California Cannabis Co. StateHouse Reports Flat Revenue YoY In Q1, CEO Touts Expanded Market Presence In FY 2023
Portfolio Pulse from Jelena Martinovic
StateHouse Holdings Inc. (OTCQB: STHZF) reported flat revenue year-over-year for Q1 2024, with net revenues of $25.4 million. The company improved its market presence, climbing from the 8th to the 4th largest California cannabis brand operator. Retail revenues declined, while branded wholesale manufacturing and cultivation revenues increased. Gross profit and margins improved, and adjusted EBITDA turned positive. Kevin K. Albert was appointed to the board of directors.
August 01, 2024 | 12:50 pm
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StateHouse Holdings Inc. reported flat revenue year-over-year for Q1 2024 at $25.4 million. The company improved its market presence, climbing from the 8th to the 4th largest California cannabis brand operator. Retail revenues declined, while branded wholesale manufacturing and cultivation revenues increased. Gross profit and margins improved, and adjusted EBITDA turned positive.
The flat revenue year-over-year might initially seem neutral, but the company's improved market presence and positive adjusted EBITDA are positive indicators. The increase in branded wholesale manufacturing and cultivation revenues, along with improved gross profit and margins, suggest a potential positive short-term impact on the stock price.
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