Revenue growth was driven by new and acquired retail locations and organic growth from the existing retail and wholesale businesses
Harvest Health & Recreation Inc, a vertically-integrated cannabis company with one of the largest and deepest footprints in the U.S., today reported the company's third quarter fiscal year 2019 financial results.
During the quarter Harvest opened six new retail locations, acquired four retail locations, won a cultivation license in Utah and made progress toward completing several significant strategic acquisitions.
"During the third quarter, Harvest continued to execute on its strategy by investing in assets and infrastructure needed to return to profitable growth. As a Company, we have the assets and team required to achieve operational excellence and succeed in the cannabis industry," said Chief Executive Officer Steve White.
Financial Highlights for the Third Quarter Ended September 30, 2019
Total revenue was $33.2 million, an increase of 197% from $11.2 million in the third quarter of 2018 and up 25%, compared to $26.6 million in the second quarter of 2019.
On a pro forma basis, Harvest along with completed and pending disclosed acquisitions, generated $95 million of revenue in the third quarter, or over $380 million annualized.
Third quarter pro forma revenue increased 22% over second quarter pro forma revenue of $78 million.
Gross profit excluding biological adjustments was $11.6 million, compared to $6.7 million in the second quarter of 2019.
Gross profit margin excluding biological adjustments was 35.0%, compared to 25.1% for the second quarter of 2019.
Adjusted EBITDA excluding biological adjustments was ($10.9) million, compared to ($12.4) million in the second quarter of 2019.
Net loss was $39.1 million for the third quarter, which is reflective of investments to support the Company's growth initiatives, disclosed acquisitions and planned expansion.
To learn more about Harvest Health & Recreation Inc visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
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