TerrAscend Q1 2022 net sales $49.7M, adjusted EBITDA $3.3M, net loss $16.0M

TerrAscend Corp.

2022-Q3 EPS reported -$1.32 revenue$181,488,000

Net sales $49.7M, up 1% QoQ but down 7% YoY; hit by PA vape recall and NJ adult-use inventory build.
Adjusted gross margin 38.4% vs 49.8% Q4 2021; GAAP gross margin 30.5% due to recall charges.
Adjusted EBITDA $3.3M vs $11.9M Q4 2021; net loss $16.0M vs $5.9M prior quarter.
Subsequent events: NJ adult-use sales started Apr 21; acquisitions of 5 Pinnacle MI dispensaries and MD medical dispensary.
Cash $88.4M; Gage Acquisition closed Mar 10; operating cash flow negative $18.8M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TerrAscend Corp. reported first quarter ending March 31, 2022 results: revenue 49.7, net income (16.0).

Period: first quarter ending March 31, 2022
Revenue: 49.7
Net income: (16.0)
Result: reported results

Exact text from the filing

Revenue, net 53.4 49.2 49.7 QoQ increase 7.5% 0.1% 0.9% YoY increase 106.2% -0.8% -6.9% Gross profit 34.9 20.8 15.1 Adjusted Gross profit 1 34.9 24.5 19.1 Adjusted gross margin % 65.5% 49.8% 38.4% Share-based compensation expense 3.6 1.5 3.4 General & Administrative expense (excl share based comp) 16.8 17.0 19.2 % of revenue, net 31.5% 34.5% 38.7% Adjusted EBITDA 1 21.6 11.9 3.3 Adjusted EBITDA % of revenue, net 40.4% 24.2% 6.6% Net loss (14.1) (5.9) (16.0)

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Source: SEC EDGAR

accession 0000950170-22-025392

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