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TerrAscend reported on Wednesday (November 20) its financial results for the third quarter ending September 30, 2019.
TerrAscend (CSE:TER,OTCQX:TRSSF) reported on Wednesday (November 20) its financial results for the third quarter ending September 30, 2019.
As quoted in the press release:
Third Quarter 2019 Financial Highlights
Third quarter 2019 revenue increased 53% quarter-over-quarter to $26.8 million from $17.6 million in the second quarter of 2019 and compared with $1.8 million in the third quarter of 2018. Revenue growth was driven by higher overall sales in Canada as well as strong sales in the U.S.
Pro forma revenue1 for the third quarter of 2019 was approximately $44 million.
Gross profit for the third quarter of 2019 was $7.0 million, compared with $2.2 million in the second quarter of 2019 and ($0.6) million in the third quarter of 2018.
Adjusted EBITDA1 for the third quarter of 2019 was ($6.5) million, compared with ($8.7) million in the second quarter of 2019 and ($6.3) million in the third quarter of 2018.
As of September 30, 2019, the Company held $6.9 million in cash and cash equivalents. Subsequent to quarter end, the Company closed on two tranches of the previously announced non-brokered private placement for total proceeds of approximately $18.0 million.
Click here to read the full press release.
