Columbia Care (CSE: CCHW) this morning reported preliminary fourth quarter and full year 2020 financial results, while also issuing 2021 guidance. The company provided preliminary revenue figures of $76.1 million, along with adjusted EBITDA of $8.3 million for the fourth quarter.
Preliminary revenue figures have indicated that the company has improved revenue by 56% on a quarter over quarter basis, while gross profits, reported at $30.4 million, improved 76% quarter over quarter. Adjusted EBITDA meanwhile improved by 170%, while the firms cash position, pegged at $61.1 million, is up 45% quarter over quarter.
Looking at the full year, revenue grew to $179.5 million, up 132% from the $77.5 million filed for FY2019, while gross profit improved by 219% to $65.8 million. Adjusted EBITDA meanwhile is reportedly negative $4.1 million, an improvement from the negative $47.0 million reported for 2019.
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Notably, the firm did not provide a net loss or income figure for the quarter, or the fiscal year.
Looking forward, the company has provided guidance for fiscal year 2021, with revenues estimated to be between $500 million and $530 million, while margins are expected to be in excess of 47%. Adjusted EBITDA meanwhile is pegged between $95 million and $105 million. Notably, the guidance provided is on a combined basis, gross of discounts. It also assumes the closing of the Green Leaf Medical acquisition in the third quarter.
Columbia Care last traded at $9.05 on the CSE.
Information for this briefing was found via Sedar and Columbia Care Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
