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AYR Wellness Inc. (OTCQX:AYRWF) (CSE:AYR), a multi-state cannabis operator, revealed Wednesday its financial outcomes for Q4 and the entirety of 2023. The company reported a 10% revenue increase to $463.6 million and a significant uptick in adjusted EBITDA by 51% to $114.0 million.
Despite the competitive cannabis market, AYR’s strategic maneuvers have borne fruit. The firm notably improved its GAAP loss from operations to $37.2 million. This achievement is underscored by a solid Adjusted EBITDA margin of 25%, pointing to enhanced profitability and operational leverage.
Reflecting on the company's performance, David Goubert, president and CEO of AYR emphasized the significance of the past year’s achievements.
"2023 was a transformational year for AYR as we executed on our financial and operational goals — growing revenue, enhancing profitability, and strengthening our balance sheet. We grew revenue 10%, grew Adjusted EBITDA by 51%, expanded Adjusted EBITDA margins to 25%, and generated positive cash flow from operations for 2023,” Goubert stated. “Additionally, in February 2024, we completed the deferral or retirement of nearly $400 million of debt maturities and now have a clear financial runway to focus on our optimization efforts as we look to capitalize on multiple industry catalysts ahead.”
As AYR looks to 2024, it projects steady growth, with an emphasis on overcoming cultivation challenges and boosting wholesale revenues. The company’s focus remains on driving revenue, Adjusted EBITDA, and operating cash flow.
AYRWF Price Action
AYRWF's shares were trading 5.89% higher at $1.763 per share at the time of this writing around 10 AM ET Wednesday.
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Photo: Courtesy of Ayr Wellness Inc.