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4Front Ventures
4Front Ventures (FFNT) investor relations material
4Front Ventures Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary14 Nov, 2024
Executive summary
Q3 2024 revenue reached $17.1 million, with adjusted EBITDA of $1.0 million, reflecting disciplined growth and operational efficiency.
Matteson facility in Illinois is operational and nearing full capacity, supporting long-term expansion and increased market share in a supply-constrained environment.
Massachusetts wholesale revenue grew over 56% quarter-over-quarter, with October marking a record month and 91% year-over-year growth.
Washington operations delivered record sales, with a 6.6% quarter-over-quarter revenue increase, top-three market share in edibles and vapes, and 473,000 units sold in Q3.
Leadership team with deep industry and financial expertise, driving operational efficiency and market share gains.
Financial highlights
Q3 2024 total revenue was $17.1 million, down from $18.7 million in Q2 2024; pro forma revenue including Washington was $26.9 million.
Adjusted EBITDA for Q3 was $1.0 million, down from $2.6 million in Q2, mainly due to retail softness and increased costs at Matteson.
Net loss for Q3 2024 was $6.4 million, compared to a net loss of $62.1 million in Q3 2023.
Ended Q3 with $1.2 million in cash and $68.9 million in total debt.
Gross profit for Q3 2024 was $3.7 million, with a gross margin of 21.4%.
Outlook and guidance
Scaling Matteson facility to 34,800 sq ft of canopy by mid-January 2025, targeting over 3,000 pounds of biomass and 2,000 pounds of sellable flower monthly, with most output pre-sold.
Management expects improved gross margin and a return to growth as wholesale ramps up and Matteson reaches full capacity.
Anticipates monthly wholesale revenue of approximately $1 million in Massachusetts in the near term.
New product launches planned for Q4 and Q1, including Mission strains, Marmas edibles, Crystal Clear vapes, and 'Smoke Breaks.'
Confident in achieving sustainable positive cash flows from operations in Q4 2024.
Matteson facility's margin contribution
Replicating Washington's wholesale growth
Capital raise and balance sheet optimization
How will Canaccord Genuity optimize capital structure?
What is the expected biomass yield by year-end?
What factors drove Washington's revenue highs?
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Frequently asked questions
Founded in 2011 , 4Front Ventures Corp. is a licensed cannabis company engaged in the acquisition, cultivation and sale of cannabis and CBD products in legalized states of the United States. The Company operates five dispensaries in Massachusetts and Illinois, and offers consulting services, which includes licensing assistance, zoning assistance, financing options and operational assistance to cannabis business owners. In addition, the Company leases real estate properties to cannabis producers; imports and wholesales equipment and other supplies for production facilities; sells equipment and other supplies for growing cannabis and CBD products; offers the use of their premises to site managers for cannabis businesses; access to informative websites in order to educate clients about 4Front Ventures’ products and services; operation of medical marijuana dispensaries; management of facilities; etc.
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