AYRWF - Cannabis Company's Optimization Plan Results In Over 50% YoY Increase In Adjusted EBITDA Q3 Revenue | Benzinga
AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) reported its third quarter financial results on Thursday for the three months ended Sept. 30, 2023.
"We continued to execute on our optimization initiatives during the quarter, as reflected by another strong period of year-over-year adjusted EBITDA growth and cash flow generation,” said David Goubert, president and CEO of AYR. "We also continued to lay the foundation for AYR’s long-term revenue growth and profitability, bolstered by our recent work to reach agreements with our creditors, which, when fully consummated, will result in the extension of maturities of nearly $400 million of debt in the aggregate by two years."
Q3 Financial Highlights
- Revenue totaled $114.4 million, up from $108.7 million in the prior year’s period and down from $116.7 million in the previous period.
- Gross profit was $48.1 million, up from $45.6 in the third quarter of 2022, and down from $56.6 million in the prior quarter.
- Operating loss was $1.5 million, down from $19.5 million and $4.5 million in the third quarter of last year, and second quarter of 2023, respectively.
- Net loss attributable to Ayr amounted to $19.2 million, compared to $36.1 million in the prior year’s period.
- Adjusted EBITDA came in positive at $28.4 million, ...