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Well, the 10Q. In a nutshell, it about the failure to sell enough. Sales are down 16 percent per the company but they raised the price point of their product to increase a higher margin, this during what most others are doing which is price compression. But I understand, they have no choice. They did 3.966 million in sales for the qt. Cost of goods sold was 2.248 million leaving gross profit of 1.7 million. Then comes SG&A cost of 2.758 million, got to pay management you know, which works out to a net loss to shareholders of 1.288 million. With sales slowing and the gov. handout of 2.5 million drying up they will have some challenges for the rest of this year.
At the end of the day it boils down to they just can't sell enough of their product to matter. I'll wait for the 10q for the details but less sales is the main theme.
I'm guessing the net profit margin will be NEG. That should show how the company is running.
The 10q should be interesting to go over. Sales going nowhere, still lost money per share, but it's the 10q that will tell the story. 2.5 million in gov welfare, I think that will be the last welfare check they get.
There are a few things I think are important to mention from the latest 10q just filed to all investors here.
All numbers are taken from the 10q.
Cash and cash equivalents dropped 55 million down to 152 million.
Inventories, net dropped 24 million.
All told Total current assets dropped 120 million, down to 474 million.
And TOTAL ASSETS dropped almost 600 million.
TOTAL LIABILITIES however also dropped 124 million, mainly on the 125 million Private placement notes payment.
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY dropped 592 million again mainly on accumulated deficit
Y/Y for the first 6 mo. rev. dropped 56 million or roughly 10 percent.
Cost of goods sold went up 14 million.
Gross profit dropped 72 million.
We now have a recorded impairment of goodwill of 307 million. 1st time they recorded it. A quick view of what it means - Goodwill impairment occurs when a company decides to pay more than book value for the acquisition of an asset, and then the value of that asset declines.
We’ll skip past the accounting acrobatics and cut to the chase.
Net loss from continuing operations 342 million
Net loss from discontinued operations, 64 million
Net loss 406 million.
Total net loss to shareholders per share for both 2.14 per share. 1.80 and .34
IMO, they have a lot of work in front them to get this corrected.
FYI- Q2 2023 Earnings Call
Aug 17, 2023 8:30 am EDT
Toll-free dial-in number: (800) 319-4610
International dial-in number: (604) 638-5340
Conference ID: 10022068
Great song from '66. Got to say like a rolling stone was right up there as well.
Interesting statement and a little concerning as well. To be honest I’m unaware of the price point of dispensary to dispensary. I am aware of the overall sales numbers. So, let me ask, what in your opinion is the reason for this, quality of product, better name, locked in location, greed. I would really like your opinion on this, TIA
It’s not doing that bad. Currently a dime above the low of the day, volume a little above avg. Almost looks like a dead cat bounce. In regards to politicians, yes, in fact I think you are being way to kind.
But it doesn’t matter, the 10Q was decent and the other will go away in time. Once they pass the bills, they’re done. Short term problem.
It appears to me that after the qt and the 10q ,that this one appears to be best in class.
After going thru the 10q. I find this was indeed a bad qt from many angles. Currently it's a former growth company going in reverse. Kim better get her ducks in a row. IMO
Rough qt
Press Release: Green Thumb Industries Reports Second Quarter 2023 Results
4:02 pm ET August 8, 2023 (Dow Jones) Print
Green Thumb Industries Reports Second Quarter 2023 Results
CHICAGO and VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. ("Green Thumb" or "the Company") (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the second quarter ended June 30, 2023. Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.
Highlights for the second quarter and six months ended June 30, 2023:
-- Second quarter revenue of $252 million increased 2% sequentially; first
half 2023 revenue increased 1% to $501 million year-over-year.
-- GAAP net income of $13 million or $0.05 per basic and diluted share.
-- Adjusted EBITDA was $76 million or 30% of revenue.
-- Six months cash flow from operations of $93 million, net of $52 million
of tax payments.
-- Cash at quarter end totaled $149 million.
-- Six RISE retail stores were opened: two in Pennsylvania; two in Virginia
and one each in Minnesota and Nevada.
Additionally, immediately after quarter end, on July 1, adult-use cannabis sales commenced at the Company's four RISE retail stores in Maryland.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
"In the second quarter, we delivered solid results of $252 million in revenue, up slightly from the first quarter, and GAAP net income of $13 million or $0.05 per basic and diluted share. Adjusted EBITDA was $76 million or 30% of revenue. Importantly, cash flow from operations was $18 million after paying $52 million of taxes this quarter. For the first six months of 2023, the Company had Adjusted EBITDA of $152 million and cash flow from operations of $93 million. Finally, we ended the second quarter with a strong balance sheet and $149 million in cash. As we move into the second half of the year, we are pleased with our overall position and our team's ability to execute on our long-term strategy," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.
Green Thumb President Anthony Georgiadis added, "While the cannabis industry continues to face challenges, at Green Thumb, we have been able to navigate a path to profitability and strong operating cash flow. Generating cash and carefully managing it has been core to our DNA since our founding. In addition, over the last 12 months we have made approximately $240 million in capital investments to position the Company for continued strong performance across our diversified portfolio of states."
Second Quarter 2023 Financial Overview
Total revenue for the second quarter 2023 was $252.4 million, down 1.0% from the prior year period. The decline in revenue was primarily driven by price compression. This was partially offset by continued growth in existing markets such as New Jersey, Virginia and Connecticut, as well as revenue generated from new stores opened in the current period.
Overall retail revenue decreased 2.4% versus the second quarter of 2022. Second quarter 2023 comparable sales (stores open at least 12 months) decreased 3.3% versus the prior year on a base of 76 stores. Consumer Packaged Goods gross revenue increased 12.8% versus the second quarter of 2022.
Gross profit for the second quarter 2023 was $125.3 million or 49.6% of revenue compared to $125.8 million or 49.5% of revenue year-over-year. The Company was able to offset price compression headwinds through operational efficiencies as well as an increase in Consumer Packaged Goods sales through Green Thumb-owned retail stores.
Total selling, general and administrative expenses for the second quarter were $84.2 million or 33.4% of revenue, compared to $63.5 million or 25.0% of revenue for the second quarter 2022. The increase in total expenses was primarily due to a one-time acquisition-related non-cash fair value credit in the prior year period. In addition, Green Thumb incurred increased expenses associated with opening new stores, as well as the preparation for the recent launch of adult-use cannabis sales in Maryland.
Net income attributable to the Company for the second quarter 2023 was $13.4 million or $0.05 per basic and diluted share, compared to a net income of $24.4 million, or income of $0.11 per basic and $0.10 per diluted share in the prior year period.
In the second quarter 2023, EBITDA was $65.3 million or 25.9% of revenue versus $86.5 million or 34.0% of revenue for the comparable period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $7.4 million and other non-operating adjustments of $3.1 million, was $75.8 million or 30.0% of revenue as compared to $78.7 million or 31.0% of revenue for the second quarter 2022.
For additional information on these non-GAAP financial measures, see below under "Non-GAAP Financial Information."
Balance Sheet and Liquidity
As of June 30, 2023, current assets were $341.3 million, including cash and cash equivalents of $149.0 million. Total debt outstanding was $289.9 million.
Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2023, were 238.0 million shares and 238.4 million shares, respectively.
Business Developments
During the second quarter, the Company opened six retail stores:
-- RISE Dispensary New Hope, Minnesota; profits from the first day of sales
were donated to Balanced Veterans Network.
-- RISE Dispensary Grove City, Pennsylvania; profits from the first day of
sales were donated to Grove City Community Food Pantry.
-- RISE Dispensary Bristol, Virginia; profits from the first day of sales
were donated to Virginia NORML.
-- RISE Dispensary Las Vegas on Nellis; profits from the grand opening were
donated to Opportunity Village.
-- RISE Dispensary Philadelphia, Pennsylvania; profits from the grand
opening were donated to Philadelphia Lawyers for Social Equity (PLSE).
-- RISE Dispensary Danville, Virginia; profits from the grand opening were
donated to Virginia NORML.
Subsequent to quarter end, on August 2, 2023, Green Thumb opened its 84(th) retail store nationwide in Las Vegas on Craig Road. Profits from the grand opening were donated to Opportunity Village. On July 1, 2023, Green Thumb commenced adult-use sales at its four Maryland retail stores in Hagerstown, Joppa, Silver Spring and Bethesda. Each store donated a portion of profits from the first day of adult-use sales to a local nonprofit organization, including Mission of Love Charities, Explore MD Cannabis and I Support The Girls.
Green Thumb in the Community
In partnership with 40 Tons, an African American and woman-owned social impact organization committed to restorative justice and equitable access to career opportunities, Good Green, a cannabis flower brand owned by Green Thumb, presented the sixth 40 Tons Level Up Career Conference & Business Expo in Chicago. The conference was an innovative employment resource that promotes social justice and brings together employers who encourage equitable hiring practices with diverse job seekers.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Verano Holdings Corp. (VRNOF) Reports Q2 Loss, Tops Revenue Estimates
8:05 am ET August 8, 2023 (Zacks) Print
Verano Holdings Corp. (VRNOF) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.03, delivering a surprise of 57.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Verano Holdings Corp., which belongs to the Zacks Medical - Products industry, posted revenues of $234.12 million for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 1.48%. This compares to year-ago revenues of $223.66 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Verano Holdings Corp. Shares have lost about 7.1% since the beginning of the year versus the S&P 500's gain of 17.7%.
What's Next for Verano Holdings Corp.
While Verano Holdings Corp. Has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Verano Holdings Corp. Mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings release end of day.
My god, the charts are factual, they are screaming out the story of this company. As you say FACTS ARE FACTS. They are telling you the story of this failure.
You’re pivoting over to woke minded people now being the cause of this massive failure. Spare me your BS.
Numbers on this one are a disaster. Please review them once again.
WOLFY’s PAINT BY NUMBERS are just make believe and you know that.
If you go to moderators here you will notice my name first, I won’t be going anywhere for a year.
Do what you do best, create artificial hope thru mergers that will never happen. You seem to enjoy that.
Perhaps it would be better to compare to other companies. World com or Enron come to mind. LOL!
Hat's off to the shorts on this one. IT WAS with out question the best way to make money here. Some here may believe there is still something to view. But the only thing left is just picking thru the bones.
3hr's no trades. One claims to be back, all others have left however. LOL!
yep, another box checked off, inch by inch I guess.
No trades over the last 2 hr's, halted? Been nothing since that 73k sell.
Well, your right, nobody is getting it done right now. And yes, a continued trend up is what all companies look to. Currently I’m not seeing that right now with this company, what I see is a slow disintegration, with the product, that for some time, and lately reducing work staff and switching to a smaller location. I think it’s telling.
What’s it mean, as you say we’ll see.
Interesting - Per Thomas "Seems pretty obvious from DD that CVSI will be profitable and debt free Q2" -
Were certainly going to find out, obvious you say, really, well we'll break that 10Q in detail and see what's what.
You know, it's been 4years since the last time this company had earnings. They posted 0.01 cent in earnings in Aug 2019. Since then, nothing but losses. Now that was back when they were at 6 dollars a share. Let's see, $6 then, 0.04 now. Nothing but losses since that posted penny. Wonder if there is a connection some how?
In fact that $4 trade appears to be the only trade in the last 2 hours. Thats a shame.
There we go, $4 trade to bring it up from 0.0408 at the way to 0.042. Can we say thinly traded. LOL!
wolf'y "Gimminy Cricket Said ; CVSI Numbers look a whole lot better than CWBHF. Thank YQU WISE WQLF." Nope once again you are full of it.
Nope, didn’t forget a thing. Was talking about CVSI on this the CVSI board, and pointing out just some of it’s failures. There are many more that can be mentioned. 2nd qt numbers will be a good time to compare.
If you want to talk about another company, go to that company board.
Always interesting when the inventory exceeds the market cap of the company. Ever wonder why?
Anyway a few current facts.
Profit Margin – 7.61 percent.
Return on Equity – 26 percent.
Quarterly Revenue Growth -6.7 percent.
Pretax Income – 8 million.
Net Income Common Stockholders -9 million.
Earnings, please just look away.
Analysts projections, No analysts cover this one any longer.
2nd qt cc, press release and 10q coming up in less than 2 weeks . Will be a good time to compare.
oh there goes the 200 day.
Director of Sales out huh, I’m surprised they had a sales director with as little as they sell, but now I’m wondering what effect it will have . . . . maybe we could bring back that Peter Tork lookalike to manage it, hey hey were the Monkees.
And yet another -- Toronto, Ontario--(Newsfile Corp. - le 1 août/August 2023) -The common shares of Columbia Care Inc. will be delisted from the CSE at market close on August 2, 2023.
Oh,oh, vwap today was 0.0422. 200 day which it bounced off of is at 0.041. A lot of selling at bid today. A quick look at the chart shows, rsi bounced off the 50 on the down side, try, try again, or fall, drop of the macd is picking up speed, adx is setting up for a cross, pmo crossed and is expanding, and cci which was above a 250 plus is now at a neg 88. 2qt earning release coming up, 10k which is always good for some fun, allow me to say this once again DEAD IN THE WATER.
It’s all fun till you lose all your money. . . . . . . . . but it’s ok, I’m good.
Gee, falling like fly's I tell you. As a comparison to CV, Fire & Flower Holdings Corp. (FFLWF was another 9 dollar company just over 2 years ago, managed to run the company price down to 0.12 before they pulled the plug. In BK now. CV was a 9 dollar company as well, now down to 0.04 , just a comparison , in any event many more will have to be thinned out, and many already have been.
Good volume today. Almost all sells however. Drop 7.64 percent. Yep, seems like a monday.
Undoubtedly. I think a bigger question, for me anyway, is with the mega rich, be it organizational or individual, controlling the lobbyists which fund the pollical choices we pick from, are we really getting the best this country has to offer for those positions? They absolutely control the media, the have the money and thru it the direction of thought. Anyway TCNNF will come out with the 2nd qt numbers week after this and once again I’m really looking forward to that 10Q.
What! "Joseph Dowling and Management have done a Gr8 Job of turning this company around." ROTFLOL.