Curaleaf reports Q3 adjusted EPS (10c), consensus (6c)

Reports Q3 revenue $333M, consensus $340.23M. Boris Jordan, Executive Chairman of Curaleaf, stated, “In the third quarter we took the final steps in our asset optimization plan, and I’m pleased that our changes are showing results. Revenue was $333 million, with adjusted EBITDA margin(1) of 23%. We reduced our inventory by another $18 million this quarter, ending with $118 million in cash on the balance sheet, and generated $33 million in free cash flow from continuing operations. With significant near-term state and regulatory catalysts on the horizon, coupled with our proposed uplisting to the Toronto Stock Exchange and our early mover advantage in Europe give us great confidence in Curaleaf’s future. I am very encouraged by the team’s commitment and discipline, and remain bullish for a strong end to 2023 and an exciting 2024.” Matt Darin, Chief Executive Officer of Curaleaf, commented, “The last two quarters have represented an important evolution for us. Along with significant reductions to our expense structure, we scaled back production to accelerate the right-sizing of our inventory while continuing to deliver innovative new products that consumers love. With this progress, along with new wholesale growth opportunities and a return to a decentralized leadership structure, we are turning on idled capacity and are back on offense. The growth catalysts of Germany, New York, Ohio, and potentially Florida and Pennsylvania position Curaleaf incredibly well for years of market share gains.”