Ascend Wellness Q2 Net Revenue Grows 26.1% YoY, What About Income?
Portfolio Pulse from Vuk Zdinjak
Ascend Wellness Holdings, Inc. (OTCQX:AAWH) (CSE:AAWH) reported Q2 2023 financial results, with net revenue increasing 26.1% YoY and 7.7% QoQ to $123.0 million. Gross profit was $28.3 million, down from $35.7 million in the prior quarter and $33 million in Q2 2022. Net income was $841,000, a significant improvement from a net loss of $21.2 million in Q2 2022 and $18.5 million in Q1 2023. The company's cash and cash equivalents were $68.0 million and net debt was $241.8 million.
August 09, 2023 | 1:25 pm
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POSITIVE IMPACT
Ascend Wellness reported a significant YoY and QoQ increase in net revenue, and a return to net income from net loss. However, gross profit decreased compared to the prior quarter and Q2 2022.
The company's significant increase in net revenue and return to net income from net loss are positive signs, which could lead to a short-term increase in the stock price. However, the decrease in gross profit could be a concern for investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100