Curaleaf Reports Third Quarter 2018 Financial and Operational Results

Tuesday, November 27, 2018 General News
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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)



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