Curaleaf Reports Fourth Quarter and Full Year 2024 Results
- 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 /PRNewswire/ — 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
