Glass House Brands reported financial results for the fourth quarter and year of 2024.
Fourth quarter highlights
"2024 was another year of meaningful development for Glass House Brands positioning the Company for its next wave of expansion in the years ahead," said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House. "We commenced commercial operation of Greenhouse 5 in January, completing Phase II expansion at our SoCal Farm. Greenhouse 5 had its first full quarter of production and sales in Q2 and since that time, production volumes, quality and yields from this facility have all substantially exceeded our original expectations. In the fourth quarter, we began Phase III expansion, including the retrofit of Greenhouse 2 along with investments in related support facilities. We expect initial revenues from this facility by year-end, with production estimated at 275,000 pounds in its first full year of operation while generating consistently high-quality cannabis flower bringing total annual capacity to more than 1 million pounds of biomass."
In the latest financial update, the company reported a revenue of $53.0 million, marking a 31% increase from $40.4 million in Q4 2023. The gross profit rose to $22.8 million, up from $18.0 million in the previous quarter, although the gross profit margin slightly decreased to 43% from 45%. Adjusted EBITDA saw a significant rise to $9.0 million, compared to $3.8 million in Q4 2023, and operating cash flow improved to $8.2 million from $1.4 million. The company's equivalent dry pound production increased by 60% year-over-year to 165,074 pounds, while the cost per equivalent dry pound of production decreased by 9% to $110 per pound compared to the same period last year. Additionally, the balance of cash, restricted cash, and cash equivalents stood at $36.9 million at year-end, up from $35.1 million at the end of Q3 2024.
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Glass House Brands
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