Curaleaf (CURA) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $331 million, down 1% year-over-year, with adjusted gross margin up 310–312 basis points to 49%.

• Adjusted EBITDA was $75 million (23% margin), consistent with last year.

• International segment revenue grew 82% year-over-year, led by Germany and the UK, and is on track to exceed $100 million annualized revenue.

• Net loss from continuing operations was $44 million, or $0.07 per share.

• Cash at quarter end totaled $90 million; secured a $40 million revolving credit facility at 7.99% interest.

Financial highlights

• Q3 revenue: $331 million (down 1% year-over-year); gross profit: $160.5 million; gross margin: 49%.

• Adjusted gross profit: $161 million; adjusted gross margin: 49%.

• Adjusted EBITDA: $75 million, flat year-over-year; margin: 23%.

• Net loss from continuing operations: $44 million; net loss per share: $0.07.

• Operating cash flow YTD: $119 million; free cash flow YTD: $53 million.

Outlook and guidance

• Q4 revenue expected to be flat to up 1% sequentially; Adjusted EBITDA margin to remain consistent with Q3.

• Full-year operating cash flow anticipated to exceed $135 million.

• Strategic focus on sustainable, profitable organic growth, international expansion, and diversification.