The multi-state cannabis operatorMariMed, Inc.(OTCQX:MRMD) announced itssecond-quarter financialand operatingresultsMondaywithrevenue of $32.6 million,up by 215%from the same period of 2020. Sequentially, revenue grew 32%.Q2 2021 Financial Highlights
Reportedgross profit on revenue of $19.4 million,an increase of 215% versus the second quarter of 2020, and an increase of 47% versus the first quarter of 2021.ReportedEBITDA of $12.3 million, the 6thsequential quarter of positive EBITDA growth.Reported EBITDAincreased 440% versus the second quarter of 2020and an increase of 61% versus the first quarter of 2021.ReportedAdjusted EBITDA of $13.9 million, a 391% increase in the second quarter of 2020versus an increase of 73% in the first quarter of 2021.Reportednet income of $7.6 million in the second quarter of 2021 versus a net loss of $1.1 million in the second quarter of 2020, and net income of $4.3 million versus the first quarter of 2021.Increased working capital as of the end of the second quarter of 2021 to $24.3 million, an increase of $26.5 million versus the end of the fourth quarter of 2020, and an increase of $7.2 million versus the end of the first quarter of 2021.Reported $10.8 million in positive cash flow from operationsin the second quarter of 2021, an increase of $9.9 million versus the second quarter of 2020, and an increase of $4.0 million versus the first quarter of 2021, continuing to show the Company's ability to convert EBITDA to free cash flow.The Company increased its 2021 guidance for revenue from $100 million to $118 million and EBITDA from $30 million to $32 million.The Company is also including guidance for the first time of Adjusted EBITDA of $42 million.
"We are extremely pleased with our continued improving financial performance during the second quarter," saidBob Fireman, CEO and president of MariMed. "We continue to report some of the strongest revenue and EBIDTA growth in the entire cannabis industry. Our strong financial position is the result of our operational excellence combined with our financial discipline. I could not be more confident in our ability to maintain our trajectory to be a top tier MSO and deliver improved stockholder value as we continue to execute on our Strategic Plan."Price Action
MariMed’s shares were trading 19.32% higher trading at $1.05 per share at the time of writing Monday morning.
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