Harvest Health Reports Revenue Rises to $88 Million In First Quarter

Harvest Health & Recreation Inc.  (OTCQX: HRVSF)  reported its financial and operating results for the first quarter of 2021 with revenue rising 101% to $88.8 million from $44.2 million in the first quarter of 2020. Revenue also rose sequentially by 27% from $69.9 million in the fourth quarter of 2020. This beat the average analyst estimate from Yahoo Finance for revenue of $87 million in the quarter. However, the company missed the estimate for the earnings loss which came in at ($0.06) per share while the estimate was for ($0.01.) per share.

The net loss before non-controlling interest was $23.0 million for the first quarter, compared to $7.4 million in the fourth quarter of 2020. The adjusted EBITDA in the first quarter was $26.9 million, compared to $9.1 million in the fourth quarter of 2020.

Harvest is raising its full-year 2021 revenue target to at least $400 million. The reported gross margins are expected to be at or above 50% and will likely continue to fluctuate from quarter to quarter.

“Our first-quarter results show the benefits of reaching impactful milestones such as the launch of recreational sales in Arizona,” said Chief Executive Officer Steve White. “We are focused on our key operational and financial priorities in 2021 as we continue to build on this positive momentum.”

Of course, the big news on Monday wasn’t Harvest’s Health earnings but the announcement that Trulieve would buy the company in a deal valued at $2.1 billion.  It’s been a busy month for the company. In addition to today’s acquisition announcement, Harvest noted that it opened two new medical retail dispensaries in Florida on May 5 th and May 6 th in Olympia Heights and West Palm Beach. On May 7, 2021, the company announced that a settlement was reached regarding the grower/processor permittee AGRiMED Industries of PA, LLC.

The company said in its earnings that it has a cash position of $$106 million, but the company’s total liabilities are $554 million. As of March 31, 2021 , Harvest owned, operated, or managed 37 retail locations in six states, including 15 open dispensaries in Arizona.

 

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


Agrify

Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 26 mins

Slang Losses Trend Down, Still Not Profitable

@GreenMarketRpt – 2 hours

Organigram Posts Record Revenues in Q4, Predicts More Growth in 2023

@GreenMarketRpt – 3 hours

RIV Capital Closing in on New York Acquisition, Loses $142 Million in Q2

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.