Gross Profit Margin of 50.2%, up 140 basis points from 48.8% in the third quarter of 2024. General and Administrative expenses decreased quarter-over-quarter. Generated Positive Cashflow from Operations in the quarter. “Despite a challenging environment, the business performed ahead of our expectations during the fourth quarter of 2024, delivering positive sequential revenue growth with an expansion of gross margin to 50.2% and a reduction in operating expenses. With our recent refinancing completed, which extended the vast majority of our debt maturities to late 2028, the team was able to fully focus on operational improvements in the fourth quarter. We are excited about a possible adult use bill passing in Pennsylvania, which will enable us to fully utilize our large scale 150k square foot cultivation and manufacturing facility in the state. We look forward to the Governor’s budget address next week where we believe he will outline his strongest case yet for a state recreational program. The fourth quarter results give us confidence in 2025 as we focus on driving operational efficiencies and growth in our core business while judiciously pursuing multiple greenfield expansion opportunities at increasingly attractive prices,” stated Jason Wild, Executive Chairman of TerrAscend (TSNDF).
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