Analyst Note| Kristoffer Inton |
Curaleaf’s first quarter looked fairly straightforward to us, as both top line and profits continued to grow. Total revenue grew 13% sequentially and 170% year over year to $260 million. Higher volume helped gross margin expand about 100 basis points sequentially and more than 600 basis points compared with the prior year quarter to 49%. Further, operating leverage on overhead costs helped drive adjusted EBITDA to $63 million, up 16% sequentially and 213% year over year.