GLASF - Glass House Brands reports Q3 results

• Glass House Brands press release ( OTC:GLASF ): Q3 revenue of $28.3M (+64.5% Y/Y) misses by $0.2M .
• Q3 gross profit was $8.7M vs $2.3M last year.
• Q3 gross margin was 31% vs 14% last year.
• Q3 adj EBITDA was -$2.7M vs -$5.4M last year.
• During quarter, cost per equivalent dry pound of production was $134, down 25% from a year ago.
• Q3 equivalent dry pound production was 74,624 pounds.
• Cash balance was $17.5M at quarter-end.
• Expects Q4 revenue to be $30 to $32M, compared with previous projection of $50M, reflecting reduced expectations for all three business lines.
• Estimates annual revenue run rate to be $160M by 2023, down from $200M.
• Due to short-term cultivation issues at SoCal farm, raising projected cost per equivalent dry pound of production to $135 per pound for Q4, compared with $125 per pound guidance previously provided.

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