Glass House Brands Reports Record Setting Second Quarter 2024 Financial Results

In This Article:

Glass House Brands Inc.

-

Greenhouse 5 completed its first full quarter of production and sales in Q2, outperforming expectations

-

Record quarterly highs included consolidated revenue and gross profit, wholesale biomass revenue and gross profit, biomass production and sales and retail revenue

-

Second Quarter 2024 Revenue was $53.9 million, at the high end of the guidance range and up 21% year- over-year

-

Biomass production was more than 149,000 pounds, 20,000 pounds ahead of the mid-point of guidance and up 45% year- over-year

-

Quarter-end cash and restricted cash balance was $25.9 million

-

Q3 2024 revenue projected at a record quarterly high of $65 million to $67 million

-

Q3 2024 quarter-end cash and restricted cash balance projected to be $38 million to $40 million, a new high since completion of Phase I expansion

-

Notice to vacate given to farmers leasing Greenhouse 2 for next expansion with one-third already empty. Considering cultivating “Hemp-Derived Cannabis,” which was legalized in the 2018 federal Farm Bill, in Greenhouse 2 but no formal decision has been made

-

Conference Call to be held today August 13, 2024 at 5:00 p.m. ET

 

 

LONG BEACH, Calif. and TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically integrated cannabis companies in the U.S., today reported financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

(Unaudited results, unless otherwise stated, all results and dollar references are in U.S. dollars)

  • Net Revenue of $53.9 million, an increase of 21% from $44.7 million in Q2 2023 and up 79% sequentially from $30.1 million in Q1 2024.

  • Gross Profit was $28.7 million, compared to $24.4 million in Q2 2023 and $12.5 million in Q1 2024.

  • Gross Margin was 53%, compared to 55% in Q2 2023 and 42% in Q1 2024.

  • Adjusted EBITDA1 was $12.4 million, compared to $9.5 million in Q2 2023 and $(1.6) million in Q1 2024.

  • Operating Cash Flow was positive $8.9 million, compared to $8.3 million in Q2 2023 and negative $1.9 million in Q1 2024.

  • Equivalent Dry Pound Production2 was 149,717 pounds, up 45% year-over-year;

  • Cost per Equivalent Dry Pound of Production3 was $148 an increase of 6% compared to the same period last year.

  • Cash, Restricted Cash and Cash Equivalents balance was $25.9 million at quarter-end versus $24.4 million at the end of Q1 2024.