Year of Notable Growth & Expanding Footprint
Q4 FINANCIAL HIGHLIGHTS
Y/Y: Q4'22 VS. Q4'23
Net Revenue¹
US$ Millions
$112.1
+25%
$140.2
Q4'22
Q/Q: Q3'23 VS. Q4'23.
Net Revenue¹
US$ Millions
Q4'23
-0.8%
$141.3
$140.2
Q3 '23
Q4'23
Adj. EBITDA / Margin²
US$ Millions
23.1%
25.1%
+15%
$32.4
$28.2
Margin:
-207 bps
Q4'22
Q4'23
Adj. EBITDA / Margin²
US$ Millions
20.9%
(1) Net revenue excludes revenue from intercompany sales.
(2) Please see appendix of this presentation for reconciliation of "non-GAAP" to "GAAP" measures.
AWH
Y/Y
Revenue growth driven by opening of 6 new
stores; acquisition of 4 MD stores; increases in
third party wholesale sales in NJ, MA, and IL and
increase in intercompany sales in MA; partially
offset by decline in retail sales in Illinois.
Adj. EBITDA dollars down driven by Franklin
production relative to last year, declines in
Illinois retail, and pricing trends across the retail
footprint.
23.1%
Q4'23
Q/Q
Revenue declines driven by Illinois retail, which
was partially offset by new stores and gross
wholesale growth in NJ, MA and MI.
Adj. EBITDA margin up driven by sequential
margin improvements at Athol and Franklin,
partially offset by margin declines in Illinois.
$29.5
+10%
Margin:
+218 bps
$32.4
Q3 '23View entire presentation