Green Thumb Industries of Chicago (CSE GTII, OTCQX GTBIF) has grown its bottom and top lines in both the 4th quarter 2024 (ending Dec. 31 2024) and year-end 2024 (ending Dec. 31, 2020) to unprecedented levels.
Yahoo Finance reports that revenue for the fourth quarter rose by 5.8% compared to last year, to $294,3 million. This is 2.1% higher than analysts’ average estimates of $288,19 million. The revenue for the entire year increased 7.8%.
The fourth quarter net income increased by more than three times over the year, to $12,7 million. This is equivalent to $0.05 basic share and $0.04 diluted. Net income for the full year jumped 102%, to $73.1 millions or $0.31 basic shares and $0.30 diluted.
Ben Kovler said that the demand for THC is high in America, and Green Thumb was well-positioned to take advantage of this.
Green Thumb opened in the fourth-quarter three retail stores in Florida, Minnesota, and Nevada. This brings the number of Rise dispensaries in the United States to 101 at the end of the year. Retail revenues increased by 0.5% for the fourth quarter, and by 4.2% overall, mainly due to growth in Florida and Maryland. Price compression was also a factor.
The growth of consumer packaged goods was faster than expected, rising 19.9% during the fourth quarter, and by 15.9% over the course of the year. New Jersey, New York, and Ohio continued to grow. The firm’s gross margin grew 240 points in the last quarter compared to the previous year, to reach 53.7%. This was due to its ability to overcome pricing challenges through improved operational efficiency.
GTI president Anthony Georgiadis stated, “We believe that our emphasis on smart capital allocation, operational quality, superior products and brands that resonate among consumers will be a successful combination.”
In 2024 the company repurchased $43 million of shares under an authorized buyback programme. As of December 31, 2024, the total debt outstanding amounted to $255 millions.