Acreage Investor Presentation
Q2 2022 HIGHLIGHTS
For the three and six months ended June 30, 2022 and 2021 (US$ thousands, except per share amounts) (unaudited)
Q2'22
Q2'21
YTD'22
YTD'21
GAAP
FINANCIAL HIGHLIGHTS
Revenue increased by $17,134 and $35,620, or 39% and 43%,
for the three and six months ended June 30, 2022, respectively.
Increased revenue was driven by the Midwest Region.
Gross profit increased $6,739 and $15,627, or 28% and 35%,
for the three and six months ended June 30, 2022, respectively,
driven by revenue growth.
Gross profit
Revenues, net
$61,351
$44,217
$118,230
$82,610
30,614
23,875
60,124
44,497
Gross margin
49.9%
54.0%
50.9%
53.9%
Net loss attributable to Acreage
(9,929)
(2,553)
(22,623)
(10,361)
Net loss per share attributable to Acreage
$(0.09)
$(0.02)
$(0.21)
$(0.10)
NON-GAAP
FINANCIAL HIGHLIGHTS*
Adjusted EBITDA of $10,385 improved QoQ, which marks our
sixth consecutive quarter of positive Adjusted EBITDA.
Same store sales growth increased 11.2% and was
underscored by a 20.7% increase in transaction growth.
OPERATIONS
Q2'22
Q2'21
YTD'22
YTD'21
EBITDA
$ 7,056
$6,704
$8,348
$8,323
Adjusted EBITDA
$10,385
$8,086
$19,012
$9,681
On April 21, 2022, the Company commenced adult-use operations in New Jersey, offering a range of products from flagship brand The Botanist for
adult-use sales.
During the quarter, the Company completed the sale of its cultivation facility in Medford Oregon for total proceeds of $2.0 million.
During the quarter, the Company acquired and converted to adult use the final dispensary owned by its partner in Maine.
SOURCES/USES
OF CAPITAL
$29.6M in cash and cash equivalents, including $0.1M in restricted cash and $0.2M related to current assets held for sale as of June 30, 2022.
The Company secured a $150,000 senior secured credit facility in December of 2021, consisting of $100,000 available at closing and an additional
$50,000 committed accordion facility.
CapEx: $12M invested in our facilities for the year to grow revenue and capture future market opportunities.
*Refer to the "Definitions/Forward-Looking Information" slide for discussion regarding non-GAAP measures.
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