November Earnings Round-up & Analyst Consensus Targets

The MSO-reporting parade marches forward into the coming weeks

Beginning with the past couple of weeks, with many more operators in the coming weeks, the top US-based outfitswill be reporting their quarterly financial statements. Although we update all company profile pages - and our various visualizations - with relevant particulars, this post serves to consolidate each company's financial information into one comprehensive resource. As such, this resource will be updated on an ongoing basis as companies post their earnings.

For reference, we also maintain an Earnings Calendar that details all pertinent date, time, and details for all of these forthcoming financial releases.

The information included in this post involves items such as the press release issued with the financials, the company's earnings deck, a link to the conference call webcast, a transcript of the conference call, the company's published MD&A and quarterly filing, and any other items of interest.

Firstly, we will share some analyst consensus figures surrounding the metrics of estimated reported revenue, EBITDA, and cash.

(If you would like to learn more about each company, please click through their company logo to be taken to their profile page where we delve into specific details such as fully diluted market cap, share count, key quarterly financial metrics, and also extrapolate on their licenses by way of a highly-detailed footprint map.)

Consensus forecasts

Revenue:

Consensus for Q3 sales is $65.6M, with one analyst forecasting revenues of $74.7M (a 29% QoQ increase). The latter forecast projection, by Beacons Securities, accounts for ~$73M of sales in Florida, with ~$2M being contributed by the company's Connecticut and California operations.

EBITDA:

Consensus is $28.4M.

Cash:

Pro-forma with recent capital raises, the estimation is Trulieve will have a cash balance of around ~$135M. The company exited Q2 with ~$54M.

Revenue:

Consensus for Q3 sales is $61.1M, with one analyst forecasting revenues of $63.8M (43% QoQ increase).

EBITDA:

Consensus is $7.7M, with one analyst forecasting $12.6M.

Cash:

Pro-forma cash position projected to be ~$90M. The company exited Q2 with a cash position of ~$135M.

Revenue:

Consensus for Q3 sales is $63.5M, with one analyst forecasting reported revenues of $66.8M (38% QoQ increase).

EBITDA:

Consensus is $7.9M, with one analyst forecasting $9.5M.

Cash:

No specific projected cash position. Interest is high in any company-given color about additional funding options (such as sale-leaseback of certain assets). The company exited Q2 with a cash position of ~$107M.

Revenue:

Consenus for Q3 sales is $38.4M (28% QoQ increase).

EBITDA:

Consensus for EBITDA is $1.9 - $3.0M.

Cash:

No specific projected cash position. Analysts, and the investment community alike, will be interested to know how much recently raised cash will be allocated towards the company's various transactions (the closing of the NY license, and earmarks for both VidaCann and Hope Heal Health) and also general CAPEX requirements. The company exited Q2 with a cash position of ~$61M.

Revenue:

Consensus for Q3 sales is $31.4 - $33.9M. The company's Q2 revenues amounted to $26.6M.

EBITDA:

Consensus is -$9.2M (last Q was -$14.1M)

Cash:

No specific projected cash position. The company closed out Q2 with roughly $90M in cash. However, pending M&A deals (Devine Hunter, CannaPharmacy) may require a significant percentage of these funds while the company also invests in its CAPEX.

Revenue:

Consensus for Q3 sales are $25.5M - $27.3M. iAnthus' Q2 revenue was ~$19M.

EBITDA:

Consensus is -$3.9 (last Q was -$7.3M).

Cash:

No specific projected cash position. The company exited Q2 with a cash position of ~$30M, while also announcing in September that they've secured $20M from Gotham Green (through the purchase of senior secured convertible notes) as part of a broader $100M financing plan. The company anticipates these funds will enable them to build out their existing footprint while also targeting that they will 'achieve positive and sustainable EBITDA and operational free cash flow in 2020'.