin(1) of 23%, a 117 foundation level lower year-over-year.
- Money at quarter finish totaled $107.2 million.
Complete 12 months 2024 Monetary Highlights
- Web earnings of one.34 billion, flat year-over-year
- World earnings of $105.6 million, an build up of 73% in comparison to 2023 earnings of $61 million
- Gross benefit of $639.2 million and gross margin of 48%
- Adjusted gross benefit(1) of $644.5 million and changed gross margin(1) of 48%
- Running money waft from proceeding operations of $163.3 million and unfastened money waft from proceeding operations of $70.1 million
- Web loss from proceeding operations of $216.2 million or web loss according to percentage from proceeding operations of $0.29
- Adjusted web loss(1) from proceeding operations of $116.8 million or adjusted web loss according to percentage from proceeding operations of $0.16
- Adjusted EBITDA(1) of $300.8 million and changed EBITDA margin of twenty-two%
Fourth Quarter 2024 Operational Highlights
- In Florida, opened two new dispensaries in Port St. Lucie and Miami, bringing the state overall to 66 retail shops and the U.S. overall to 151 U.S. retail shops
- Effectively offered Curaleaf and To find flower into the German marketplace
- Rebranded our 3 Nevada shops to Curaleaf shops
- Secured a $40 million revolving credit score facility at once with a significant business regional financial institution at a 7.99% rate of interest that matures Dec. 15, 2026, a milestone for a hashish corporate
Publish Fourth Quarter 2024 Operational Highlights
- The Hemp Co. by way of Curaleaf started distributing its line of hemp-derived THC seltzers in General Wine throughout 9 states and in over 100 shops
- Offered a 2.5mg components of our Choose 0 Evidence seltzers
- Introduced Reef flower logo in Florida
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Adjusted EBITDA, adjusted web source of revenue (loss), adjusted gross benefit and unfastened money waft are non-GAAP monetary measures, and adjusted EBITDA margin, adjusted web source of revenue (loss) according to percentage and changed gross margin are non-GAAP monetary ratios, in every case with out a standardized definition below GAAP and which might not be similar to identical measures utilized by different issuers. See “Non-GAAP Monetary Efficiency Measures” under for definitions and additional information referring to Curaleaf’s use of non-GAAP monetary measures and non-GAAP monetary ratios. See “Reconciliation of Non-GAAP monetary measures” under for a reconciliation of every non-GAAP monetary measure used on this press liberate from essentially the most at once similar GAAP monetary measure.
A line-by-line breakdown of the corporate’s financials is to be had right here.
Stability Sheet and Money Drift
As of Dec. 31, 2024, the corporate had $107.2 million of money and $568.6 million of remarkable debt web of unamortized debt reductions.
All the way through the yr ended Dec. 31, 2024, Curaleaf invested $93.2 million in capital expenditures, eager about facility upgrades, automation, and selective retail enlargement in strategic markets.
Stocks Exceptional
For the fourth quarters of 2024 and 2023, the corporate’s weighted moderate Subordinate Balloting Stocks plus More than one Balloting Stocks remarkable amounted to 748,936,695 and 733,514,919 stocks, respectively.
For the years ended Dec. 31, 2024, and 2023, the corporate’s weighted moderate Subordinate Balloting Stocks plus More than one Balloting Stocks remarkable amounted to 740,825,099 and 724,124,894 stocks, respectively.
Non-GAAP Monetary and Efficiency Measures
Curaleaf stories its monetary leads to accordance with GAAP and makes use of a lot of monetary measures and ratios when assessing its effects and measuring general efficiency. A few of these monetary measures and ratios don’t seem to be calculated in accordance with GAAP. Curaleaf refers to sure non-GAAP monetary measures and ratios, comparable to “adjusted gross benefit”, “adjusted gross margin”, “adjusted web source of revenue (loss)”, “adjusted EBITDA”, “adjusted EBITDA margin” and “Unfastened money waft from operations”. Those measures do not need any standardized which means prescribed by way of GAAP and might not be similar to identical measures introduced by way of different issuers. Curaleaf defines “adjusted gross benefit” as gross benefit web of value of products offered and similar different add-backs. “Adjusted gross margin” is outlined by way of Curaleaf as adjusted gross benefit divided by way of overall revenues. “Adjusted web source of revenue (loss)” is outlined by way of Curaleaf as web source of revenue (loss) from proceeding operations web of (achieve) loss on impairments and different add-backs. “Adjusted EBITDA” is outlined by way of Curaleaf as income prior to hobby, taxes, depreciation and amortization much less share-based reimbursement expense and different add-backs associated with trade construction, acquisition, financing and reorganization prices. “Adjusted EBITDA margin” is outlined by way of Curaleaf as adjusted EBITDA divided by way of overall earnings. “Unfastened money waft from operations” is outlined by way of Curaleaf as web money equipped by way of running actions from proceeding operations much less the purchases of belongings, plant and gear (i.e. web capital expenditures). Curaleaf considers those measures to be the most important indicator of the monetary energy and function of our trade. Curaleaf believes the adjusted effects introduced supply related and helpful knowledge for traders, as a result of they explain our precise running efficiency, assist you evaluate our effects with the ones of different corporations and make allowance traders to study efficiency in the similar method as our control. Since those measures don’t seem to be calculated in response to GAAP, they will have to now not be thought to be in isolation of, or as an alternative to, our reported GAAP monetary effects as signs of our efficiency, and so they might not be similar to in a similar way named measures from different corporations. The tables under supply reconciliations of Non-GAAP measures to essentially the most at once similar GAAP measures.
