TerrAscend Q2 revenue $64.8M (+31% QoQ); GAAP net income $14.2M vs. -$16M Q1

TerrAscend Corp.

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

Net sales $64.8M, up 31% sequentially from $49.7M; 10.4% YoY growth, driven by New Jersey adult-use launch.
GAAP net income $14.2M vs. net loss of $16.0M in Q1; Adjusted EBITDA $5.8M (8.9% margin) vs. $3.3M.
Adjusted gross margin improved to 47.1% from 38.4% QoQ, driven by core business improvements.
Cash $49M as of June 30; used $16.1M operating cash, partly due to $9.2M tax and $6.4M interest payments.
Announced acquisitions of Pinnacle (5 MI dispensaries) and AMMD (MD) to expand vertical integration.

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 the second quarter ending June 30, 2022 results: revenue $65 million, net income $14.2 million.

Period: the second quarter ending June 30, 2022
Revenue: $65 million
Net income: $14.2 million
Result: reported results

Exact text from the filing

• Net Sales increased 31% sequentially to $65 million as compared to $50 million in Q1 2022. • Gross Profit Margin was 35.5% as compared to 30.4% in Q1 2022. • Adjusted Gross Profit Margin 1 was 47.1% as compared to 38.4% in Q1 2022. • Adjusted EBITDA 1 was $5.8 million as compared to $3.3 million in Q1 2022. • Adjusted EBITDA Margin 1 was 8.9% as compared to 6.6% in Q1 2022. • GAAP Net Income was $14.2 million as compared to net loss of $16 million in Q1 2022.

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Source: SEC EDGAR

accession 0000950170-22-025394

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