Size Matters: Glass House’s 150,000-Pound Harvest Drives Record $53.9M Revenue In Q2 2024
Glass House Brands (OTC: GLASF) reported a record-setting second quarter for 2024, with revenue reaching $53.9 million, marking a 21% year-over-year increase.
Q2 Highlights
Gross profits also saw a significant rise, hitting $28.7 million, up from $24.4 million in Q2 2023, though the gross margin slightly decreased to 53%.
The company’s adjusted EBITDA soared to $12.4 million, a substantial improvement from a negative $1.6 million in the previous quarter.
The company’s biomass production exceeded expectations, producing over 149,000 pounds, which contributed to a record wholesale biomass revenue of $39.1 million.
“Net revenue increased 21% year over year and 79% …