Fourth quarter 2024 total revenue of
$331 million
Fourth quarter 2024 International revenue of
$31 million
Fourth quarter adjusted gross
margin(1) of 48%
Full year operating cash flow from
continuing operations of $163 million and free cash flow from
continuing operations of $70
million
STAMFORD, Conn., March 3,
2025 /CNW/ -- Curaleaf Holdings, Inc. (TSX: CURA)
(OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading
international provider of consumer products in cannabis, today
reported its financial and operating results for the fourth quarter
ended December 31, 2024. All financial information is reported
in accordance with U.S. generally accepted accounting principles
(GAAP) and is provided in U.S. dollars unless otherwise
indicated.
Boris Jordan, Chairman and CEO of
Curaleaf, stated, "Fourth quarter revenue was $331 million, up slightly sequentially. Adjusted
gross margin was 48% and adjusted EBITDA was $76 million or 23%. We ended the fourth quarter
with $107 million in cash on the
balance sheet, and for the year, generated operating and free cash
flow from continuing operations of $163
million and $70 million,
respectively. Over the past two quarters, my primary objective has
been to amplify our strengths, address key challenges, and
stabilize the business. Having successfully achieved this, we are
now forging ahead with our "Return to our ROOTS" initiative—an
ambitious strategy centered on driving organic growth, optimizing
margins and cash flow, and reducing debt. With this sharp focus, I
am confident that Curaleaf will not only maintain but expand its
leadership position. We will build on the strong organic growth
seen in our International business, Ohio, and New
York, while harnessing our innovation pipeline to elevate
our product offerings. As we step into 2025, there are tremendous
opportunities ahead for Curaleaf."
Fourth Quarter 2024 Financial Highlights
- Net Revenue of $331.1 million, a
year-over-year decrease of 4% compared to Q4 2023 revenue of
$345.3 million. Sequentially, net
revenue was flat compared to Q3 2024.
- Gross profit of $157.4 million
and gross margin of 48%, an increase of 230 basis points
year-over-year.
- Adjusted gross profit(1) of $158.7 million and adjusted gross
margin(1) of 48%, an increase of 150 basis points
year-over-year.
- Net loss attributable to Curaleaf Holdings, Inc. from
continuing operations of $71.8
million or net loss per share from continuing operations of
$0.10.
- Adjusted net income(1) from continuing operations of
$12.4 million or adjusted net income
per share from continuing operations of $0.02.
- Adjusted EBITDA(1) of $75.8
million and adjusted EBITDA margin(1) of
23%, a 117 basis point decrease year-over-year.
- Cash at quarter end totaled $107.2
million.
Full Year 2024 Financial Highlights
- Net revenue of 1.34 billion, flat year-over-year
- International revenue of $105.6
million, an increase of 73% compared to 2023 revenue of
$61.0 million
- Gross profit of $639.2 million
and gross margin of 48%
- Adjusted gross profit(1) of $644.5 million and adjusted gross
margin(1) of 48%
- Operating cash flow from continuing operations of $163.3 million and free cash flow from continuing
operations of $70.1 million
- Net loss from continuing operations of $216.2 million or net loss per share from
continuing operations of $0.29
- Adjusted net loss(1) from continuing operations of
$116.8 million or adjusted net loss
per share from continuing operations of $0.16
- Adjusted EBITDA(1) of $300.8
million and adjusted EBITDA margin of 22%
Fourth Quarter 2024 Operational Highlights
- In Florida, opened two new
dispensaries in Port St. Lucie and
Miami, bringing the state total to
66 retail stores and the U.S. total to 151 U.S. retail stores
- Successfully introduced Curaleaf and Find flower into the
German market
- Rebranded our three Nevada
stores to Curaleaf stores
- Secured a $40 million revolving
credit facility directly with a major commercial regional bank at a
7.99% interest rate that matures December
15, 2026, a milestone for a cannabis company
Post Fourth Quarter 2024 Operational Highlights
- The Hemp Company by Curaleaf began distributing its line of
hemp derived THC seltzers in Total Wine across nine states and in
over 100 stores
- Introduced a 2.5mg formulation of our Select Zero Proof
seltzers
- Launched Reef flower brand in Florida
|
1
|
Adjusted EBITDA,
adjusted net income (loss), adjusted gross profit and free cash
flow are non-GAAP financial measures, and adjusted EBITDA margin,
adjusted net income (loss) per share and adjusted gross margin are
non-GAAP financial ratios, in each case without a standardized
definition under GAAP and which may not be comparable to similar
measures used by other issuers. See "Non-GAAP Financial Performance
Measures" below for definitions and more information regarding
Curaleaf's use of non-GAAP financial measures and non-GAAP
financial ratios. See "Reconciliation of Non-GAAP financial
measures" below for a reconciliation of each non-GAAP financial
measure used in this press release from the most directly
comparable GAAP financial measure.
|
|
Revenues, net by
Segment
($
thousands)
|
|
Three Months
Ended
|
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Domestic
revenues:
|
|
|
|
|
|
|
Retail
revenue
|
$
235,698
|
|
$
243,253
|
|
$
270,473
|
|
Wholesale
revenue
|
64,322
|
|
57,199
|
|
56,094
|
|
Management fee
income
|
361
|
|
504
|
|
709
|
|
Total domestic
revenues
|
$
300,381
|
|
$
300,956
|
|
$
327,276
|
|
|
Three Months
Ended
|
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
International
revenues:
|
|
|
|
|
|
|
Retail
revenue
|
$
11,703
|
|
$
9,997
|
|
$
6,641
|
|
Wholesale
revenue
|
17,635
|
|
18,484
|
|
10,469
|
|
Management fee
income
|
1,335
|
|
1,093
|
|
883
|
|
Total international
revenues
|
$
30,673
|
|
$
29,574
|
|
$
17,993
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
Domestic
revenues:
|
|
|
|
|
Retail
revenue
|
$
994,718
|
|
$
1,076,101
|
|
Wholesale
revenue
|
240,862
|
|
206,600
|
|
Management fee
income
|
1,671
|
|
2,924
|
|
Total domestic
revenues
|
$
1,237,251
|
|
$
1,285,625
|
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
International
revenues:
|
|
|
|
|
Retail
revenue
|
$
38,047
|
|
$
21,071
|
|
Wholesale
revenue
|
63,079
|
|
37,006
|
|
Management fee
income
|
4,425
|
|
2,930
|
|
Total international
revenues
|
$
105,551
|
|
$
61,007
|
Balance Sheet and Cash Flow
As of December 31, 2024, the Company had $107.2
million of cash and $568.6 million of outstanding debt net of
unamortized debt discounts.
During the year ended December 31, 2024, Curaleaf invested
$93.2 million in capital
expenditures, focused on facility upgrades, automation, and
selective retail expansion in strategic markets.
Shares Outstanding
For the fourth quarter of 2024 and 2023, the Company's weighted
average Subordinate Voting Shares plus Multiple Voting Shares
outstanding amounted to 748,936,695 and 733,514,919 shares,
respectively.
For the years ended December 31, 2024 and 2023, the
Company's weighted average Subordinate Voting Shares plus Multiple
Voting Shares outstanding amounted to 740,825,099 and 724,124,894
shares, respectively.
Conference Call Information
The Company will host a conference call and audio webcast for
investors and analysts on Monday, March 3, 2025 at
5:00 P.M. ET to discuss Q4 2024
earnings results. The call can be accessed by dialing
1-844-512-2926 in the U.S., Canada
1-416-639-5883, or internationally from 1-412-317-6300. The
conference pin # is 4167856.
A replay of the conference call can be accessed at
1-877-344-7529 in the U.S., Canada
1-855-669-9658, or internationally from 1-412-317-0088, using the
replay pin # 5547953.
A webcast of the call can be accessed on the investor relations
section of the Curaleaf website at ir.curaleaf.com. The
teleconference will be available for replay starting at
approximately 7:00 P.M. ET on Monday,
March 3, 2025 and will end at 11:59
P.M. ET on March 10, 2025.
Non-GAAP Financial and Performance Measures
Curaleaf reports its financial results in accordance with GAAP
and uses a number of financial measures and ratios when assessing
its results and measuring overall performance. Some of these
financial measures and ratios are not calculated in accordance with
GAAP. Curaleaf refers to certain non-GAAP financial measures and
ratios, such as "adjusted gross profit", "adjusted gross margin",
"adjusted net income (loss)", "adjusted EBITDA", "adjusted EBITDA
margin" and "Free cash flow from operations". These measures do not
have any standardized meaning prescribed by GAAP and may not be
comparable to similar measures presented by other issuers. Curaleaf
defines "adjusted gross profit" as gross profit net of cost of
goods sold and related other add-backs. "Adjusted gross margin" is
defined by Curaleaf as adjusted gross profit divided by total
revenues. "Adjusted net income (loss)" is defined by Curaleaf as
net income (loss) from continuing operations net of (gain) loss on
impairments and other add-backs. "Adjusted EBITDA" is defined by
Curaleaf as earnings before interest, taxes, depreciation and
amortization less share-based compensation expense and other
add-backs related to business development, acquisition, financing
and reorganization costs. "Adjusted EBITDA margin" is defined by
Curaleaf as adjusted EBITDA divided by total revenue. "Free cash
flow from operations" is defined by Curaleaf as net cash provided
by operating activities from continuing operations less the
purchases of property, plant and equipment (i.e. net capital
expenditures). Curaleaf considers these measures to be an important
indicator of the financial strength and performance of our
business. Curaleaf believes the adjusted results presented provide
relevant and useful information for investors, because they clarify
our actual operating performance, make it easier to compare our
results with those of other companies and allow investors to review
performance in the same way as our management. Since these measures
are not calculated in accordance with GAAP, they should not be
considered in isolation of, or as a substitute for, our reported
GAAP financial results as indicators of our performance, and they
may not be comparable to similarly named measures from other
companies. The tables below provide reconciliations of Non-GAAP
measures to the most directly comparable GAAP measures.
|
Reconciliation of
Non-GAAP financial measures
Adjusted Gross
Profit from Continuing Operations
($
thousands)
|
|
Three Months
Ended
|
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Gross profit from
continuing operations
|
$
157,363
|
|
$
160,516
|
|
$
156,192
|
|
Other
add-backs(1)
|
1,324
|
|
772
|
|
4,205
|
|
Adjusted gross profit
from continuing operations(2)
|
$
158,687
|
|
$
161,288
|
|
$
160,397
|
|
Adjusted gross profit
margin from continuing operations(2)
|
47.9 %
|
|
48.8 %
|
|
46.5 %
|
|
|
|
|
|
|
|
|
(1) Other
add-backs reflect the impact of various non-recurring and/or
non-routine transactions to cost of goods sold related to
severance, inventory adjustments and facility-related
expenses.
|
|
(2)
Represents a Non-GAAP measure or Non-GAAP ratio. See preceding
"Non-GAAP Financial and Performance Measures" section for
definitions and more information regarding Curaleaf's use of
Non-GAAP financial measures and Non-GAAP ratios. The table above
provides a reconciliation of Gross profit from continuing
operations, the most comparable GAAP measure, to Adjusted gross
profit from continuing operations, a non-GAAP measure.
|
Gross profit from continuing operations was $157.4 million in the fourth quarter of 2024,
compared with $156.2 million in the
prior year period. Adjusted gross profit from continuing operations
for the fourth quarter of 2024 was $158.7
million compared with $160.4
million in the fourth quarter of 2023. Adjusted gross profit
margin from continuing operations for the fourth quarter of 2024
was 48%, an increase of 150 basis points compared with the fourth
quarter of 2023. The year-over-year increase in adjusted gross
profit margin was due to lower production costs, an increase in
vertical mix and higher utilization, partially offset by price
compression and discounts.
|
Years
Ended
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Gross profit from
continuing operations
|
$
639,248
|
|
$
614,449
|
|
Other
add-backs(1)
|
5,269
|
|
10,639
|
|
Adjusted gross profit
from continuing operations(2)
|
$
644,517
|
|
$
625,088
|
|
Adjusted gross profit
margin from continuing operations(2)
|
48.0 %
|
|
46.4 %
|
|
|
|
|
|
(1) Other
add-backs reflect the impact of various non-recurring and/or
non-routine transactions to cost of goods sold related to
severance, inventory adjustments and facility-related
expenses.
|
|
(2)
Represents a Non-GAAP measure or Non-GAAP ratio. See preceding
"Non-GAAP Financial and Performance Measures" section for
definitions and more information regarding Curaleaf's use of
Non-GAAP financial measures and Non-GAAP ratios. The table above
provides a reconciliation of Gross profit from continuing
operations, the most comparable GAAP measure, to Adjusted gross
profit from continuing operations, a non-GAAP measure.
|
Gross profit from continuing operations was $639.2 million in the year ended December 31, 2024, compared with $614.4 million in the year ended December 31, 2023. Adjusted gross profit from
continuing operations for the year ended December 31, 2024 was $644.5 million compared with $625.1 million in the year ended December 31, 2023. Adjusted gross profit margin
from continuing operations for the year ended December 31, 2024 was 48%, an increase of 160
basis points compared with the year ended December 31, 2023.
|
Adjusted Net Loss
from Continuing Operations
($
thousands)
|
|
Three Months
Ended
|
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Net loss from
continuing operations
|
$
(71,777)
|
|
$
(44,348)
|
|
$
(57,652)
|
|
Loss on
impairments
|
55,790
|
|
642
|
|
42,287
|
|
Other
add-backs(1)
|
28,363
|
|
5,435
|
|
10,352
|
|
Adjusted net income
(loss) from continuing operations(2)
|
$
12,376
|
|
$
(38,271)
|
|
$
(5,013)
|
|
Adjusted net income
(loss) per share from continuing
operations(2)
|
$
0.02
|
|
$
(0.05)
|
|
$
(0.01)
|
|
Weighted average common
shares outstanding – basic and diluted
|
748,936,695
|
|
742,535,355
|
|
733,514,919
|
|
|
|
|
|
|
|
(1) Other
add-backs in Q4 2024 primarily include costs related to salaries
and benefits, accounting, legal and professional fees and cost of
good sold.
|
|
(2)
Represents a non-GAAP measure or Non-GAAP ratio. See preceding
"Non-GAAP Financial and Performance Measures" section for
definitions and more information regarding Curaleaf's use of
Non-GAAP financial measures and Non-GAAP ratios. The table above
provides a reconciliation of Net loss from continuing operations,
the most comparable GAAP measure, to Adjusted net loss from
continuing operations, a non-GAAP measure.
|
|
Years
Ended
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Net loss from
continuing operations
|
$
(216,221)
|
|
$
(238,955)
|
|
Loss on
impairments
|
54,245
|
|
67,076
|
|
Other
add-backs(1)
|
45,175
|
|
45,774
|
|
Adjusted net loss from
continuing operations(2)
|
$
(116,801)
|
|
$
(126,105)
|
|
Adjusted net loss per
share from continuing operations(2)
|
$
(0.16)
|
|
$
(0.17)
|
|
Weighted average common
shares outstanding – basic and diluted
|
740,825,099
|
|
724,124,894
|
|
|
|
|
|
(1) Other
add-backs in the current year ended December 31, 2024 primarily
include costs related to salaries and benefits, cost of goods sold,
accounting, legal and professional fees and lobbyist/PR
spend.
|
|
(2)
Represents a non-GAAP measure or Non-GAAP ratio. See preceding
"Non-GAAP Financial and Performance Measures" section for
definitions and more information regarding Curaleaf's use of
Non-GAAP financial measures and Non-GAAP ratios. The table above
provides a reconciliation of Net loss from continuing operations,
the most comparable GAAP measure, to Adjusted net loss from
continuing operations, a non-GAAP measure.
|
|
Adjusted
EBITDA
($
thousands)
|
|
Three Months
Ended
|
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Net loss
|
$
(78,473)
|
|
$
(42,728)
|
|
$
(65,647)
|
|
Net (loss) income from
discontinued operations
|
(6,696)
|
|
1,620
|
|
(7,995)
|
|
Net loss from
continuing operations
|
(71,777)
|
|
(44,348)
|
|
(57,652)
|
|
Interest expense,
net
|
24,170
|
|
25,097
|
|
28,422
|
|
(Benefit) provision for
income taxes
|
(5,454)
|
|
32,566
|
|
(2,974)
|
|
Depreciation and
amortization(1)
|
74,891
|
|
54,612
|
|
52,861
|
|
Share-based
compensation
|
5,327
|
|
6,017
|
|
5,833
|
|
Loss on
impairment
|
55,790
|
|
642
|
|
42,287
|
|
Total other (income)
expense, net
|
(12,010)
|
|
(4,728)
|
|
3,884
|
|
Other
add-backs(2)
|
4,863
|
|
5,435
|
|
10,352
|
|
Adjusted
EBITDA(3)
|
$
75,800
|
|
$
75,293
|
|
$
83,013
|
|
Adjusted EBITDA
Margin(3)
|
22.9 %
|
|
22.8 %
|
|
24.0 %
|
|
|
|
|
|
|
|
(1)
Depreciation and amortization expense include amounts charged to
Cost of goods sold on the Statement of Operations.
|
|
(2) Other
add-backs in Q4 2024 primarily include costs related to salaries
and benefits, accounting, legal and professional fees and cost of
good sold.
|
|
(3)
Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP
Financial and Performance Measures" below for definitions and more
information regarding Curaleaf's use of Non-GAAP financial measures
and Non-GAAP ratios. The table above provides a reconciliation of
Net loss, the most comparable GAAP measure to Adjusted EBITDA, a
non-GAAP measure.
|
Adjusted EBITDA was $75.8 million
for the fourth quarter of 2024, compared to $83.0 million for the fourth quarter of 2023, and
Adjusted EBITDA margin declined to 23%.
|
Years
Ended
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Net loss
|
$
(222,007)
|
|
$
(290,337)
|
|
Net loss from
discontinued operations
|
(5,786)
|
|
(51,382)
|
|
Net loss from
continuing operations
|
(216,221)
|
|
(238,955)
|
|
Interest expense,
net
|
99,840
|
|
100,359
|
|
Provision for income
taxes
|
98,592
|
|
114,589
|
|
Depreciation and
amortization(1)
|
233,233
|
|
195,880
|
|
Share-based
compensation
|
25,696
|
|
20,010
|
|
Loss on
impairment
|
54,245
|
|
67,076
|
|
Total other income,
net
|
(16,259)
|
|
(186)
|
|
Other
add-backs(2)
|
21,674
|
|
45,774
|
|
Adjusted
EBITDA(3)
|
$
300,800
|
|
$
304,547
|
|
Adjusted EBITDA
Margin(3)
|
22.4 %
|
|
22.6 %
|
|
|
|
|
|
(1)
Depreciation and amortization expense include amounts charged to
Cost of goods sold on the Statement of Operations.
|
|
(2) Other
add-backs in the current year ended December 31, 2024 primarily
include costs related to salaries and benefits, cost of goods sold,
accounting, legal and professional fees and lobbyist/PR
spend.
|
|
(3)
Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP
Financial and Performance Measures" below for definitions and more
information regarding Curaleaf's use of Non-GAAP financial measures
and Non-GAAP ratios. The table above provides a reconciliation of
Net loss, the most comparable GAAP measure, to Adjusted EBITDA, a
non-GAAP measure.
|
Adjusted EBITDA was $300.8 million
in the year ended December 31, 2024,
compared with $304.5 million in the
prior year period, and Adjusted EBITDA margin declined to 22%.
|
Free Cash
Flow
($
thousands)
|
|
Year
ended
|
|
December 31,
2024
|
|
Net cash provided by
operating activities from continuing operations
|
$
163,293
|
|
Less: Capital
expenditures
|
(93,153)
|
|
Free cash flow from
continuing operations(1)
|
$
70,140
|
|
|
|
(1)
Represents a Non-GAAP measure or Non-GAAP ratio. See "Non-GAAP
Financial and Performance Measures" above for definitions and more
information regarding Curaleaf's use of Non-GAAP financial measures
and Non-GAAP ratios. The table above provides a reconciliation of
Net cash provided by operating activities from continuing
operations, a GAAP measure, to Free cash flow from continuing
operations, a non-GAAP measure.
|
|
Condensed
Consolidated Balance Sheets
($
thousands)
|
|
As of
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
$
107,226
|
|
$
91,818
|
|
Other current
assets
|
322,455
|
|
326,785
|
|
Property, plant and
equipment, net
|
546,426
|
|
571,627
|
|
Right-of-use assets,
finance lease, net
|
105,168
|
|
143,203
|
|
Right-of-use assets,
operating lease, net
|
116,519
|
|
118,435
|
|
Intangible assets,
net
|
1,085,397
|
|
1,172,445
|
|
Goodwill
|
628,884
|
|
626,628
|
|
Other long-term
assets
|
37,461
|
|
45,635
|
|
Total
assets
|
$
2,949,536
|
|
$
3,096,576
|
|
|
|
|
|
Liabilities,
Temporary equity and Shareholders' equity
|
|
|
|
|
Total current
liabilities
|
$
387,925
|
|
$
494,034
|
|
Total long-term
liabilities
|
1,568,218
|
|
1,431,250
|
|
Total shareholders'
equity
|
861,214
|
|
1,050,642
|
|
Redeemable
non-controlling interest contingency
|
132,179
|
|
120,650
|
|
Total liabilities,
temporary equity and shareholders' equity
|
$
2,949,536
|
|
$
3,096,576
|
|
Consolidated
Statements of Operations
($ thousands, except
for share and per share amounts)
|
|
Three months ended
December 31,
|
|
Years ended December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues,
net:
|
|
|
|
|
|
|
|
|
Retail and wholesale
revenues
|
$ 329,358
|
|
$ 343,678
|
|
$
1,336,706
|
|
$
1,340,778
|
|
Management fee
income
|
1,696
|
|
1,591
|
|
6,096
|
|
5,854
|
|
Total revenues,
net
|
331,054
|
|
345,269
|
|
1,342,802
|
|
1,346,632
|
|
Cost of goods
sold
|
173,691
|
|
189,077
|
|
703,554
|
|
732,183
|
|
Gross profit
|
157,363
|
|
156,192
|
|
639,248
|
|
614,449
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
101,337
|
|
98,458
|
|
421,532
|
|
414,773
|
|
Share-based
compensation
|
5,327
|
|
5,833
|
|
25,696
|
|
20,010
|
|
Depreciation and
amortization
|
59,980
|
|
37,934
|
|
171,823
|
|
136,783
|
|
Total operating
expenses
|
166,644
|
|
142,225
|
|
619,051
|
|
571,566
|
|
(Loss) income from
operations
|
(9,281)
|
|
13,967
|
|
20,197
|
|
42,883
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
176
|
|
—
|
|
776
|
|
23
|
|
Interest
expense
|
(14,113)
|
|
(17,837)
|
|
(59,353)
|
|
(57,966)
|
|
Interest expense
related to lease liabilities and financial obligations
|
(10,233)
|
|
(10,585)
|
|
(41,263)
|
|
(42,416)
|
|
Loss on
impairment
|
(55,790)
|
|
(42,287)
|
|
(54,245)
|
|
(67,076)
|
|
Other income
(expense), net
|
12,010
|
|
(3,884)
|
|
16,259
|
|
186
|
|
Total other expense,
net
|
(67,950)
|
|
(74,593)
|
|
(137,826)
|
|
(167,249)
|
|
Loss before provision
for income taxes
|
(77,231)
|
|
(60,626)
|
|
(117,629)
|
|
(124,366)
|
|
Benefit (provision)
for income taxes
|
5,454
|
|
2,974
|
|
(98,592)
|
|
(114,589)
|
|
Net loss from
continuing operations
|
(71,777)
|
|
(57,652)
|
|
(216,221)
|
|
(238,955)
|
|
Net loss from
discontinued operations
|
(6,696)
|
|
(7,995)
|
|
(5,786)
|
|
(51,382)
|
|
Net loss
|
(78,473)
|
|
(65,647)
|
|
(222,007)
|
|
(290,337)
|
|
Less: Net loss
attributable to non-controlling interest
|
(910)
|
|
(2,419)
|
|
(6,584)
|
|
(9,140)
|
|
Net loss attributable
to Curaleaf Holdings, Inc.
|
$ (77,563)
|
|
$ (63,228)
|
|
$
(215,423)
|
|
$
(281,197)
|
|
|
|
|
|
|
|
|
|
Per share – basic and
diluted:
|
|
|
|
|
|
|
|
|
Net loss per share from
continuing operations – basic and diluted
|
$
(0.10)
|
|
$
(0.08)
|
|
$
(0.29)
|
|
$
(0.33)
|
|
Weighted average common
shares outstanding – basic and diluted
|
748,936,695
|
|
733,514,919
|
|
740,825,099
|
|
724,124,894
|
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf")
is a leading international provider of consumer products in
cannabis with a mission to enhance lives by cultivating, sharing
and celebrating the power of the plant. As a high-growth cannabis
company known for quality, expertise and reliability, the Company
and its brands, including Curaleaf, Select, Grassroots, JAMS, Find,
The Hemp Company and Zero Proof provide industry-leading service,
product selection and accessibility across the medical and adult
use markets. Curaleaf International is powered by a strong presence
in all stages of the supply chain. Its unique distribution network
throughout Europe, Canada and Australasia brings together
pioneering science and research with cutting-edge cultivation,
extraction and production. Curaleaf is listed on the Toronto Stock
Exchange under the symbol CURA and trades on the OTCQX market under
the symbol CURLF. For more information, please visit
https://ir.curaleaf.com.
Curaleaf IR X Account:
https://x.com/Curaleaf_IR
Investor Relations Website:
https://ir.curaleaf.com/
Contact Information:
Investor Contact:
Curaleaf Holdings,
Inc.
Camilo Lyon, Chief
Investment Officer
ir@curaleaf.com
Media Contact:
Curaleaf Holdings,
Inc.
Jordon Rahmil, VP Public Relations
media@curaleaf.com
Disclaimer
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of Canadian
securities laws and U.S. securities laws (collectively,
"forward-looking statements"). Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based on management's current beliefs,
expectations or assumptions regarding the future of the business,
plans and strategies, operational results and other future
conditions of the Company. In addition, the Company may make or
approve certain statements in future filings with Canadian
securities regulatory authorities, in press releases, or in oral or
written presentations by representatives of the Company that are
not statements of historical fact and may also constitute
forward-looking statements. All statements, other than statements
of historical fact, made by the Company that address activities,
events or developments that the Company expects or anticipates will
or may occur in the future are forward-looking statements,
including, but not limited to, statements preceded by, followed by
or that include words such as "assumptions", "assumes", "guidance",
"outlook", "may", "will", "would", "could", "should", "believes",
"estimates", "projects", "potential", "expects", "plans",
"intends", "anticipates", "targeted", "continues", "forecasts",
"designed", "goal" or the negative of those words or other similar
or comparable words. In particular, but without limiting the
foregoing, disclosure in this press release as well as statements
regarding the Company's objectives, plans and goals, including
benefits of recent or future acquisitions, rebranding and product
offering expansion, as well as future operating results and
economic performance are forward-looking statements. These
statements speak only as at the date they are made and are based on
information currently available and on the then current
expectations.
Holders of securities of the Company are cautioned that
forward-looking statements are not based on historical facts but
instead are based on reasonable assumptions and estimates of
management of the Company at the time they were provided or made
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company, as applicable, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements, including,
but not limited to, risks and uncertainties related to: risks and
uncertainties related to the legality of cannabis in the U.S.,
including the fact that cannabis is a controlled substance under
the United States Federal Controlled Substances Act; anti-money
laundering laws and regulations; the lack of access to U.S.
bankruptcy protections; financing risks, including risks related to
additional financing and restricted access to banking; general
regulatory and legal risks, including the potential constraints on
the Company's ability to expand its business in the U.S. by virtue
of the restrictions of the TSX following the TSX listing; risk of
legal, regulatory or political change; general regulatory and
licensing risks; limitation on ownership of licenses; risks
relating to regulatory action and approvals from the U.S. Food and
Drug Administration ("FDA"); the fact that cannabis may become
subject to increased regulation by the FDA; potential heightened
scrutiny by regulatory authorities following the TSX listing; loss
of foreign private issuer status; risks related to internal
controls over financial reporting; litigation risks; increased
costs as a result of being a public company in Canada and the U.S.; recent and proposed
legislation in respect of U.S. cannabis licensing; environmental
risks, including risks related to environmental regulation and
unknown environmental risks; general business risks including risks
related to the Company's expansion into foreign jurisdictions;
future acquisitions or dispositions; service providers;
enforceability of contracts; the ability of our shareholders to
resell their subordinate voting shares on the Toronto Stock
Exchange; the Company's reliance on senior management and key
personnel, and the Company's ability to recruit and retain such
senior management and key personnel; competition risks; risks
inherent in an agricultural business; unfavorable publicity or
consumer perception; product liability; product recalls; the
results of future clinical research; dependence on suppliers;
reliance on inputs; risks related to limited market data and
difficulty to forecast; intellectual property risks; constraints on
marketing products; fraudulent or illegal activity by employees,
consultants and contractors; increased labor costs based on union
activity; information technology systems and cyber-attacks;
security breaches; the Company's reliance on management services
agreements with subsidiaries and affiliates; website accessibility;
high bonding and insurance coverage; risks of leverage; management
of the Company's growth; the fact that past performance may not be
indicative of future results and that financial projections may
prove materially inaccurate or incorrect; risks related to
conflicts of interests; challenging global economic conditions;
currency fluctuations; risks related to the Company's business
structure and securities; including the status of the Company as a
holding company; no dividend record; risks related to the senior
secured notes of the Company; concentrated voting control; risks
related to the sale of a substantial amount of the Company's
subordinate voting shares; the volatility of the market price for
the subordinate voting shares; liquidity risks associated with an
investment in the subordinate voting shares; risks associated with
securities or industry analysts not publishing or ceasing to
publish research or reports or publishing misleading information
about the Company; the potentially limited market for the
subordinate voting shares for holders of the Company's securities
who live in the U.S.; shareholders having little to no rights to
participate in the Company's business affairs; enforcement against
directors and officers outside of Canada may prove difficult; and tax risks; as
well as those risk factors discussed under "Risk Factors" in the
Company's Annual Information Form dated March 3, 2025 for the fiscal year ended
December 31, 2024, and additional
risks described in the Company's Annual Management's Discussion and
Analysis for the year ended December 31,
2024 (both of which documents have been or will be filed on
the Company's SEDAR+ profile at www.sedarplus.ca and on its EDGAR
profile at www.sec.gov/edgar/html), and as described from time to
time in documents filed by the Company with Canadian securities
regulatory authorities. The purpose of forward-looking statements
is to provide the reader with a description of management's
expectations, and such forward-looking statements may not be
appropriate for any other purpose. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations
will prove to have been correct. A number of factors could cause
actual events, performance or results to differ materially from
what is projected in the forward-looking statements. You should not
place undue reliance on forward-looking statements contained in
this press release. Such forward-looking statements are made as of
the date of this press release. We undertake no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law. The Company's forward-looking
statements are expressly qualified in their entirety by this
cautionary statement.
Neither the Toronto Stock Exchange nor its Regulation Service
Provider has reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this press release.
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SOURCE Curaleaf Holdings, Inc.
