Curaleaf, Inc. Condensed Interim Consolidated Statements of Profit and Loss Unaudited (In thousands, except for share and per share amounts) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Revenues: | ||||||||||||
Retail and wholesale revenue | $ | 16,625 | $ | 2,868 | $ | 33,801 | $ | 6,002 | ||||
Management fee income | 4,745 | 2,678 | 11,295 | 7,029 | ||||||||
Total revenues | 21,370 | 5,546 | 45,096 | 13,031 | ||||||||
Cost of goods sold | 12,420 | 3,517 | 28,447 | 8,089 | ||||||||
Increase in fair value of biological assets | 5,085 | 2,679 | 11,041 | 4,226 | ||||||||
Gross profit | 14,035 | 4,708 | 27,690 | 9,168 | ||||||||
Operating expenses: | ||||||||||||
Salaries and benefits | 7,713 | 2,025 | 16,971 | 4,698 | ||||||||
Sales and marketing | 1,047 | 781 | 2,319 | 1,474 | ||||||||
Rent and occupancy | 2,246 | 38 | 4,289 | 401 | ||||||||
Travel | 973 | 225 | 2,269 | 715 | ||||||||
Professional fees | 4,966 | 923 | 8,774 | 2,765 | ||||||||
General and administrative | 2,664 | 302 | 4,840 | 735 | ||||||||
Depreciation and amortization | 1,271 | 841 | 3,796 | 2,213 | ||||||||
Share-based compensation | (28) | 658 | 1,133 | 1,889 | ||||||||
Total operating expenses | 20,852 | 5,793 | 44,391 | 14,890 | ||||||||
Loss from operations | (6,817) | (1,085) | (16,701) | (5,722) | ||||||||
Other income (expense) | 20 | — | 20 | — | ||||||||
Interest income | 1,163 | 2,421 | 3,123 | 3,905 | ||||||||
Interest expense | (2,124) | (1,311) | (2,953) | (1,805) | ||||||||
Loss on change in FV on convertible note | (25,100) | — | (25,100) | — | ||||||||
Total other income (expense), net | (26,041) | 1,110 | (24,910) | 2,100 | ||||||||
Income (loss) before provision for income taxes | (32,858) | 25 | (41,611) | (3,622) | ||||||||
Income tax recovery (expense) | ||||||||||||
Current | (2,515) | 133 | (3,347) | (1,613) | ||||||||
Deferred, net | (189) | — | (369) | — | ||||||||
Net Income (loss) and comprehensive income (loss) | (35,562) | 158 | (45,327) | (5,235) | ||||||||
Less: Net income (loss) attributable to redeemable non-controlling interest | (1,889) | (301) | (4,493) | (1,731) | ||||||||
Net income (loss) attributable to Curaleaf, Inc. | $ | (33,673) | $ | 459 | $ | (40,834) | $ | (3,504) | ||||
Basic net income (loss) per share attributable to Curaleaf, Inc. | $ | (2.86) | $ | 0.05 | $ | (3.49) | $ | (0.36) | ||||
Diluted net income (loss) per share attributable to Curaleaf, Inc. | $ | (2.86) | $ | 0.04 | $ | (3.49) | $ | (0.36) | ||||
Weighted average common shares outstanding—basic | 11,793,172 | 9,724,007 | 11,714,165 | 9,701,885 | ||||||||
Weighted average common shares outstanding—diluted | 11,793,172 | 10,236,609 | 11,714,165 | 9,701,885 | ||||||||
Reconciliation to adjusted EBITDA | ||||||||||||
Loss from operations | (6,817) | (1,085) | (16,701) | (5,722) | ||||||||
Less depreciation and amortization | 1,271 | 841 | 3,796 | 2,213 | ||||||||
Adjusted EBITDA | (5,546) | (244) | (12,905) | (3,509) | ||||||||
