Glass House Brands Inc. (GLASF) Q4 2024 Earnings Call Transcript

2025-03-25 20:06:43 ET

Glass House Brands Inc. (GLASF)

Q4 2024 Earnings Conference Call

March 25, 2025, 05:00 PM ET

Company Participants

Kyle Kazan - Co-Founder, Chairman & Chief Executive Officer

Mark Vendetti - Chief Financial Officer

Graham Farrar - Co-Founder & President

Conference Call Participants

Frederico Gomes - ATB Capital

Andrew Semple - Ventum Financial

Luke Hannan - Canaccord Genuity

Aaron Grey - Alliance Global Partners

Marc Cohodes - Alder Lane

Presentation

Operator

Good afternoon, ladies and gentlemen. Welcome to the Glass House Brands Fourth Quarter and Full Year 2024 Investor Call.

Matters discussed during today's conference call could constitute forward-looking statements that are subject to the risks and uncertainties relating to Glass House Brands' future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect results are detailed in Glass House Brands' periodic filings and registration statement. These documents may be accessed via the SEDAR+ database.

I'd also like to remind everyone that this call is being recorded today, Tuesday, March 25, 2025.

On today's call, we have Kyle Kazan, Co-Founder, Chairman and Chief Executive Officer of Glass House Brands, and Chief Financial Officer, Mark Vendetti. Following prepared remarks, management will open up the call to analyst questions. Also joining for questions is Graham Farrar, Co-Founder and President.

And with that, I will turn the call over to Kyle Kazan.

Kyle Kazan

Thank you for joining today's call.

Before discussing results, I'd like to refer to our fourth quarter and full year 2024 press release and financial filings where you can review results in greater detail. Additionally, I'd like to thank the entire team at Glass House for their continued dedication and execution despite the continued tumultuous market conditions in California.

2024 was a year of significant development and growth for Glass House. Commercial operation of Greenhouse 5 began in January, completing Phase II expansion at the SoCal Farm. The facility achieved its first full quarter of production and sales in the second quarter, and production volumes, quality and yields from this facility have all exceeded expectations. We began Phase III expansion last quarter, commencing the retrofit of Greenhouse 2 along with investment in ancillary support facilities. We expect initial revenues from Greenhouse 2 by the fourth quarter of this year with an incremental production contribution estimated to be 275,000 pounds in the first full year, bringing consolidated annual capacity to more than 1 million pounds of biomass....

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