Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF) has reported its financial results for the first quarter ended March 31, 2022.
The Chicago and Vancouver-based company revealed that its revenue increased 25% year-over-year to $243 million in the first quarter, flat compared to the fourth quarter of 2021.
“We continue to have strong conviction in our core thesis and given the opportunity ahead, we will invest in markets where we know demand is coming,” Ben Kovler, the company’s CEO, said. “As I have said before, growth is not linear, and there will be quarter-to-quarter fluctuations depending on when new markets open to adult-use sales as well as the timing of our infrastructure investments.”
Q1 2022 Financial Highlights
- Gross profit for the first quarter of 2022 was $122.9 million or 51% of revenue, compared to $110.9 million or 57% of revenue for the comparable period.
- Total selling, general and administrative expenses for the first quarter were $68.4 million or 28% of revenue, compared to $59.3 million or 31% of revenue for the first quarter of 2021.
- Net income attributable to the company for the first quarter of 2022 was $28.9 million, or $0.12 per basic and diluted share, compared to net income of $10.4 million, or $0.05 per basic and diluted share in the prior year.
- EBITDA for the first quarter of 2022 was $77.5 million or 32% of revenue compared to $66.5 million or 34% of revenue for the same period in the prior year.
- Adjusted Operating EBITDA, which excluded non-cash stock-based compensation of $4.7 million and $15.2 million of other non-operating income, was $67 million or 28% of revenue, compared to $71.4 million or 37% of revenue in the comparable period.
- A ninth consecutive quarter of positive cash flow from operations, generating $55 million in the first quarter.
- As of March 31, 2022, current assets were $328.4 million, including cash and cash equivalents of $174.5 million. The total debt outstanding was $244.2 million.
- Total basic and diluted weighted average shares outstanding for the three months ended March 31, 2022, were 235.8 million and 238.2 million, respectively.
Q1 2022 & Recent Business Highlights
- Good Green brand has expanded to six total markets, with additional markets coming later this year.
- In March, Green Thumb began sales of flower products in Minnesota.
- Green Thumb expanded its retail service in Virginia ( two new stores - RISE Lynchburg and RISE Christiansburg), Illinois and Minnesota (new RISE store in Mankato).
- On April 11, 2022, New Jersey’s Cannabis Regulatory Commission approved seven medical dispensary operators, including Green Thumb, to begin selling cannabis in the recreational market.
- On March 24, 2022, Green Thumb announced it expanded its partnership with Olive-Harvey College, a community college located on the southeast side of Chicago, by donating $200,000 to support the school’s cannabis education program.
Photo: Courtesy of Towfiqu barbhuiya on Unsplash
