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Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX:GLASF) (OTCQX:GHBWF) announced its financial results for the third quarter ending September 30, 2023.
"The third quarter of 2023 was another highly successful quarter for the Company as we achieved record levels of revenue and positive Adjusted EBITDA for the second consecutive quarter," stated Kyle Kazan, co-founder, chairman and CEO. "We achieved record revenue of $48 million, largely driven by an increase in production, which grew 36% from Q3 2022 to over 101,000 pounds. This is quite impressive given we were able to accomplish this with the same cultivation capacity we had from last year."
Moreover, the cost per equivalent dry pound of production was $118, a 12% decrease YoY and a 15% sequential decline versus Q2 2023. Equivalent dry pound production: 101,825 pounds, up 36% YoY. Cash Balance: $37.9 million at quarter-end, up 67% from Q2 2023.
"On the production side, we achieved a record low of $118 per pound this quarter, and this accomplishment has given us even greater confidence that we are well on our way to achieving our goal of less than $100 per pound," said Kazan. "Our outlook continues to be bright as we build upon the successes we have already achieved through the first three quarters of 2023."
Third Quarter 2023 Operational Highlights
GLASF shares were trading up 3.79%, at $4.65 per share on Monday afternoon.