Shares of marijuana stock Curaleaf Holdings (OTC:CURLF) are down by nearly 5% as of this writing in after-hours trading. This follows the company's post-market release of its Q3 of fiscal 2019 results.
For the quarter, the company booked $61.8 million in total revenue, which was up by 27% on Q2's result and nearly triple the tally in the same period one year ago.
Curaleaf, a cannabis company that is very active in the retail segment, said its take from retail and wholesale activities came in at nearly $51 million. That represented a 34% quarter-over-quarter improvement.
The notable increase was due, the company said, to organic growth in its established operations in New York and Florida, plus recent acquisitions in Maryland and Arizona. The recent expansion of dispensaries in the company's home state of Massachusetts also boosted wholesale revenue.
In terms of profitability, Curaleaf managed to widen its gross margin; it came in at 47% from the quarter, an improvement over the previous frame's 40%. The year-ago figure, however, was 55%.
Q3 2019's net loss was $6.8 million, or $0.01 per share. That compares favorably to both the Q2 shortfall of $24.5 million and the Q3 2018 deficit of $33.7 million.
The company's revenue this past quarter basically matched analyst expectations. Curaleaf notched a slight beat on the bottom line, as those prognosticators were collectively modeling a $0.02-per-share loss for the quarter.
Curaleaf is aiming to continue along the growth path. In the press release detailing the results, the company said its "main focus continues to be prudent capital allocation, operational improvement and integration of our pending and closed acquisitions to drive continued strong overall growth and operating leverage."
Like other marijuana stocks, Curaleaf had been going the acquisition route to help bulk up its scale. Its nearly $1 billion deal to buy the Select brand from Cura Partners is still pending, although the arrangement was recently modified. An $875 million deal to purchase multistate dispensary operator Grassroots is also still in the pipeline.