– Glass House achieved record setting results for over 10 key metrics, including consolidated revenue and gross profit, wholesale biomass revenue, retail revenue, biomass production and cultivation cost per pound –  Wholesale biomass production was 232,295 pounds, up 128% year-over-year and exceeding the top end of guidance by over 35,000 pounds –  Third quarter 2024 revenue was $63.8 […]

Glass House Brands Reports Record Setting Third Quarter 2024 Financial Results

– Glass House achieved record setting results for over 10 key metrics, including consolidated revenue and gross profit, wholesale biomass revenue, retail revenue, biomass production and cultivation cost per pound –  Wholesale biomass production was 232,295 pounds, up 128% year-over-year and exceeding the top end of guidance by over 35,000 pounds –  Third quarter 2024 revenue was $63.8 […]

Retail and CPG revenue combined increased 8% sequentially and 11% year-on-year to $16.0 million, better than guidance of low single digit percent growth versus Q2 2024. This reflects the continued success of our retail strategic pricing initiative and consumer demand for our brands. It is also the third straight quarter that retail and CPG revenue have outperformed our guidance, despite the current highly promotional and price-driven retail landscape.

Q3 2024 retail revenue was $11.2 million, versus $10.9 million in the previous quarter and $10.1 million the third quarter last year. Given that the Company’s most recent store opening occurred in the second quarter of 2023, this growth was on a same store sales basis. Retail gross margin was 44% in the third quarter, down 3 percentage points from 47% in the second quarter. This is consistent with expectations as the strategic pricing plan we implemented earlier this year will result in downward pressure on our retail dispensary margins. As we’ve stated previously, we expect this trend to continue for at least the remainder of the year.