TPCO Holdings (NEO: GRAM) this morning released its financial results for the fourth quarter and full fiscal year of 2020, with the results herein provided on a pro-forma basis as a result of the combination of the firm occurring after the end of the period. For the fourth quarter, the company reported revenues of $40.2 million along with a net loss of $94.0 million before taxes.
For the full fiscal year, on a pro-forma basis the company reported revenues of $188.7 million, along with a net loss before taxes of $151.2 million.
For the fourth quarter, revenues of $40.2 million were offset by cost of sales of $37.3 million, resulting in a gross profit of $3.2 million. Operating expenses meanwhile totaled $78.7 million, with general and administrative expenses amount to $32.7 million, while sales and marketing amounted to $46.0 million.
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Further impacting the quarter were other expenses of $18.5 million, including underwriting commissions of $20.1 million, which culminated in a net loss for the quarter on a pro-forma basis of $94.0 million. On an adjusted EBITDA basis, the company posted a loss of $17.7 million.
For the full fiscal year, pro-forma revenues of $188.7 million were offset by cost of sales of $156.5 million, resulting in a gross profit of $32.8 million. Operating expenses meanwhile amounted to $137.6 million, consisting of general and administrative expenses of $89.2 million and sales and marketing of $48.3 million.
Other expenses for the year amounted to $48.4 million, resulting in a net loss before income taxes of $151.2 million. On an adjusted EBITDA basis the firm posted a loss of $35.6 million.
Looking to the balance sheet, on a pro-forma basis the company reported cash and cash equivalents of $337.9 million, as well as inventories of $25.5 million and receivables of $4.2 million. Total current assets as of December 31, 2020, on a pro-forma basis sat at $399.4 million.
On the other side of things, accounts payable currently sits at $15.0 million, while accrued and other liabilities are pegged at $29.1 million. Contingent considerations makes up the largest portion of the current liabilities however, which sits at $199.7 million, while a brand strategy liability is listed at $18.5 million. Total current liabilities amounted to $277.9 million on a pro-forma basis.
TPCO Holdings last traded at $9.13 on the Neo.
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