Ayr Wellness Inc
CNSX:AYR.A
Ayr Wellness Inc
Ayr Wellness, Inc. engages in the cultivation and manufacturie of cannabis products. The company is headquartered in New York City, New York. The company went IPO on 2018-01-31. The firm cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third party stores. Its products include flower, concentrates, vapes, tinctures, topicals and edibles. Its flower product is a smokable part of the cannabis plant. Its concentrates are cannabis products that have been processed to remove extraneous components, leaving only the active compounds, primarily cannabinoids and terpenes. The vapes are devices that is pre-filled with extracted cannabis oils. The firm's tinctures are an alcohol or glycerol-based liquid cannabis extracts. Its topicals is a cannabis-infused product applied to the skin such as lotions, creams and balms. The Company’s edibles are food items made with cannabis flower or concentrates.
Ayr Wellness, Inc. engages in the cultivation and manufacturie of cannabis products. The company is headquartered in New York City, New York. The company went IPO on 2018-01-31. The firm cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third party stores. Its products include flower, concentrates, vapes, tinctures, topicals and edibles. Its flower product is a smokable part of the cannabis plant. Its concentrates are cannabis products that have been processed to remove extraneous components, leaving only the active compounds, primarily cannabinoids and terpenes. The vapes are devices that is pre-filled with extracted cannabis oils. The firm's tinctures are an alcohol or glycerol-based liquid cannabis extracts. Its topicals is a cannabis-infused product applied to the skin such as lotions, creams and balms. The Company’s edibles are food items made with cannabis flower or concentrates.
Revenue Growth: AYR Wellness reported Q2 revenue of $116.7 million, up 18% year-over-year, with retail growth in Florida and New Jersey offsetting flat wholesale results.
Record Profitability: Adjusted EBITDA reached an all-time high of $29.5 million, up 79% year-over-year and 12% sequentially, beating guidance and driving margin expansion.
Margin Expansion: Adjusted EBITDA margin hit 25.2%, surpassing internal targets and aided by cost reductions and operational optimizations.
SG&A Discipline: SG&A costs fell by $5 million sequentially, and SG&A as a percentage of sales dropped to 40%, down from 44% last quarter.
Cash Flow Focus: Operating cash flow from continuing operations was positive year-to-date, and management reiterated its goal of generating positive operating cash flow for full-year 2023.
Strengthened Balance Sheet: AYR extended and refinanced debt, ending with a pro forma cash balance of $74 million after July transactions.
Retail Growth Catalysts: Expansion plans include new store openings in Ohio, Florida, Illinois, and Connecticut, as well as the exclusive Florida launch of Kiva edibles in Q4.
