GLASF - Glass House Brands: Strong Q3 2023 71% YoY Revenue Increase $26M In Gross Profit | Benzinga
Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) announced its financial results for the third quarter ending September 30, 2023.
"The third quarter of 2023 was another highly successful quarter for the Company as we achieved record levels of revenue and positive Adjusted EBITDA for the second consecutive quarter," stated Kyle Kazan, co-founder, chairman and CEO. "We achieved record revenue of $48 million, largely driven by an increase in production, which grew 36% from Q3 2022 to over 101,000 pounds. This is quite impressive given we were able to accomplish this with the same cultivation capacity we had from last year."
Third Quarter 2023 Highlights
- Net Sales: $48.2 million, a 71% YoY increase, and an 8% sequential rise from Q2 2023.
- Gross Profit: ...