Trulieve Cannabis Corp TCNNF reported financial results for the fourth quarter before the market open on Thursday. Here’s a rundown of the report.

Q4 Earnings: Trulieve reported fourth-quarter revenue of $301 million, beating analyst estimates of $292.64 million, according to Benzinga Pro. The cannabis company reported fourth-quarter adjusted earnings of 2 cents per share, beating estimates for a loss of 26 cents per share.

Total revenue was up 5% on a year-over-year basis, with 95% of revenue coming from retail sales. The company generated $31 million in cash flow from operations during the quarter, while free cash flow was negative $12 million.

Trulieve added 10 new dispensaries in the fourth quarter, increasing its retail footprint to 225 locations. The company ended the quarter with $300 million in cash and short term investments.

“The team set the bar for operational excellence, delivering industry leading margins and record cash flow,” said Kim Rivers, CEO of Trulieve. “With our scaled operations, financial strength, and loyal customer base, Trulieve stands out as an industry leader with a differentiated strategy.”

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Trulieve also announced that it appointed Jason Pernell as president, effective immediately. Pernell co-founded Trulieve with Rivers in 2015.

“As a co-founder, I have experienced first-hand the incredible growth and transformation of Trulieve from a small startup to the scaled, market leader we are today,” Pernell said.

“I am excited and ready for this opportunity to grow the Company through superior products and innovation while always placing the customer first.”

TCNNF Price Action: Trulieve Cannabis shares were up 3.39% at $4.27 at the time of publication Thursday, according to Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.