Ayr Wellness Inc.(OTCQX:AYRWF) (CSE:AYR) reported financial results for the three and twelve months ended December 31, 2021, with quarterly revenue of $111.8 million, up by 133.9% year-over-year.
Fourth Quarter 2021 Financial Highlights
- Adjusted gross profit was $63.3 million an increase of 120.6% year-over-year and 11.8% sequentially;
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Operating loss was $13.9 million, compared to operating income of $6.7 million in the same period last year;
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Adjusted EBITDA was a gain of $26.1 million an increase of 40.3% year-over-year and 0.4% sequentially;
Fourth Year 2021 Financial Highlights
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Revenue was $357.6 million an increase of 130.6% compared to 2020;
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Adjusted gross profit was $207.3 million an increase of 126.1% compared to 2020;
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Operating loss was $56 million, compared to operating income of $1.2 million in 2020;
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Adjusted EBITDA was a gain of $98 million, an increase of 83.5% compared to 2020;
Given prior construction delays and uncertain regulatory timelines regarding key revenue-generating initiatives, including regulatory approval for adult-use sales and cultivation expansions in both Massachusetts and New Jersey, the company expects financial results in the first half of 2022 to remain relatively flat, in-line with industry trends, followed by a step-function in growth beginning in Q3 2022 and continuing through Q4 2022.
“2021 was a transformative year for Ayr, with out-sized revenue and adjusted EBITDA growth, and an expanded operating footprint bringing us from our two original states to seven leading cannabis markets, with an eighth pending acquisition close," Jonathan Sandelman, founder, chairman and CEO of Ayr, stated. "We added 62 dispensaries and 8 cultivation facilities, while welcoming more than 1,600 teammates. Following this transformative year for our operating footprint, we are now squarely focused on making 2022 a transformative year for Ayr’s earnings power. The CapEx projects we began in 2021 are expected to begin generating revenue for us throughout 2022, leading to our expected significant second half ramp. While these projects have been delayed, we are proud of the extensive expansion our team has achieved through this global pandemic and supply chain crisis."
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