Trulieve Cannabis (CSE: TRUL) this morning reported its third quarter financial results for 2021. The company posted revenues of $224.1 million for the period, along with a net income of $18.6 million, beating analyst consensus estimates.
Revenues wer up a marginal 4.2% on a quarter over quarter basis, climbing from $215.1 million to $224.1 million. Things improved more substantially on a year over year basis however, with revenue improving by 64% from $136.3 million in the year-ago period.
Gross profit also saw a quarterly improvement, climbing from $144.5 million to $153.9 million, representing a gross profit of 69%. Expenses however climbed substantially, with operating expenses jumping from $68.2 million last quarter to $87.7 million. The jump is said to be related to one-time costs related to the Harvest Health acquisition that closed the day after the quarter closed, on October 1.
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Net income for the quarter as a result came in at $18.6 million, as compared to $40.9 million in the second quarter. Adjusted EBITDA meanwhile amounted to $98.0 million.
Positive net income quarters may now be coming to an end however following the close of the Harvest transaction. Trulieve noted that on a combined basis, Trulieve and Harvest reported Q3 revenues of $316 million, while the net loss hit $9.8 million and adjusted EBITDA of would have been $121 million.
Trulieve reported a cash positive of $213.6 million for the quarter, a decline from $289.2 million in the prior quarter.
Trulieve Cannabis last traded at $38.75 on the CSE.
Information for this briefing was found via Sedar and Trulieve Cannabis. 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.
