Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) reported Thursday financial results for the third quarter ended September 30, 2022, with revenue of $119.6 million, up by 24.4% from $96.2 million in the same period of 2021.
“Ayr executed on its growth and profitability objectives during the third quarter, with our financial results largely in line with expectations,” Jonathan Sandelman, founder and CEO of Ayr, stated. “We grew retail market share in 6 of the 7 states where we operate, and while economic headwinds and inflationary pressures continued to impact the consumer wallet throughout the quarter, we maintained strong unit volumes across nearly all of our markets, demonstrating the defensibility of cannabis as a consumer staple.
Q3 Financial Highlights
Gross profits amounted to $49.5 million, versus $40.1 million in the third quarter last year.
Operating loss was $20.7 million, which compares to operating loss of $8.9 million in the corresponding period of 2021.
Adjusted EBITDA was $21.7 million, …