Analyst Note| Kristoffer Inton |
Curaleaf reported a strong second quarter that reflected continued momentum. Revenue growth accelerated, up 20% sequentially and 166% over the prior-year quarter to $312 million. Like prior quarters, top-line growth turned into bigger profits. Gross margin expanded almost 700 basis points year over year to 50%, and adjusted EBITDA margin expanded 400 basis points year over year to 28%, excluding the recent EMMAC acquisition. Higher yields, new facilities, and overhead expense leverage all helped drive margin expansion.