Curaleaf Reports 1st Quarter 2023 Results.

NEW YORK: Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the first quarter ended March 31, 2023. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars unless otherwise indicated.

Executive Chairman Boris Jordan said, "2023 is off to a strong start for Curaleaf, with first quarter year-over-year revenue growing 14% to $336.5 million, beating our guidance of low double-digit growth. Adjusted gross margin was 48% and adjusted EBITDA margin was 22%. We ended the quarter with $116 million of cash on our balance sheet and generated $31 million in operating cash flow from continuing operations. We continue to optimize our U.S. assets for responsible growth and are very excited about the investments we are making internationally, setting the stage for robust growth in '24, '25, and '26 as cannabis adoption accelerates across Europe. We've entered 2023 from a position of strength with ample cash on hand, and will be investing in our business, setting us up for years of market share expansion."

Matt Darin, Chief Executive Officer of Curaleaf, stated, "Since I moved into the CEO role one year ago we've moved decisively to maximize opportunities in high growth markets while scaling back from unprofitable markets. We are laser focused on operating efficiencies in every aspect of our business both in the U.S. and Europe, establishing a lean asset base from which we will drive margin improvements, operating leverage, and cash generation. Our focus is on profitable, responsible growth as we continue to innovate new products, strengthen our brand portfolio and deliver a best in class retail experience."

First Quarter 2023 Financial Highlights

Net Revenue of $336.5 million, a year-over-year increase of 14% compared to Q1 2022 revenue of $296 million, which excludes discontinued operations

Gross profit of $160.8 million and gross margin of 48%

Adjusted gross profit net of add-backs of $162 million, adjusted gross margin of 48%

Net loss attributable to Curaleaf Holdings, Inc., including discontinued operations, of $54.4 million or net loss per share $0.07

Adjusted net loss from continuing operations attributable to Curaleaf Holdings, Inc.(1) of $46 million or adjusted net loss per share1 of $0.05

Adjusted EBITDA of...