Glass House Brands Inc ( (GLASF) ) has released its Q4 earnings. Here is a breakdown of the information Glass House Brands Inc presented to its investors.
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Glass House Brands Inc. is a rapidly growing, vertically integrated cannabis company focused on the California market, known for its greenhouse cultivation operations and a diverse portfolio of brands. In its latest earnings report, Glass House Brands announced a record-setting fourth quarter for 2024, with significant year-over-year increases in revenue and adjusted EBITDA. The company reported a full-year net revenue of $200.9 million, marking a 25% increase from the previous year, and a fourth-quarter revenue of $53.0 million, up 31% from the same period in 2023. Adjusted EBITDA for the fourth quarter was $9.0 million, reflecting a 139% increase year-over-year, while biomass production saw a 60% rise to 165,074 pounds.
Key financial highlights from the report include a decrease in the cost per equivalent dry pound of production to $110, down from $121 in the previous year, and a cash balance increase to $36.9 million by the end of 2024. The company also highlighted strategic initiatives such as the commercial operation of Greenhouse 5 and the commencement of Phase III expansion, which are expected to further boost production capacity. Retail and CPG segments showed strong performance, with retail dispensary revenue growing by 23% year-over-year, despite challenges in the competitive California market.
Looking forward, Glass House Brands anticipates continued growth in 2025, projecting full-year revenue between $220 million and $230 million. The company plans to focus on operational efficiencies and strategic product initiatives to drive growth across its business segments. With the expansion of Greenhouse 2 and a new $50 million senior secured credit facility, Glass House Brands is well-positioned to navigate pricing pressures and capitalize on market opportunities in the cannabis industry.