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Curaleaf reports Q1 adjusted cont ops EPS (7c) vs. (6c) last year

Reports Q1 revenue $310M vs. $338.9M last year. Boris Jordan, Chairman and CEO of Curaleaf (CURLF), stated, “First quarter revenue was $310 million, with an adjusted gross profit of $155 million, resulting in a 50% adjusted gross margin, an increase of 250 basis points compared to the prior year period. We ended Q1 with $122 million in cash, with operating and free cash flow from continuing operations of $42 million and $26 million, respectively. Additionally, we paid down $20 million in acquisition-related debt. International revenue grew by 74% year-over-year – marking the fourth consecutive quarter of 70% plus growth – and we are encouraged by prospects for new market openings that could materialize over the next year. I’m happy to report that we’ve completed much of the heavy lifting needed to reposition the business for long-term success, including streamlining operations, improving key manufacturing metrics, and sharpening our focus on flower quality. This was evident through several recent successful national product launches, including our hemp THC energy drink, Select FormulaX, our new innovation in the vape category, Select ACE, and the launch of our new pre-roll brand, Anthem. I remain positive that we’re positioning the business to remain resilient and agile in a dynamic environment.”

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