ACRDF - East Coast Drives Growth For This Cannabis Company Narrows Q3 Net Loss By Nearly 70% YoY | Benzinga
Acreage Holdings, Inc. (CSE: ACRG.A.U) (ACRG.B.U) (OTCQX: ACRDF) reported its financial results Tuesday for the third quarter ended Sept. 30, 2023, revealing consolidated revenue of $56.5 million, an 8% year-over-year and 2.8% quarter-over-quarter decrease.
The New York-based cannabis company also reported its eleventh consecutive quarter of positive adjusted EBITDA of $6.6 million, compared to an $8.8 million adjusted EBITDA gain in the same quarter of 2022.
Q3 2023 Financial Highlights
- Gross profit was $21.27 million, compared to gross profit of $21.26 million in the corresponding quarter of last year.
- Net operating loss was $2.5 million, down from $16.4 million in the third quarter of 2022.
- Net loss amounted to $7.8 million, down from $25 million in the prior year’s period.
- As of Sept. 30, total assets amounted to $355.78 million, down from $360.57 million on Dec. 31.
- Ended the quarter with $15.1 million in cash and cash equivalents and $9.7 million of restricted cash, with such funds restricted to be used for eligible capital expenditures.
Key Q3 And Recent Operational Highlights
- Recorded ...