Jushi Holdings Inc. Pre-Announces Second Quarter 2021 Financial Results and Provides Earnings Conference Call Details
- Revenue increased 14.6% to $47.7 million as compared to the first quarter 2021
- Net Loss of $11.4 million, a $15.4 million improvement as compared to the first quarter 2021
- Adjusted EBITDA(A) of $4.6 million
- Company to host Q2 2021 earnings call on August 25, 2021 at 9:00 a.m. ET
BOCA RATON, Fla., Aug. 02, 2021 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, pre-announces second quarter 2021 financial results. All amounts are in U.S. dollars unless otherwise indicated.
Second Quarter 2021 Highlights:
- Revenue of $47.7 million, a 14.6% increase over the first quarter 2021 and 219.7% year over year
- Gross Profit of $21.9 million, a 9.2% increase over the first quarter 2021
- Net loss of $11.4 million, a $15.4 million improvement over the first quarter 2021
- Adjusted EBITDA(A) of $4.6 million, or 9.6% of revenue
- Cash and short-term investments of $126.8 million as of June 30, 2021
Our second quarter 2021 results demonstrate the strength of our operations, with solid organic revenue growth at the high end of our guidance range and Adjusted EBITDA(A) in-line with our expectations.
Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi
With 20 stores open, four cultivation and production facilities in operation and a diversified medical and consumer brand portfolio, we have built a national footprint for long-term success.
He added, “In the second half of 2021, we expect to open an additional seven BEYOND / HELLOTM retail stores nationally, add two Nature’s Remedy of Massachusetts, Inc. dispensaries as well as a grower-processor facility in Massachusetts through an acquisition. Additionally, while construction at our Pennsylvania and Virginia grower-processor facilities has progressed, both projects are currently facing approximately three month delays due to disruptions in the supply chain, which have negatively impacted availability and pricing of construction materials. We believe the expansion of our retail footprint, including into Massachusetts, will continue to fuel our momentum through the second half of 2021, while the increase in cultivation capacity will more meaningfully contribute to our financial results in 2022.”
Conference Call Details:
The Company will host a conference call to discuss its financial results for the second quarter 2021 at 9:00 a.m. ET on Wednesday, August 25, 2021. The Company will file its Q2 2021 financial results in advance of the call.
Event: Second Quarter 2021 Financial Results Conference Call
Date: Wednesday, August 25, 2021
Time: 9:00 a.m. Eastern Time
Live Call: +1-877-407-0792 (U.S. Toll-Free) or +1-201-689-8263 (International)
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until September 25, 2021 and can be accessed by dialing + 1-844-512-2921 (U.S. Toll Free) or + 1-412-317-6671 (International) and entering replay pin number: 13721887.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis ecosystem. For more information please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.
JUSHI HOLDINGS INC.(A)
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES
In addition to providing financial measurements based on IFRS, the Company provides additional financial metrics that are not prepared in accordance with IFRS. Management uses non-IFRS financial measures, in addition to IFRS financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate the Corporation’s financial performance. These non-IFRS financial measures are EBITDA and Adjusted EBITDA (both defined below). Management believes that these non-IFRS financial measures reflect the Corporation’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. As there are no standardized methods of calculating these non-IFRS measures, the Company’s methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similar measures used by others. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
EBITDA and Adjusted EBITDA are financial measures that are not defined under IFRS. Management believes EBITDA is a useful measure to assess the performance of the Company as it provides meaningful operating results by excluding the effects of expenses that are not reflective of our operating business performance. Management defines EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. Management believes Adjusted EBITDA is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of the Company’s operating business performance and other one-time or non- recurring expenses. Management defines Adjusted EBITDA as EBITDA before: (i) fair value changes included in inventory sold and biological assets; (ii) share-based compensation expense; (iii) fair value changes in derivatives; (iv) gains and losses on investments and financial assets; (v) acquisition and deal costs; (vi) certain severance costs; (vii) start-up costs; and (viii) losses on legal settlements. The financial measures noted above are metrics that have been adjusted from the IFRS net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the IFRS net income measure. Other companies in the Corporation’s industry may calculate this measure differently, limiting their usefulness as comparative measures.
(1) Net loss includes amounts attributable to non-controlling interests.
(2) Includes amounts that are included in cost of goods sold and in operating expenses.
(3) During the second quarter of 2021, we revised our methodology for calculating Adjusted EBITDA to also adjust for the effects of acquisition and deal costs, severance costs and start-up costs. We revised our methodology for calculating Adjusted EBITDA because we believe that the fluctuations caused in our operating results from these items are not reflective of our core performance, and that the revised methodology provides management and investors useful information to evaluate the operations of our business.
(4) Severance costs relate to a founder’s separation cost and to severance for former executives of a previously acquired business.
(5) Expansion and start-up costs incurred in order to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations of each new location.