TerrAscend Announces Fourth Quarter 2018 Financial Results
Company reiterates previously issued guidance anticipating 2019 full year revenue exceeding $135 million.1
TORONTO, April 24, 2019 /PRNewswire/ – TerrAscend Corp. (CSE:TEROTCQX: TRSSF) (“TerrAscend” or the “Company”) today reported financial results for the fourth quarter ending December 31, 2018. Financial results and analyses are available on the Company’s website (www.terrascend.com) and SEDAR (www.sedar.com).
For the three months ended December 31, 2018, revenue totaled $5.0 million, up from $1.8 million in the third quarter of 2018 and $0.0 million in the fourth quarter of 2017. Net loss was $11.7 million or $0.13 per share for the three months ended December 31, 2018, compared with a net loss of $778 thousand or $0.02 per share for the fourth quarter of 2017. As of December 31, 2018, the Company held $21.7 million in cash and cash equivalents.
We are pleased with our performance in the fourth quarter and have laid the groundwork for success in 2019. We are experiencing strong sales momentum in Canada and are making substantial progress towards becoming a leading US multi-state operator.
Michael Nashat, CEO of TerrAscend
We look forward to sharing more information on our international expansion plans, US growth in both cannabis and hemp-derived CBD businesses, and additions to our senior leadership team.
Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc., noted, “Our team is focused on operational excellence in our facilities across North America, continuing to procure new licenses across the US through greenfield license applications, and strategic acquisitions of existing licensed operations. On behalf of the employees of TerrAscend, we pledge to continue our efforts to exceed patient, customer, and stakeholder expectations.”
Fourth Quarter 2018 and Recent Company Highlights
Completed a capital reorganization to facilitate US expansion with the continued support of Canopy Growth Corp. (TSX: WEED) (NYSE: CGC), Canopy Rivers Corp. (TSXV: RIV) and certain funds managed by JW Asset Management LLC, where Jason Wild is the President