Q4 2024 Curaleaf Holdings Inc Earnings Call Transcript
Key Points
- Curaleaf Holdings Inc (CURLF) maintained a stable revenue of $1.34 billion in 2024 despite a 14% industry-wide price compression.
- The company's adjusted gross margin increased by 160 basis points to 48%, driven by efficiency and productivity improvements.
- Curaleaf Holdings Inc (CURLF) achieved a 73% growth in its International segment, surpassing the $100 million revenue milestone.
- The company successfully launched new products, including the Anthem pre-rolled brand and ACE Oil processing technology, which are expected to drive future growth.
- Curaleaf Holdings Inc (CURLF) reduced its acquisition-related debt by $60 million, strengthening its balance sheet.
- Curaleaf Holdings Inc (CURLF) experienced a 4% decrease in fourth-quarter revenue compared to the previous year, with significant price compression in key markets like Pennsylvania, Illinois, and New Jersey.
- The company's retail revenue declined by 11% year-over-year, partially offset by a 23% increase in wholesale revenue.
- Curaleaf Holdings Inc (CURLF) reported a net loss from continuing operations of $72 million in the fourth quarter, excluding noncash impairments.
- The adjusted EBITDA margin decreased by 110 basis points year-over-year to 23% in the fourth quarter.
- Curaleaf Holdings Inc (CURLF) faces challenges in the New York market due to the influx of illicit cannabis products affecting the regulated market.
Good day, and welcome to the Curaleaf Holdings Fourth Quarter and Fiscal Year End 2024 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Camilo Lyon, Chief Investment Officer. Please go ahead.
Good afternoon, everyone, and welcome to Curaleaf Holdings fourth quarter and year-end 2024 conference call. Today, I'm joined by Chairman and Chief Executive Officer, Boris Jordan; and Chief Financial Officer, Ed Kremer.
Before we begin, I'd like to remind everyone that the comments on today's call will include forward-looking statements within the meaning of Canadian and US securities laws, which, by their very nature involve estimates, projections, plans, goals, forecasts and assumptions, including the successful integration of acquisitions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements on
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