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TerrAscend Corp (TSNDF-3.77%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net revenue of $306,677 for the year, a decrease from $317,328 in the previous year. This decline was primarily driven by reduced retail sales in Michigan and New Jersey, partially offset by growth in Maryland and wholesale revenue increases in New Jersey and Pennsylvania.
Cost of sales was reported at $156,717, representing 51% of revenue, remaining relatively flat compared to the previous year.
General and administrative expenses decreased slightly to $111,596, attributed to a bad debt recovery and an insurance recovery.
The company recognized an impairment of intangible assets amounting to $39,334, primarily related to Michigan licenses and the Gage brand name, due to declining revenue expectations.
No goodwill impairment was recorded for 2024, following a $4,690 impairment in the previous year.
TerrAscend completed several financial transactions, including the retirement of its Ilera Term Loan, Stearns Loan, and Chicago Atlantic Term Loan, supported by a new $140,000 senior secured term loan.
The company reported a net loss of $72,670 for the year, compared to a net loss of $86,730 in 2023.
Cash flow from operations increased to $37,950, driven by an income tax refund and a bad debt recovery.
TerrAscend's total assets were $607,230 as of December 31, 2024, with total liabilities amounting to $430,414.
The filing details a share repurchase program authorized to repurchase up to 10 million common shares over a 12-month period, with 236,900 shares repurchased during the year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TerrAscend Corp annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.