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2021-08-11

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Ascend Wellness Holdings Beats on Q2 2021 Revenue, Increases Full-Year Net Revenue Guidance To $330-$350M

Vertically integrated cannabis company Ascend Wellness Holdings, Inc. (CSE: AAWH) (OTCQX: AAWH) revealed a 236.2% year-over-year and 28.5% sequential pop in gross revenue on Tuesday, which totaled $97.5 million in the second quarter of fiscal 2021, beating estimates by $4.5 million</

Ascend Wellness Holdings Beats on Q2 2021 Revenue, Increases Full-Year Net Revenue Guidance To $330-$350M

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(CSE: AAWH) (OTCQX: AAWH) revealed a 236.2% year-over-year and 28.5% sequential pop in gross revenue on Tuesday, which totaled $97.5 million in the second quarter of fiscal 2021, beating estimates by $4.5 million&lt;/","content":"<p>Vertically integrated cannabis company<b> Ascend Wellness Holdings, Inc.</b> (CSE:AAWH) (OTCQX:AAWH) revealed a <b>236.2% year-over-year and 28.5% sequential pop in gross revenue</b> on Tuesday, which totaled <b>$97.5 million in the second quarter of fiscal 2021, beating estimates by $4.5 million</b>.</p>\n<p>According to its latest earnings report,<b> net revenue improved 26.1% sequentially to $83.4 million</b>. For the <b>six months ended June 30, net revenue was $149.5 million</b>, a 4% increase from the same quarter of 2020. <b>GAAP earnings per share were negative $0.30</b>.</p>\n<p>\"Our business continues to produce impressive quarter-over-quarter revenue and adjusted EBITDA growth as we scale our wholesale and retail operations across the high-quality markets where we operate,\"<b> Abner Kurtin, founder and CEO</b> of the New York-based company, said.</p>\n<p><b>Here's a breakdown of what the second-quarter earnings report showed:</b></p>\n<ul>\n <li><b>Gross profit amounted to $34.5 million</b>, accounting for 41.4% of revenue, versus $29.7 million, or 44.9% of revenue in the prior period.</li>\n <li><b>Adjusted gross profit</b>, a non-GAAP financial measure, was <b>$39.6 million</b>, or 47.5% of revenue.</li>\n <li>Adjusted Gross Profit margin,&nbsp; a non-GAAP financial measure, declined 174 basis points quarter-over-quarter to 47.5%.</li>\n <li><b>Total general and administrative expenses totaled $30.6 million</b>, or 36.7% of revenue, compared to $25.1 million in the first quarter of 2021. <b>The total for other expenses was $36.8 million</b>.</li>\n <li><b>Net loss amounted to $44.9 million</b>, or a loss of $0.30 per basic and diluted common share.</li>\n <li><b>Adjusted EBITDA</b>, a non-GAAP financial measure, <b>came in positive at $20.3 million</b>, representing a 28.3% increase quarter-over-quarter.</li>\n <li>As of June 30, AWH had <b>$104.2 million in cash and cash equivalents</b> and <b>total debt of $131.6 million</b>.</li>\n</ul>\n<h3>Operational Milestones And 2021 Revenue Guidance</h3>\n<p>Over the quarter, the company kicked off cannabis sales in <b>three new stores</b>&nbsp;in Boston, Massachusetts, Rochelle Park, New Jersey&nbsp;and Chicago Ridge, Illinois, bringing its <b>retail footprint to 18 shops nationwide</b>.</p>\n<p>In addition, the company's management increased the<b> 2021 full-year annual revenue guidance from a range of $320 million to $340 million to a range of $330 million to $350 million</b>.</p>\n<p>\"We remain focused on executing, disciplined in our approach to allocating capital, and excited about the trajectory of the company,\" Kurtin added.</p>\n<p>In July, AWH announced its <b>debut on the OTCQX Best Market</b>.</p>\n<h3>Price Action</h3>\n<p>AWH's shares were <b>trading 0.07% lower at $11.0 per share </b>at market close Tuesday.</p>\n<p><i>Photo: Courtesy of Jeff W on Unsplash</i></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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For the <b>six months ended June 30, net revenue was $149.5 million</b>, a 4% increase from the same quarter of 2020. <b>GAAP earnings per share were negative $0.30</b>.</p>\n<p>\"Our business continues to produce impressive quarter-over-quarter revenue and adjusted EBITDA growth as we scale our wholesale and retail operations across the high-quality markets where we operate,\"<b> Abner Kurtin, founder and CEO</b> of the New York-based company, said.</p>\n<p><b>Here's a breakdown of what the second-quarter earnings report showed:</b></p>\n<ul>\n <li><b>Gross profit amounted to $34.5 million</b>, accounting for 41.4% of revenue, versus $29.7 million, or 44.9% of revenue in the prior period.</li>\n <li><b>Adjusted gross profit</b>, a non-GAAP financial measure, was <b>$39.6 million</b>, or 47.5% of revenue.</li>\n <li>Adjusted Gross Profit margin,&nbsp; a non-GAAP financial measure, declined 174 basis points quarter-over-quarter to 47.5%.</li>\n <li><b>Total general and administrative expenses totaled $30.6 million</b>, or 36.7% of revenue, compared to $25.1 million in the first quarter of 2021. <b>The total for other expenses was $36.8 million</b>.</li>\n <li><b>Net loss amounted to $44.9 million</b>, or a loss of $0.30 per basic and diluted common share.</li>\n <li><b>Adjusted EBITDA</b>, a non-GAAP financial measure, <b>came in positive at $20.3 million</b>, representing a 28.3% increase quarter-over-quarter.</li>\n <li>As of June 30, AWH had <b>$104.2 million in cash and cash equivalents</b> and <b>total debt of $131.6 million</b>.</li>\n</ul>\n<h3>Operational Milestones And 2021 Revenue Guidance</h3>\n<p>Over the quarter, the company kicked off cannabis sales in <b>three new stores</b>&nbsp;in Boston, Massachusetts, Rochelle Park, New Jersey&nbsp;and Chicago Ridge, Illinois, bringing its <b>retail footprint to 18 shops nationwide</b>.</p>\n<p>In addition, the company's management increased the<b> 2021 full-year annual revenue guidance from a range of $320 million to $340 million to a range of $330 million to $350 million</b>.</p>\n<p>\"We remain focused on executing, disciplined in our approach to allocating capital, and excited about the trajectory of the company,\" Kurtin added.</p>\n<p>In July, AWH announced its <b>debut on the OTCQX Best Market</b>.</p>\n<h3>Price Action</h3>\n<p>AWH's shares were <b>trading 0.07% lower at $11.0 per share </b>at market close Tuesday.</p>\n<p><i>Photo: Courtesy of Jeff W on Unsplash</i></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAWH":"Ascend Wellness Holdings, Inc.","QTWO":"Q2 Holdings Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158282119","content_text":"Vertically integrated cannabis company Ascend Wellness Holdings, Inc. (CSE:AAWH) (OTCQX:AAWH) revealed a 236.2% year-over-year and 28.5% sequential pop in gross revenue on Tuesday, which totaled $97.5 million in the second quarter of fiscal 2021, beating estimates by $4.5 million.\nAccording to its latest earnings report, net revenue improved 26.1% sequentially to $83.4 million. For the six months ended June 30, net revenue was $149.5 million, a 4% increase from the same quarter of 2020. GAAP earnings per share were negative $0.30.\n\"Our business continues to produce impressive quarter-over-quarter revenue and adjusted EBITDA growth as we scale our wholesale and retail operations across the high-quality markets where we operate,\" Abner Kurtin, founder and CEO of the New York-based company, said.\nHere's a breakdown of what the second-quarter earnings report showed:\n\nGross profit amounted to $34.5 million, accounting for 41.4% of revenue, versus $29.7 million, or 44.9% of revenue in the prior period.\nAdjusted gross profit, a non-GAAP financial measure, was $39.6 million, or 47.5% of revenue.\nAdjusted Gross Profit margin,  a non-GAAP financial measure, declined 174 basis points quarter-over-quarter to 47.5%.\nTotal general and administrative expenses totaled $30.6 million, or 36.7% of revenue, compared to $25.1 million in the first quarter of 2021. The total for other expenses was $36.8 million.\nNet loss amounted to $44.9 million, or a loss of $0.30 per basic and diluted common share.\nAdjusted EBITDA, a non-GAAP financial measure, came in positive at $20.3 million, representing a 28.3% increase quarter-over-quarter.\nAs of June 30, AWH had $104.2 million in cash and cash equivalents and total debt of $131.6 million.\n\nOperational Milestones And 2021 Revenue Guidance\nOver the quarter, the company kicked off cannabis sales in three new stores in Boston, Massachusetts, Rochelle Park, New Jersey and Chicago Ridge, Illinois, bringing its retail footprint to 18 shops nationwide.\nIn addition, the company's management increased the 2021 full-year annual revenue guidance from a range of $320 million to $340 million to a range of $330 million to $350 million.\n\"We remain focused on executing, disciplined in our approach to allocating capital, and excited about the trajectory of the company,\" Kurtin added.\nIn July, AWH announced its debut on the OTCQX Best Market.\nPrice Action\nAWH's shares were trading 0.07% lower at $11.0 per share at market close Tuesday.\nPhoto: Courtesy of Jeff W on Unsplash","news_type":1},"isVote":1,"tweetType":1,"viewCount":699,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}