Acreage Holdings (OTC:ACRGF) released its fourth-quarter results on Wednesday, and reported revenue of $21.1 million -- double the $10.5 million that it brought in during the prior-year quarter. However, sales were down from the third-quarter result of $22.4 million. Full-year revenue of $74.1 million was more than triple 2018's total sales of $21.1 million.
However, on the bottom line, Acreage's Q4 loss of $65.6 million was more than twice as large as the $29.8 million loss it incurred a year ago. For the full year, Acreage's net loss totaled $195.2 million compared to a net loss of $32.3 million in 2018.
The company is in the midst of an effort to rapidly scale up its operations: Among its targets for 2020 is to build 10 to 15 new retail dispensaries. Acreage has budgeted for between $45 and $50 million in capital expenditures in 2020. But the company is also committed to improving its bottom line -- as part of that effort, it is looking at ways to bring down its general and administrative costs by $7 million annually.
Over the past 12 months, Acreage's shares have declined by more than 77%, which is worse than the 64% drop in value that the Horizons Marijuana Life Sciences ETF has undergone during that time, and only slightly better than Aurora Cannabis' 80% collapse. Acreage's latest results did nothing to change that trajectory -- the pot stock fell by as much as 4% in morning trading Wednesday, suggesting investors weren't impressed with the earnings report. It did, however, recover moderately, to down by about 2% at noon EST.