TerrAscend Reports Fourth Quarter and Full Year 2024 Financial Results

1.4 min readPublished On: March 11th, 2025By HCN News Team

LOS ANGELES- TerrAscend Corp., a cannabis company, has announced its financial results for the fourth quarter and full year ending December 31, 2024.

Fourth Quarter 2024 Highlights

Net Revenue: $74.4 million, a 0.3% increase from $74.2 million in the third quarter of 2024.
Gross Profit Margin: 50.2%, up from 48.8% in the previous quarter.
GAAP Net Loss: $30.2 million, including a $45.4 million non-cash impairment charge related to the company’s Michigan operations.
Adjusted EBITDA: $15.1 million, representing a margin of 20.3%.
Operating Cash Flow: $9.7 million, marking the tenth consecutive quarter of positive cash flow from continuing operations.

Full Year 2024 Highlights

Net Revenue: $306.7 million, a 3.3% decrease from $317.3 million in 2023.
Gross Profit Margin: 48.9%, compared to 50.3% in the prior year.
GAAP Net Loss from Continuing Operations: $72.7 million, including $47.8 million in non-cash impairment charges, primarily related to the Michigan business unit.
Adjusted EBITDA: $60.7 million, with a margin of 19.8%
Net Cash Provided by Continuing Operations: $38.0 million.

The company maintained its leading market share in New Jersey throughout 2024 and experienced revenue growth in Maryland for four consecutive quarters, with gross margins exceeding 50%. TerrAscend also initiated preparations for potential adult-use cannabis legislation in Pennsylvania, leveraging its 150,000-square-foot cultivation and manufacturing facility and its Apothecarium retail network.

In 2024, TerrAscend secured a $140 million senior secured term loan, maturing in August 2028, and launched its first share repurchase program in August. The company also implemented measures expected to reduce general and administrative expenses by at least $10 million in 2025.

Jason Wild, Executive Chairman of TerrAscend, commented on the company’s performance, highlighting the achievement of a leading market share in New Jersey, significant growth in Maryland, and improved gross margins in Pennsylvania. He also noted the completion of non-dilutive debt financing and the company’s consistent positive cash flow, expressing confidence in driving operational efficiencies and pursuing growth opportunities.

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