Jushi Holdings Inc. (CSE: JUSH ) (OTCMKTS: JUSHF ) reported its official financial results for the fourth quarter and the full-year ending December 31, 2020, plus the first-quarter 2021 ending March 31, 2021. Jushi had originally released unaudited results in April. Revenue increased 29.0% sequentially in the first quarter of 2021 to $41.7 million from $32.3 million in the fourth quarter. It missed analyst estimates slightly by $650,000. Jushi said the increase in revenue was due to solid revenue growth at the BEYOND/HELLO stores in Pennsylvania and Illinois, early revenue contributions from its Virginia retail operations, and increased operating activity at its PAMS and Nevada facilities.
The first-quarter net loss was $26.8 million, or $0.18 per diluted share, versus a net loss of $156.7 million, or $1.35 per diluted share, in the fourth quarter This missed analyst estimates by $0.14. Jushi said the $129.9 million improvement in net losses was due to a decrease in fair value losses on derivative liabilities, along with higher revenue and gross profit.
Revenue in the fourth quarter of 2020 also increased 29.6% sequentially to $32.3 million from $24.9 million in the third quarter. The quarterly increase was attributed to strong organic growth at BEYOND/HELLO stores in Pennsylvania and Illinois, an increase in cultivation and manufacturing activity due to the acquisition of Pennsylvania Medical Solutions and increased operating activity at its Nevada cultivation and processing facility. The fourth-quarter net loss was a whopping $156.7 million, or $1.35 per diluted share, a big jump over the third-quarter net loss of $30.0 million, or $0.31 per diluted share. The company blamed the increase in net losses to a derivative warrant liability prompted by the rise of its share price and an increase in operating expenses, partially offset by higher revenue and gross profit.
Full Year 2020
For the full year