Harborside Inc (OTC: HSDEF) (CSE: HBOR) reported second-quarter revenue of $12.7 million on Friday, a 20% year-over-year increase.
The surge was driven by 6.5% growth in retail revenue and 208% growth in wholesale revenue.
Adjusted EBITDA for the second quarter 2019 came in at $2.5 million. The adjusted gross margin for the second quarter improved to 56%, up from 14% in the same quarter last year, driven by an increase in wholesale sales and a favorable fair value adjustment to inventory.
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The company said it expects 2019 revenue of $55 million to $57 million and positive adjusted EBITDA.
"The second quarter was a milestone for Harborside. On June 10, we listed on the CSE after completing the RTO and raising capital," CEO Andrew Berman said in a statement.
"I am pleased that in our first quarter as a public company, we reported solid revenue growth and were profitable on an adjusted EBITDA basis, and that we now rank among the top 20 U.S.-listed cannabis companies by revenue."
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Photo courtesy of Harborside.
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