Curaleaf Holdings (CURLF -1.77%) had an eventful Tuesday, reporting both its latest quarterly results and a fresh acquisition after market hours.
As for the former, Curaleaf booked nearly $230.3 million in total revenue in its fourth quarter. That's an all-time high for the company and is up 26% from the previous quarter and a frothy 205% on a year-over-year basis. Net loss, however, deepened from both periods -- it was almost $35.3 million, against the third-quarter shortfall of $9.3 million and fourth quarter 2019's $26.6 million.
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However, on marijuana companies' favored profitability metric -- adjusted EBITDA -- Curaleaf was in the black, to the tune of nearly $53.8 million. The respective figures for the previous quarter and the year-ago period were $42.3 million and $13.8 million, respectively.
The company's top line was affected, as in quarters past, by acquisition activity. "Curaleaf's record Q4 results reflected the benefit of our acquisition of Grassroots, which expanded our presence into 6 new states," the company quoted its CEO Joe Bayern as saying. The six include the marijuana hotbed of Illinois and populous Pennsylvania. Revenue was also boosted by new dispensary openings in states such as Massachusetts and Arizona.
Separately, the company announced yet another asset buy. It has signed a definitive agreement to purchase London-based EMMAC Life Sciences, which it describes as "the largest vertically integrated independent cannabis company in Europe." The base price is $286 million, 85% of which will be paid in subordinate Curaleaf voting shares and the remainder in cash. EMMAC can earn up to an additional $57 million more in a similar cash/stock mix if it hits certain performance milestones.
Prior to the results announcement, Curaleaf stock closed nearly 16% higher Tuesday, eclipsing the 1.4% gain of the S&P 500 index.
