Harvest Health & Recreation Reports Q2 2019 Results

Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) reported the company’s second quarter fiscal year 2019 financial results.

As quoted in the press release:

“During the second quarter, Harvest continued to execute on its strategy by adhering to our four core initiatives: building a world class team, expanding our retail and wholesale footprint across the U.S., building and acquiring brands and distributing them across our footprint and continuing on a path of profitable growth we believe that we can fulfill our objective of becoming the most valuable cannabis company in the world,” said Chief Executive Officer Steve White.

Financial Highlights for the Second Quarter Ended June 30, 2019

• Total revenue was $26.6 million, an increase of 39%, compared to $19.2 million in the first quarter of 2019.

• On a pro forma basis, Harvest along with completed and pending disclosed acquisitions, generated $78 million of revenue in the second quarter, or over $310 million annualized. Second quarter pro forma revenue increased 53% over first quarter pro forma revenue of $51 million.

• Gross profit was $16.9 million compared to $7.9 million in the first quarter of 2019.

• Gross profit margin was 64% compared to 41% for the first quarter of 2019.

• Adjusted EBITDA was ($2.2) million, compared to ($4.7) million in the first quarter of 2019.

• Net loss was $20.6 million for the second quarter which is reflective of the planned investments in people and infrastructure to support the company’s growth initiatives and planned expansion.

Click here to read the full press release.