Second-quarter acreage revenue is up 39% year over year, here are the details

Second-quarter acreage revenue is up 39% year over year, here are the details


Farmland Holdings, Inc. ACRHF ACRDF ACRG ACRG released its financial results for the second quarter ended June 30, 2022 are instructive Revenue of $61.4 milliona increase of $17.1 million and 39% compared to Q2 2021.

Financial Highlights of Q2 2022

  • 50% gross margin compared to 52% in Q1 2022 and 54% in Q2 2021.

  • In total gross profit for Q2 2022 was $30.6 millionan increase of $6.7 million or 28% compared to Q2 2021 driven by an increase in revenue.

  • Adjusted EBITDA increased for the second quarter of 2022 $10.4 milliona 28% improvement over Adjusted EBITDA of $8.1 million in Q2 2021; and a 20% improvement over Adjusted EBITDA of $8.6 million in Q1 2022.

  • net loss attributable acreage for Q2 2022 (9.9) million US dollarscompared to $(2.5) million in the second quarter of 2021.

“We were thrilled to hit a significant milestone with the start of adult sales in the state of New Jersey in the second quarter,” he said Peter Caldin, CEO of Faces. “The initial performance of our retail stores during the launch has been strong and we believe there is an even greater opportunity to further optimize our cultivation and wholesale capabilities to serve this growing market. We work tirelessly to improve our New Jersey cultivation and processing operations to take advantage of the market opportunities available to us.”

Caldini continued, “With the completion of our Oregon operations subsequent to the end of the quarter, we are in a better position to drive development in our core markets, where we see the best opportunity to drive long-term growth and enhance shareholder value.” In the second half of the year, we will continue our preparation for upcoming adult sales in these developing Northeast markets like New York and Connecticut, in addition to strengthening our presence in New Jersey.”

balance sheet and liquidity

Acreage ended the quarter…


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