Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) today reported financial results for the fourth quarter and full year ended December 31, 2020.
FOURTH QUARTER AND FULL YEAR FINANCIAL HIGHLIGHTS (UNAUDITED)
- Reported fourth quarter revenue of $31.5 million and full year 2020 revenue of $114.5 million, increased 50% and 55%, respectively, compared to the same periods in 2019.
- Managed entity fourth quarter revenue* of $15.7 million and full year 2020 revenue of $62.8 million, increased 41% and 73%, respectively, compared to the same periods in 2019.
- Company-owned same store sales growth* was 27%, marking the eighth consecutive quarter of double-digit same store sales improvements.
- Same store sales growth for managed entities* rose by 71% during the fourth quarter.
- Gross margin for the fourth quarter was 46.1%, a 900 basis point increase compared to the same period in 2019, and a 360 basis point increase compared to the third quarter of 2020.
- Net loss attributable to Acreage in the fourth quarter was $36.9 million, while adjusted net loss* attributable to Acreage was $9.2 million.
- Adjusted EBITDA* in the fourth quarter was a loss of $3.5 million compared to a loss of $18.3 million in the same period in 2019.
- EBITDA* for managed entities during the fourth quarter was $6.0 million compared to a loss of $2.5 million in the same period in 2019.
“I am pleased Acreage continued to improve its financial and operational fundamentals during the fourth quarter and throughout the entire year of 2020,” said Peter Caldini, Chief Executive Officer of Acreage. “It is clear our refocused efforts on delivering profitability and generating long-term shareholder value are beginning to pay off. I am excited to continue this journey with an energized team that I am confident will reestablish Acreage as a leading, and profitable, MSO in the U.S. cannabis industry.”
EARNINGS CALL DETAILS
Acreage will host a conference call with management on Wednesday, March 10th at 8:30 A.M. Eastern Daylight Time. The call will be webcast and can be accessed at investors.acreageholdings.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software.
