[PRESS RELEASE] – STAMFORD, Conn., March 3, 2025 – Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, reported its financial and operating results for the fourth quarter ended Dec. 31, 2024. The financial data is presented in U.S. Dollars and in accordance to U.S. GAAP.
Curaleaf Chairman and CEO Boris Jordan, “Fourth quarter revenue was $331 million, up slightly sequentially. Adjusted gross margin was 48% and adjusted EBITDA was $76 million or 23%. We ended the fourth quarter with $107 million in cash on the balance sheet, and for the year, generated operating and free cash flow from continuing operations of $163 million and $70 million, respectively. My primary goal over the last two quarterly quarters was to maximize our strengths, solve key business challenges, and stabilise the business. Having successfully achieved this, we are now forging ahead with our ‘Return to our ROOTS’ initiative—an ambitious strategy centered on driving organic growth, optimizing margins and cash flow, and reducing debt. Curaleaf’s leadership will be strengthened and maintained with this focus. We will build on the strong organic growth seen in our International business, Ohio, and New York, while harnessing our innovation pipeline to elevate our product offerings. Curaleaf has tremendous growth opportunities as we move into the year 2025.
Fourth Quarter 2024 Financial Highlights
- Net revenue of $331.1 million, a year-over-year decrease of 4% compared to Q4 2023 revenue of $345.3 million. Net revenue was the same as Q3 2024.
- Gross profit of $157.4 million and gross margin of 48%, an increase of 230 basis points year-over-year.
- Adjusted gross profit(1) of $158.7 million and adjusted gross margin(1) The increase in 48% is 150 basis points.
- Net loss attributable to Curaleaf Holdings Inc. from continuing operations of $71.8 million or net loss per share from continuing operations of $0.10.
- Adjusted net income(1) from continuing operations of $12.4 million or adjusted net income per share from continuing operations of $0.02.
- Adjusted EBITDA(1) of $75.8 million and adjusted EBITDA margin(1) A decrease from 23% to 23% is a reduction of 117 points.
- Cash at quarter end totaled $107.2 million.
Overview of the Financial Performance for Year 2024
- Revenues of 1,34 billion are flat on an annual basis
- International revenue of $105.6 million, an increase of 73% compared to 2023 revenue of $61 million
- Gross profit of $639.2 million and gross margin 45%
- Adjusted gross profit(1) of $644.5 million and adjusted gross margin(1) of 48%
- Operating cash flow from continuing operations of $163.3 million and free cash flow from continuing operations of $70.1 million
- Net loss from continuing operations of $216.2 million or net loss per share from continuing operations of $0.29
- Adjusted net loss(1) from continuing operations of $116.8 million or adjusted net loss per share from continuing operations of $0.16
- Adjusted EBITDA(1) of $300.8 million and adjusted EBITDA margin of 22%
Four Quarters of 2024 Operational highlights
- In Florida, opened two new dispensaries in Port St. Lucie and Miami, bringing the state total to 66 retail stores and the U.S. total to 151 U.S. retail stores
- Curaleaf, Find Flower and Find flowers successfully introduced into German market
- Rebranded our three Nevada stores to Curaleaf stores
- Secured a $40 million revolving credit facility directly with a major commercial regional bank at a 7.99% interest rate that matures Dec. 15, 2026, a milestone for a cannabis company
After Fourth Quarter Operational highlights 2024
- Total Wine stores in nine states have begun to distribute The Hemp Co.’s hemp-derived THC flavored seltzers.
- Our Select Zero Proof Seltzers now come in a 2.5mg version
- Launched Reef flower brand in Florida
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The non-GAAP ratios adjusted EBITDA and adjusted net profit (loss), as well adjusted EBITDA and adjusted gross profit, are non GAAP financial measures. They are non GAAP financial measures that do not have a standard definition in GAAP. Curaleaf has defined and provided more details about its use of nonGAAP financial performance measures. Reconciliation of Non-GAAP Financial Measures Below is a breakdown of the non-GAAP measures used to create this press release and their most comparable GAAP measure.
Here you can find a detailed breakdown of the financials for the company.
Balance sheet and cash flow
As of Dec. 31, 2024, the company had $107.2 million of cash and $568.6 million of outstanding debt net of unamortized debt discounts.
During the year ended Dec. 31, 2024, Curaleaf invested $93.2 million in capital expenditures, focused on facility upgrades, automation, and selective retail expansion in strategic markets.
Shares Outstanding
The weighted-average number of Subordinate Voting shares plus Multiple Voting Stocks that the company had outstanding for the fourth quarters in 2024 and the 2023 was 748,936,695 shares and 733.514,919, respectively.
For the years ended Dec. 31, 2024, and 2023, the company’s weighted average Subordinate Voting Shares plus Multiple Voting Shares outstanding amounted to 740,825,099 and 724,124,894 shares, respectively.
Non-GAAP financial and performance measures
Curaleaf’s financial reports are in compliance with GAAP. It uses financial ratios and measures to assess its performance and evaluate its results. These financial ratios and measures are calculated differently than GAAP. Curaleaf makes reference to non-GAAP measures and ratios such as adjusted gross profit, adjusted gross margin, “adjusted NET income (loss),”adjusted EBITDA”, or “adjusted EBITDA Margin”. These metrics do not follow GAAP standards and are not comparable to other similar measures. Curaleaf considers “adjusted Gross Profit” to be gross profit less cost of good sold, and any other associated add-backs. Curaleaf defines adjusted gross margin as gross profit divided with total revenues. Curaleaf defines “adjusted Net Income (Loss)” as the net income from ongoing operations minus (gains or losses) on impairments, and any other add-backs. Curaleaf defines “adjusted EBITDA”, as earning before taxes, interest, depreciation, and amortization, less share-based compensatory expense, and any other add-backs relating to acquisition, financing, and business development costs. Curaleaf defines “adjusted EBITDA” as adjusted EBITDA divided into total revenue. Curaleaf’s definition of “free cash from operations” includes the cash that is generated from operating activities in continuing operations less any purchases made for property, plant, and equipment. Net capital expenditures. Curaleaf views these measures as an important indicator for the strength of our financial position and business performance. Curaleaf is of the opinion that adjusted results are useful and relevant information to investors. They clarify the actual performance and make it easy to compare the results to those from other companies. As these metrics aren’t calculated using GAAP standards, they shouldn’t be used as a replacement for or in place of the reported GAAP results. They may also not be comparable with similarly named measures of other companies. These tables provide a reconciliation of Non-GAAP to GAAP.