Cannabis Chart Of The Week: Analysts React Meekly To Strong Q1’24 Earnings
In our January 2024 outlook, we asserted that cannabis equity analysts, having been burned by the need for continual downward revisions in 2023, were undershooting in their 2024 & 2025 estimates. First quarter results are now in for ten major MSOs, and the results lend credence to our claims.
The chart depicts the percentage beat (miss) for revenues and EBITDA for Q1’24 and the subsequent percentage revision to consensus 2024 EBITDA estimates. The chart is organized in order of increasing percentage Q1 EBITDA beats.
The blue line on the chart shows the percentage revenue beat (miss). Four of the companies missed their estimates by amounts that ranged from -.09% for Curaleaf to -3.24% for Cannabist. The group, in the aggregate, beat estimates by about 1.4%.
EBITDA beats, shown by the orange line, were more significant. Three companies missed estimates, with the biggest miss from MariMed (OTC: MRMD) (off by 10%). The beats were generally more substantial, with TerrAscend (OTC: …