TerrAscend Corp. of Toronto (TSX : TSND ) (OTCQX : TSNDF ) reported Thursday that it had a $72.7 million net loss over the 2024 calendar years, with a loss totaling $30.2 in just the fourth quarter.
This is an improvement on the performance of TerrAscend in 2023 when it lost $82.3 millions, which was itself a major improvement over TerrAscend’s loss of $325.4millions from 2022.
The revenue was $33 million less than last year, or $306.7 million. It was also flat in the fourth quarter at $74.4 millions, a slight increase from $74.2millions of 2023.
TerrAscend was able to achieve free cash flow for the full year of 28.6 Million dollars, which is an increase from the $23.4 Million in 2023. In addition, $5,000,000 for the 4th quarter was an improvement sequentially over $1.5million.
It was sufficient for Jason Wild, the Executive Chairman of TerrAscend to announce in a release that TerrAscend exceeded expectations for its most recent quarter. This was his 10th consecutive positive quarter for operating cash flow as well as the 6th straight positive quarter for free cash flow.
“This performance was driven by our ability to achieve a #1 market share position in New Jersey for all quarters of 2024, growth of our business in Maryland … as well as improved gross margin in Pennsylvania,” Wild said in a release.
TerrAscend has entered the Ohio cannabis market with its acquisition of Ohio Ratio Cannabis for $10 million. It also expanded in New Jersey and increased market share in Maryland. The company’s new cultivation facility was built in Maryland, as well.
TerrAscend has also signed a new loan of $140,000,000, started a program to buy back shares, and discovered $10,000,000 in general and administrative cost savings.
TerrAscend, as of Dec. 31st, had a total asset value of $607.2 millions, including cash totaling $26.3 million, compared to a total liability totaling $430.4 Million.