Third-quarter earnings releases still have about a week to go. Still, eight companies representing over 78% of the total market cap of the fourteen MSOs with market caps over $100M have reported and appear in the graph below.
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Four of the eight had small misses on revenue, ranging from 0.1% for Curaleaf (OTC: CURLF) to 3.1% for Planet 13 (OTC: PLNH). The beats were a bit larger and ranged from 2.2% for Trulieve (OTC: TCNNF) to 7.0% for Green Thumb (OTC: GTBIF).
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Six of the eight had EBITDA beats that ranged from 1.6% for Curaleaf (OTC: CURLF) to 44.0% for TerrAscend (OTC: TRSSF). MariMed (OTC: MRMD) missed by 23.8%, while Planet 13 missed by 81.8%.
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The most frequently mentioned driver for the strong Q3 performance was the opening of the Maryland adult-use market, which drove aggregate sequential quarter revenue increases to 1.5%.
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Unsurprisingly and consistent with prior quarters, there was virtually no correlation between either revenue or EBITDA beats/misses and stock price changes.
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However, the most striking aspect of the 3rd quarter releases is the Cash Flow from Operations (CFFO) figures in the graph. The blue bar depicts actual …