Glass House Brands Inc. GHBWFa vertically integrated cannabis company in California, revealed an 89% increase in its annual revenue to $160.8 million, setting a new record.
In the fourth quarter, revenue increased 35% to $40.4 million, marking the fourth consecutive quarter of positive adjusted EBITDA at $3.8 million.
Kyle Kazanco-founder, president and CEO of Glass House
attributed the success to the company's dedicated team and sustainable growth strategies. He highlighted rapid revenue growth since the company's inception, highlighting the significant increase in gross profits and strategic operational advancements made throughout 2023.
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Stellar year-over-year growth and financial health
This continued growth trend underscores Glass House's strong market presence and operational efficiency, with gross profit doubling to $18.0 million in the fourth quarter, up from $9.2 million a year ago. former. Gross margin also improved significantly to 45%, compared to 31% in the fourth quarter of 2022.
Glass House's operational achievements included a 37% increase in biomass production without expanding its cultivation footprint, producing 103,500 pounds in the fourth quarter.
Additionally, the company reported reducing its cost per equivalent dry pound of production by 5%, to $121. According to management, this operational efficiency along with strong demand contributed to a substantial improvement in operating cash flow, which amounted to $23.2 million for the year, a dramatic turnaround from a $40.8 million deficit in the year. last year.
Thinking in the future
With the recent start of cultivation at Greenhouse 5, which is expected to increase annual capacity by more than 70%, Glass House is positioned for continued growth.
The company projects first quarter 2024 revenue to be between $28 million and $29 million, with ambitious full-year 2024 revenue guidance of $215 million to $220 million, targeting adjusted EBITDA in excess of $50 million.
Learn more about these essential topics in the next Benzinga's Cannabis Capital Lecture in Florida on April 16-17, 2024. The two-day event in The Diplomat Beach Resort It will be an opportunity for entrepreneurs, both large and small, to network, learn and grow. Recognized for its trend-setting ability and influence on the future of cannabis, mark your calendars: this conference is the cannabis world's go-to event of the year. Get your tickets now at bzcannabis.com – Prices will increase very soon!
Photo: Image generated by AI.
