AYR Wellness Improves Financial Position YoY, Q1 Revenue And Gross Profit In Anticipation Of OH, FL And PA Cannabis Market Launches
Cannabis multi-state operator (MSO) AYR Wellness Inc. (CSE:AYR) (OTCQX:AYRWF) reported on Wednesday the first quarter financial results for the three months ended March 31, 2024.
“2024 continues to be about execution for AYR, furthering the progress we made in 2023 by focusing on improving product quality and consistency, building a loyal retail customer base, rebuilding our CPG brand platform, and continuing to prioritize cost controls,” David Goubert, president & CEO of AYR said.
Q1 2024 Financial Highlights
Revenue totaled $118 million, up 0.3% year-over-year and 2.8% sequentially.
Gross profit was $50.7 million, up 5% compared to the same quarter of fiscal 2023, and 2.6% compared to the prior period.
Adjusted gross profit, a non-GAAP measure, was $62.6 million, up from $62 million and down from $65.3 million in the prior quarter and the first quarter of fiscal 2023, respectively.
Operating loss was $2 million, down from $21.7 million operating loss in the first quarter of last …