Ayr Reports Annualized 2019 Results In-Line with Ambitious Growth Expectations; Reiterates Strong 2020 Outlook
Record Quarterly Revenue of $32.3 Million and Adjusted EBITDA1 of $9.2 Million
Generated $3.9 Million Cash Flow from Operations in Q4
Nevada Retail Stores Average MSO-Leading $17 Million in Annual Sales, Accounting for Over 10% of all Nevada Cannabis Dispensary Revenue in Q4 20192
Massachusetts & Nevada Cultivation Expansion Projects Complete and Fully Funded, with Sales from Initial Harvest Expected in Q2
TORONTO, Feb. 26, 2020 (GLOBE NEWSWIRE) — Ayr Strategies Inc. (CSE: AYR.A, OTCQX: AYRSF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO) with a presence in the western and eastern U.S., is reporting financial results for the three months and full year ended December 31, 2019.
Unless otherwise noted, all results are presented in U.S. dollars.
Annualized Full Year 2019 Financial Summary3 (vs. 2018)
Total revenue increased 75% to $124.2 million compared to $70.9 million.
Adjusted Gross Profit (a non-IFRS measure defined below) increased 78% to $63.0 million compared to $35.5 million.
Adjusted EBITDA (a non-IFRS measure defined below) increased 47% to $34.5 million compared to $23.5 million; when excluding corporate and public company costs, Adjusted EBITDA increased 80%.
Loss from operations decreased 8% to $61.9 million compared to $66.8 million.
Q4 2019 Financial Summary (vs. Q3 2019)
Total revenue increased to $32.3 million compared to $32.1 million.
Adjusted Gross Profit was $15.1 million compared to $17.2 million, with the decrease primarily resulting from reclassification of approximately $2 million of SG&A expenses.
Adjusted EBITDA increased 6% to $9.2 million compared to $8.7 million.
Loss from operations was $16.9 million compared to $10.7 million, with the increase entirely resulting from non-cash charges.
“In just seven months of combined operations, our business has thrived and we have delivered on the ambitious expectations that we laid out for
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