Ayr Wellness, a U.S.-based multi-state cannabis operator, saw its fourth-quarter operating loss expand significantly.
The company reported a loss of $176.2 million during the quarter, compared to an approximate $14 million loss during the same period in 2021. That number is inclusive of a $149 million non-cash goodwill impairment, which comes from Ayr choosing to reduce the value of goodwill from prior acquisitions.
The loss comes alongside quarterly revenues totaling $124.6 million, up from $111.8 million one year ago.
Amid the widened loss, CEO David Goubert said Ayr has begun the process of evaluating its business and conducting a thorough review of its markets, people, and processes, as it seeks to “maximize the financial health of the company.”
“Throughout that process, we have implemented cost saving measures, stepped back from certain markets that didn’t align with our core business goals, and invested further into markets and activities that did meet those goals. By better prioritizing our time, our attention, and our capital, we find ourselves better positioned to capture growth opportunities in our existing and future footprint, which we anticipate will help us grow our cash flow profile, our revenue, and adjusted EBITDA margins consistently throughout 2023,” he said.