Green Thumb Industries Inc. (CSE: GTII) on Wednesday reported its Q1 2022 financial results, which saw the company post US$242.6 million in revenue. The topline figure is a marginal dip from Q4 2021’s revenue of US$243.6 million but an increase from Q1 2021’s revenue of US$194.4 million.
The cannabis firm relayed that the year-on-year revenue growth is mainly driven by “contributions from both the retail and consumer packaged goods businesses.”
However, gross margin dropped to 51% this quarter compared to 53% in the previous quarter and 57% for the same comparable period last year.
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The company also recorded US$28.9 million net income for the quarter, up from last quarter’s US$22.8 million and last year’s US$10.4 million net loss. This quarter’s net income translates to US$0.12 earnings per share.
“Our team delivered solid first quarter results with revenue increasing 25% over the prior year quarter. We generated our seventh consecutive quarter of positive net income of $29 million, or $0.12 per share, and Adjusted Operating EBITDA of $67 million. For the ninth consecutive quarter, we delivered positive cash flow from operations, which was $55 million in the first quarter,” said CEO Ben Kovler.
The cash and cash equivalents balance at the quarter’s end came in at US$174.5 million, putting the balance of current assets at US$328.4 million. Meanwhile, current liabilities came in at US$179.2 million.
Green Thumb Industries Inc. last traded at $16.30 on the CSE.
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