Glass House Brands Inc.GHBWF, a vertically integrated cannabis firm in California, revealed an 89% surge in
annual revenue to $160.8 million, setting a new record.
In the fourth quarter, revenue climbed 35% to $40.4 million, marking the fourth straight quarter of
positive adjusted EBITDA at $3.8 million.
Kyle Kazan, co-founder, chairman and CEO of Glass House attributed the success to the
company’s dedicated team and sustainable growth strategies.
This continued growth trend underscores Glass House’s strong market presence and operational efficiency,
with gross profit doubling to $18.0 million in Q4, up from $9.2 million the previous year.
Glass House’s operational achievements included a 37% increase in biomass production without expanding its
cultivation footprint, producing 103,500 pounds in Q4.
Additionally, the company reported reducing its cost per equivalent dry pound of production by 5%, to $121.
This operational efficiency along with robust demand contributed to a substantial improvement in operating cash flow, which totaled
$23.2 million for the year, a dramatic turnaround from a $40.8 million deficit in the previous year.
With the recent start of cultivation in Greenhouse 5, expected to boost annual capacity by over 70%, Glass House
is positioned for continued growth.
The company projects Q1 2024 revenue to be between $28 million and $29 million, with an ambitious revenue guidance
of $215 to $220 million for the full year 2024, aiming for an Adjusted EBITDA exceeding $50 million.
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