Trulieve Cannabis Corp. (OTCQX: TCNNF) reported that its revenue increased 21% sequentially to $96 million in its first quarter of 2020 ending March 31, 2020, versus $79 million in the fourth quarter. This beat the Yahoo! Finance average estimate for revenue of $90 million for the quarter.
Revenue increased 116% over last year’s first-quarter revenue of $44 million. Trulieve also delivered a net income of $14 million in the first quarter. The company has a strong cash position of $100.8 million at March 31, 2020.
The company delivered adjusted EBITDA of $49.4 million, or 51%, for the first quarter of 2020 and reported earnings per share (EPS) of $0.12. This beat the Yahoo! Finance average estimate of $0.11 but was down from last year’s earnings of $0.13 for the first quarter of 2019. The achieved GAAP adjusted margin was 77%.
“Trulieve posted exceptional operational results for the quarter, continuing to grow our market share in Florida as we saw our dedicated team along with our scale and supply chain efficiencies successfully meet the increased demand for our products,” said Kim Rivers, Trulieve CEO. “Trulieve’s execution of key fundamentals and financial discipline coupled with market share growth this quarter contributed to positive free cash flow, further strengthening our balance sheet and validating our financial stewardship. Our financial position continues to differentiate us in the market by providing flexibility to support both organic and external growth initiatives which is increasingly important during these times.”