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Vertically integrated U.S. multi-state cannabis operator AYR Wellness Inc. (CSE:AYR) (OTCQX:AYRWF) reported second-quarter results for the three months ended June 30, 2024.
The Miami-based company reported a 16.6% year-over-year and 6.9% sequential drop in gross profit to $47.2 million.
David Goubert, president and CEO of AYR, said "the second quarter presented challenges due to both internal and external factors including wholesale pricing pressure, tightening consumer wallets from persistent inflation, and margin pressure in select markets where we have recently increased our cultivation and production, but which are not yet optimized."
For the third quarter, AYR expects revenue growth to be up low to mid-single digits from the second quarter based on the timing and ramping of the Ohio adult-use rollout.
The company also expects to improve adjusted EBITDA margins from current levels in the second half of 2024 as it rebuilds toward its 25% adjusted EBITDA margin target.
"Looking beyond 2024, we will continue to focus on enhancing the overall health of the business to seek to ensure that AYR is poised for sustainable and profitable financial growth," Goubert continued. "We are pleased with the work we have done but remain focused on delivering further progress."
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Ayr Wellness' shares traded 4.71% higher at $2 per share after the market close on Tuesday.