- In the third quarter, 2024, net revenue was $74.4 millions, an increase of 0.3% over $74.2 million.
- The gross profit margin increased by 140 basis points from quarter to quarter.
- Positive cashflow generated from operating activities in the quarter
- Conference call for 2024 fourth quarter earnings and year-end results scheduled at 5 pm. ET on 6 March 2025
[PRESS RELEASE] – TORONTO, Jan. 31, 2025 – TerrAscend Corp. announced its preliminary financial results and non-audited for the quarter that ended December 31, 2024. All figures are expressed in U.S. dollar.
In the fourth quarter 2024, we expect:
- The third quarter net revenue was $74.4 Million, an increase of 0.3% over $74.2 Million in 2024’s third quarter.
- The gross profit margin will be 50.2% in 2024, an increase of 140 basis points compared to 48.8% for the third quarter.
- General and Administrative expenses decreased quarter-over-quarter.
- Positive cashflow generated from operating activities in the third quarter.
TerrAscend’s Executive Chairman Jason Wild stated that “despite a difficult environment, our business performed above expectations in the fourth quarter 2024. We delivered positive revenue growth, an increase of gross margins to 50.2%, and a decrease of operating expenses.”
The team focused on improvements to operations in the last quarter, he explained. “Our recent refinancing, which extended the majority of our maturities until late 2028 was successful,” he added. “We’re excited to hear that an adult-use law could pass in Pennsylvania. It will give us the opportunity to use our 150K-square foot production and cultivation facility. The governor will be presenting his budget next week. We expect him to present the strongest possible case for a state-wide recreational program. “The fourth quarter results provide us with confidence for 2025, as we work to improve operational efficiency in our core businesses and grow the business. We will also pursue multiple greenfield growth opportunities that are increasingly affordable.”
Operational Highlights for the Fourth Quarter
- Keep the top spot in New Jersey for all quarters of 2024, according to BDSA. According to BDSA.
- Maryland grew revenue for a fourth quarter in a row and increased gross margins to more than 50%.
- The company has begun preparations for adult-use in Pennsylvania, using its 150,000 square-foot manufacturing and cultivation facility as well as the Apothecarium network of retail stores.
- Signed Ohio Ratio Cannabis deal, which is expected to close in the first quarter of 2025, marking the company’s entry into its sixth state.
Conf Call Information:
At 5 pm ET on March 6, 2025, the company will hold a conference to discuss its results for the fourth quarter of fiscal year ending December 31, 2024 and also full-year. ET March 6, 2025. The same day, after the closing of the markets, the company’s financial results will be announced for the year-end 2024 and the fourth quarter.