Curaleaf Holdings (OTC:CURLF) posted its first quarter fiscal 2020 figures after market close on Monday, and the following day the market expressed its displeasure about the results.
For the quarter, the marijuana company's total revenue came in at $96.5 million, up 28% from the fourth quarter of 2019 figure, and 174% higher than the same period a year ago. Curaleaf posted a net loss of just over $15 million ($0.03 per share), against the previous quarter's $26.6 million deficit, and the $10.2 million shortfall of the first quarter of 2019.
On average, analysts were expecting $98.41 million on the top line, and a per-share net loss of $0.05.
Curaleaf attributed its sharp gains in revenue to new dispensary openings, plus several acquisitions that lifted the retail store count. The retail segment forms the bulk of the company's revenue base; at $56.6 million it comprised nearly 60% of Curaleaf's total for the quarter.
The company did not proffer full-year 2020 guidance. It did say, however, that it "remains well positioned for improving top and bottom-line performance in 2020 driven by our organic growth initiatives as well as strategic acquisitions."
In the first quarter, the company closed its long-simmering acquisition of the Select cannabis brand. Another slowly developing buyout, that of peer retailer and producer Grassroots, remains pending nearly a year after it was first announced.
Tuesday was not a good day for Curaleaf stockholders. In the wake of the earnings report, the company's shares fell by 13.4% on the day, a much steeper fall than that suffered by the wider stock market.