Latest news with #AYR
Daily Mirror
20-05-2025
- Entertainment
- Daily Mirror
Newsboy's racing tips for Wednesday's five meetings, including Brighton nap
Newsboy's has two big fancies at Brighton on Wednesday, with his Nap, Pop Dancer running in the 6.00 and his next best, Devasboy, going in the 7.30 POP DANCER can prove a big hit for punters in the Handicap (6.00) over five and a half furlongs at Brighton tomorrow evening. A two-time course and distance winner, the eight-year-old came good 18 days ago after an 18-race losing streak, making all to comfortably land a five-runner Goodwood handicap by half a length over the minimum trip. Undulating courses suit Tony Carroll's gelding, and a third win on the Sussex Downs course looks on the cards as he takes a drop in class. Later on the same card, DEVASBOY has had an even longer gap in between victories, his last being at Chester nearly three years ago. But despite the wait, the six-year-old has the opportunity to score a second course and distance success in the Download The Star Sports App Handicap (7.30) over a mile. He ran well at Chepstow last week on fast ground over seven furlongs, running on strongly under Tom Marquand in the closing stages to finish third of 13, a length and a half behind Ravenglass. And the fact trainer Michael Appleby has booked the same jockey again to ride him is a bonus. Wednesday's selections AYR 2.00 NELSON GAY 2.30 UNDERWRITER 3.00 WOOHOO 3.30 ABDUCTION 4.05 SHIMMERING SANDS 4.42 INANNA 5.17 BELTANE WARWICK 2.40 ROADSHOW 3.10 RUKAANA 3.40 PRIDE OF PARIS 4.15 TARA ITI 4.50 GWENNIE MAY STAR 5.25 GETALEAD
Business Insider
25-04-2025
- Business
- Business Insider
Successful women opened up their closets. Here's what they can't live without.
One corporate developer always wears inexpensive tops — even when the rest of her outfit is luxurious. Nicolle Lee is a 32-year-old corporate developer. She was named one of BI's 2023 rising stars of real estate for her work with Royal Caribbean, a job she still holds today. Lee said she's a fan of simple tops for work and fun. "I like high-low styles, so I wear very basic tops," she said. "It could be from Skims, H&M, Mango — any of their T-shirts or tanks." The one brand she spends a little extra on is Frankies Bikinis. She said its knitwear is "super nice and high quality." She has pieces in black, gray, and butter yellow. Tanks, T-shirts, and other knit garments from the brand cost between $95 and $160 a piece. Celebrities, including Bella Hadid, have also collaborated with Frankies Bikinis on clothing and swimsuit lines. A startup investor is loyal to a New York City-based denim brand. "AYR has the most expensive basics, but they're so good," said Lori Berenberg, a 29-year-old startup investor at Bloomberg Beta. "I must have at least four or five different colors of the Deep End shirt." In addition to the $165 top, Berenberg — named one of BI's 2024 rising stars of the venture capital industry — said AYR's T-shirts and jackets are "pretty good." But the $245 Secret Sauce jeans are her "holy grail" product from the New York City brand. She said the pants fit tight on the thighs and are a touch wider than straight jeans across the legs. The brand's website says the jeans "form to you" over time. "In tech, and in startups in particular, people just don't really dress up that much," she said. "So, it's always easy for me to wear denim. Then I can wear nicer shoes, a nicer top, and a blazer. I still generally end up feeling like I'm the overdressed person, but with jeans, I'm never like, 'Oh, I really went too far.'" She also loves a trendy Sezane trench coat. Berenberg knows her $350 Clyde trench coat from Sezane is on everyone's Pinterest boards, but she loves it anyway. "It's so cute. I love it. I'm obsessed with it," she said of the jacket, noting that she spent a long time trying to track one down. "I had every notification set for eBay and the RealReal, and I couldn't find it," she said. "So then, when I went to Paris, I just bought it there." A senior vice president in investment banking can always be found in Gucci loafers. Daniela Cardona, 30, is a senior vice president of media investment banking at RBC Capital Markets. In 2024, BI named her a rising star of Wall Street. When it comes to fashion, Cardona said she leans on the basic side. "I'm in the neutrals rotation space, so I wear a lot of white, black, gray, and tans in tops," she said. That's partially because her real fashion statement comes in the form of shoes: a $1,050 pair of Gucci Jordaan loafers. "I'm a loafer girl because I think they're elevated," she said. "You still look professional, but you're comfortable." "When I was younger — I've been in banking for almost nine years now — I definitely tried to do more heels in the office and sneakers to walk home," she added. "But at this point, I do a loafer." Jenni Kayne is the go-to brand for this snack founder. Nikki Seaman is the 29-year-old founder and CEO of Freestyle Snacks, a brand that offers premium olives in to-go pouches. To stay comfortable while traveling and working on her brand, she constantly wears pieces from Jenni Kayne. "I live in their sweaters in the fall and winter," Seaman said. The brand is based in California and sells sweaters for between $195 and $695. "For the summer, they make these really nice, knit tank tops," Seaman added. "I'm always wearing them under a blazer or cardigan when I go out to buyer meetings and visits to my co-packer." The founder of a sustainable marketing agency solely thrifts her wardrobe. Estella Struck, 23, was named a 2024 rising star of influencer management for her work at Viviene New York, a marketing agency she created that promotes sustainable businesses. She said 100% of her wardrobe was acquired secondhand. "Sustainability is my work, but it comes from my own personal values of wanting to act in a more climate-conscious way," she said. "I do a lot of shopping on eBay, at thrift stores, and at vintage stores. LA is a great spot for that." "I love my clothing and, as I was becoming an adult, shopping secondhand helped me really find who I am," she added. "Fashion is an art form of expression. Today, with everything super manufactured and all the trend cycles going so quickly, it's hard to have that be a part of your journey." Two women said they love Theory pants. Theory is so popular that it might be considered basic in the fashion world, but successful women still love the brand's products. Seaman said she's especially fond of its "really, really great work pants." Lee likes them too, saying she's never really veered away from Theory in general. "It's somewhat embarrassing, but I'm pretty old school when it comes to professional wear," she said.
Yahoo
06-03-2025
- Business
- Yahoo
AYR Wellness Reports Fourth Quarter and Full Year 2024 Results
MIAMI, March 06, 2025 (GLOBE NEWSWIRE) -- AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) ('AYR' or the 'Company'), a leading vertically integrated U.S. multi-state cannabis operator, is reporting financial results for the fourth quarter and full year ended December 31, 2024. Unless otherwise noted, all results are presented in U.S. dollars. Steven M. Cohen, Interim CEO of AYR, said, 'Over the past quarter we have made crucial steps towards reorienting the business to reflect our forward-looking vision of AYR. And while our fourth quarter and full year results reflected ongoing macroeconomic pressures and company-specific challenges that impacted revenue and profitability, we remain confident that sustained growth and enhanced profitability are achievable within our footprint through disciplined cost reductions, streamlined operations, and improved execution.' 'To strengthen execution, we have restructured our leadership team by promoting George DeNardo to President, while Julie Winter and Jamie Mendola have stepped into the roles of co-Chief Revenue Officers. These changes, along with a broader realignment of our management team, have already begun to enhance operational focus and agility throughout the organization. As we move forward, we remain committed to controlling what we can, executing with discipline, and positioning AYR for sustainable growth and profitability.' George DeNardo, President of AYR, added 'One of my immediate objectives as President is to create greater synergy and collaboration between the revenue generating and supply chain functions of our business. With that in mind, our vision for 2025 is focused on investment in our core brands and further streamlining operations to achieve cost efficiencies and facilitate quicker and better decision making at every level of our operational infrastructure. As we advance initiatives across our core markets, we do so with a keen focus on balance sheet discipline and ensuring the long-term health and success of AYR.' 'We have already taken key steps to further streamline our business, including eliminating redundancies and corporate overhead, refining and building on our branded product offerings, and beginning the process of optimizing our state portfolio to focus on the key markets that will drive our business forward while eliminating distractions. This year, we are also making a pivotal investment in our future with our new state-of-the-art indoor cultivation facility in Florida, which enables us to fill a critical gap in our supply chain by providing high-quality indoor flower to our 67 dispensaries across the state. Further, we plan to expand our presence in Ohio in both the retail and wholesale channels and we are well-positioned for entry into the Virginia market.' Fourth Quarter Financial Summary ($ in millions, excl. margin items) Q4 2023 Q3 2024 Q4 2024 % ChangeQ4/Q4 % ChangeQ4/Q3 Revenue $114.8 $114.3 $114.0 -0.7% -0.3% Gross Profit $49.4 $43.0 $35.8 -27.5% -16.7% Adjusted Gross Profit1 $62.0 $60.4 $55.5 -10.5% -8.1% Operating Loss2 $(9.5) $(17.4) $(133.9) NA NA Adjusted EBITDA1 $29.8 $26.1 $19.1 -35.9% -26.8% Adjusted EBITDA Margin1 25.9% 22.9% 16.7% -920bps -620bps Full Year Financial Summary (FY 2023 excludes results from AZ for all periods) ($ in millions, excl. margin items) FY 2023 FY 2024 % ChangeY/Y Revenue $463.6 $463.6 0.0% Gross Profit $202.4 $176.7 -12.7% Adjusted Gross Profit1 $256.9 $239.2 -6.9% Operating Loss2 $(37.1) $(161.0) NA Adjusted EBITDA1 $114.0 $100.0 -12.3% Adjusted EBITDA Margin1 24.6% 21.6% -300bps 1 Adjusted EBITDA, Adjusted Gross Profit and Adjusted EBITDA Margin are non-GAAP measures, and accordingly are not standardized measures and may not be comparable to similar measures used by other companies. See Definition and Reconciliation of Non-GAAP Measures below. For a reconciliation of Operating Loss to Adjusted EBITDA as well as Gross Profit to Adjusted Gross Profit, see the reconciliation tables appended to this release. 2 Includes $118.1M of non-cash impairment charges including $94 million related to Florida goodwill impairment charge in the fourth quarter of 2024, based on market conditions at the time. Fourth Quarter and Recent Highlights Retail/Brand Updates Opened new dispensaries in Florida and Ohio, AYR's 67th in Florida and fourth in Ohio. AYR's new Miami, FL store is the first within Miami city limits. Launched Later Days Fruit-Flavored Vape Collection. Recent Leadership Changes In January, George DeNardo, AYR's prior Chief Operating Officer, assumed the role of President, responsible for the oversight of all Company-wide operations, including retail, wholesale, purchasing, marketing, cultivation, and manufacturing. In February, Brad Asher, AYR's Chief Financial Officer, provided notice of resignation to the Company in connection with the pursuit of another opportunity. Mr. Asher's resignation will be effective at a mutually agreed upon date following the Company's filing of 2024 annual financial statements. The Company announced the resignation of Jared Cohen from its Board of Directors (the 'Board') and transition to board observer. The Board continues to search for a permanent CEO and has retained True Search, a global recruiting firm, to lead the search. Full Year 2024 Highlights Opened 11 dispensaries across AYR's footprint, bringing the Company's total dispensary count to 97 stores. This included expansion into Connecticut, AYR's eighth market with retail exposure. Participated in adult-use launch in Ohio with four retail stores and cultivation and production assets. Received conditional license approval to open vertically integrated operations in Virginia. In November 2024, the New York Cannabis Control Board voted to approve the application for Amethyst Health, LLC ('Amethyst Health') for registration as a 'Registered Organization,' which would conditionally allow Amethyst Health to commence medical marijuana operations in the state. AYR is an operational partner and minority equity holder in Amethyst Health. Secured real estate financing for indoor cultivation in Florida, with plans to redevelop a 98,000 square foot building within the property to serve as a regulated cannabis cultivation facility. The financing was completed with Innovative Industrial Properties (IIP); IIP committed to funding AYR up to $30 million for the construction. Development of the facility is underway with plans for contributions in the second half of 2025. In February 2024, the Company completed the retirement or deferral of the maturity of all 2024 Senior Notes and certain other debt totaling nearly $400 million by two years to 2026. Raised approximately $40 million of gross proceeds in new capital through the issuance of $50 million of additional Senior Notes maturing in December 2026. Capital Structure & Liquidity The Company deployed $1.2 million of capital expenditures in Q4 and approximately $17.7 million for FY 2024, which was less than the Company's guidance of $20 million for the full year and down from $28 million in FY 2023. For FY 2025, the Company expects capital expenditure to be approximately $10 million. The Company ended the year with a cash balance of $35.5 million, down from $50.6 million at the end of Q3 and $50.8 million at the end of FY 2023. Subsequent to year-end, the Company received $4 million in proceeds from the sale of ERC tax credits. For FY 2024, AYR generated $9.6 million of cash flow from operations. As of year-end 2024, the Company had approximately 116.8 million fully diluted shares outstanding based on a treasury method calculation (excluding 23 million out of the money warrants exercisable at $2.12 and expiring in February 2026) and 2.9 million restricted stock units. Outlook For the first quarter of 2025, the Company expects revenue to be down mid-single digits compared to Q4 2024, with a modest increase in Adjusted EBITDA Margin. Conference Call AYR management will host a conference call today, followed by a question-and-answer period. Date: Thursday, March 6, 2025Time: 8:30 a.m. ETToll-free dial-in number: (844) 763-8274International dial-in number: (647) 484-8814Webcast: LINK Please dial into the conference call 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact the Company's investor relations team at ir@ The conference will be broadcast live and available for replay here. A telephonic replay of the conference call will also be available for one month until end of day Sunday, April 6, 2025. Toll-free replay number: (877) 344-7529International replay number: (412) 317-0088Replay ID: 9783370 Financial Statements Certain financial information reported in this news release is extracted from AYR's Consolidated Financial Statements and MD&A for the year ended December 31, 2024. AYR files its financial statements and MD&A on SEDAR+ and with the SEC. All financial information contained in this news release is qualified in its entirety by reference to such financial statements and MD&A. Definition and Reconciliation of Non-GAAP Measures The Company reports certain non-GAAP measures that are used to evaluate the performance of its businesses and the performance of their respective segments, as well as to manage their capital structures. As non-GAAP measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other issuers. Securities regulators require such measures to be clearly defined and reconciled with their most comparable GAAP measures. Rather, these are provided as additional information to complement those GAAP measures by providing further understanding of the results of the operations of the Company from management's perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company's financial information reported under GAAP. Non-GAAP measures used to analyze the performance of the Company's businesses include 'Adjusted EBITDA', 'Adjusted EBITDA Margin' and 'Adjusted Gross Profit.' The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performances and may be useful to investors because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. These financial measures are intended to provide investors with supplemental measures of the Company's operating performances and thus highlight trends in the Company's core businesses that may not otherwise be apparent when solely relying on the GAAP measures. Adjusted EBITDA'Adjusted EBITDA' represents (loss) income from continuing operations, as reported under GAAP, before interest and tax, adjusted to exclude non-core costs, other non-cash items, including depreciation and amortization and further adjusted to remove non-cash stock-based compensation, impairment expense, the incremental costs to acquire cannabis inventory in a business combination (when applicable; none of which was incurred for any of the periods presented), acquisition and transaction related costs, and start-up costs. Adjusted EBITDA Margin 'Adjusted EBITDA Margin' represents Adjusted EBITDA as a percentage of revenue. Adjusted Gross Profit'Adjusted Gross Profit' represents gross profit, as reported under GAAP, adjusted to exclude the incremental costs to acquire cannabis inventory in a business combination (when applicable; none of which was incurred for any of the periods presented), interest, depreciation and amortization, start-up costs and other non-core costs. A reconciliation of how Ayr calculates Adjusted EBITDA and Adjusted Gross Profit is provided in the tables appended below. Additional reconciliations of Adjusted EBITDA, Adjusted Gross Profit and other disclosures concerning non-GAAP measures are provided in our MD&A for the three and twelve months ended December 31, 2024. Forward-Looking Statements Certain statements in this news release contain 'forward-looking information' within the meaning of applicable securities laws ('forward-looking information'), including, but not limited to, those statements relating to the Company and its financial capacity, availability of capital, the ability of the Company to execute on its business plan and achieve cost efficiencies, and other statements that are not historical facts. These statements are based upon certain material factors, assumptions, and analyses that were applied in drawing a conclusion or making a forecast or projection, including experience of the Company, as applicable, and perception of historical trends, current conditions, and expected future developments, as well as other factors that are believed by management of the Company to be reasonable in the circumstances. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Such forward-looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, and outlook of the Company. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'project', 'expect', 'target', 'continue', 'forecast', 'design', 'goal' or negative versions thereof and other similar expressions. Financial outlook and future-oriented financial information, as with forward-looking information generally, are, without limitation, based on the assumptions and estimates and subject to various risks. The targets, forecasts and projections included herein, and the related assumptions, involve known and unknown risks and uncertainties that may cause actual results to differ materially. While management of AYR believes there is a reasonable basis for these targets, forecasts and projections, such targets, forecasts, or projections may not be achieved. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, among other things, the Company's future revenue and Adjusted EBITDA Margin may differ materially from the financial outlooks and future-oriented information provided in this news release. Accordingly, investors are cautioned not to place undue reliance on the foregoing information. Forward looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; market segment conditions; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; product capability and acceptance; international risk and currency exchange rates; and technology changes. An assessment of these risks that could cause actual results to materially differ from current expectations is contained in the 'Risks Factors' section of the Company's MD&A for the year ended December 31, 2024. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to AYR or that management believes to be less significant may also adversely affect the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this document (including statements containing future-oriented financial information) are reasonable, undue reliance should not be placed on these statements which represent the Company's views as of the date hereof and as such information should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether because of new information, future events or otherwise, unless so required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Additional Information For more information about the Company's Q4 and full year 2024 operations and outlook, please view AYR's corporate presentation posted in the Investors section of the Company's website at About AYR Wellness Inc. AYR Wellness is a vertically integrated, U.S. multi-state cannabis business. The Company operates simultaneously as a retailer with 90+ licensed dispensaries and a house of cannabis CPG brands. AYR is committed to delivering high-quality cannabis products to its patients and customers while acting as a Force for Good for its team members and the communities that the Company serves. For more information, please visit Company/Media Contact: Robert Vanisko VP, Public Engagement T: (786) 885-0397 Email: comms@ Investor Relations Contact: Sean Mansouri, CFA Elevate IR T: (786) 885-0397 Email: ir@ Ayr Wellness Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars, in thousands, except share amounts) As of December 31, 2024 December 31, 2023 ASSETS Current Cash, cash equivalents and restricted cash $ 35,482 $ 50,766 Accounts receivable, net 13,226 13,491 Inventory 112,558 106,093 Prepaid expenses, deposits, and other current assets 6,120 22,032 Asset held for sale 7,770 16,210 Total Current Assets 175,156 208,592 Non-current Property, plant, and equipment, net 277,749 310,379 Intangible assets, net 616,661 673,745 Right-of-use assets - operating, net 164,260 126,131 Right-of-use assets - finance, net 27,644 40,671 Goodwill - 94,108 Deposits and other assets 7,689 6,229 TOTAL ASSETS $ 1,269,159 $ 1,459,855 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current Trade payables $ 30,892 $ 24,036 Accrued liabilities 27,022 40,836 Lease liabilities - operating - current portion 11,763 9,582 Lease liabilities - finance - current portion 5,385 9,789 Income tax payable 2,406 87,951 Debts payable - current portion 24,828 23,152 Accrued interest payable - current portion 1,249 1,983 Liabilities held for sale 5,774 3,850 Total Current Liabilities 109,319 201,179 Non-current Deferred tax liabilities, net 50,763 64,965 Uncertain tax position liabilities 136,719 - Lease liabilities - operating - non-current portion 179,602 125,038 Lease liabilities - finance - non-current portion 14,661 18,007 Construction finance liabilities - 38,205 Long-term debts payable, net 385,646 411,306 Accrued interest payable - non-current portion 5,632 5,530 Other long-term liabilities 21,967 24,973 TOTAL LIABILITIES 904,309 889,203 Commitments and contingencies Shareholders' equity Multiple Voting Shares - no par value, unlimited authorized. Issued and outstanding - nil and 3,696,486 shares, respectively - - Subordinate, Restricted, and Limited Voting Shares - no par value, unlimited authorized. Issued and outstanding - 108,759,747 and 64,574,077 shares, respectively - - Exchangeable Shares: no par value, unlimited authorized. Issued and outstanding - 8,013,860 and 9,645,016 shares, respectively - - Additional paid-in capital 1,518,670 1,370,600 Treasury stock - nil and 645,300 shares, respectively - (8,987 ) Accumulated other comprehensive income 3,266 3,266 Accumulated deficit (1,142,410 ) (783,101 ) Equity of Ayr Wellness Inc. 379,526 581,778 Noncontrolling interest (14,676 ) (11,126 ) TOTAL SHAREHOLDERS' EQUITY 364,850 570,652 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,269,159 $ 1,459,855 Ayr Wellness Inc. Unaudited Consolidated Statements of Operations (Expressed in United States Dollars, in thousands, except per share amounts) Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenues, net of discounts $ 113,958 $ 114,835 $ 463,633 $ 463,630 Cost of goods sold 78,109 65,453 286,952 261,188 Gross profit 35,849 49,382 176,681 202,442 Operating expenses Selling, general, and administrative 41,120 39,988 167,134 177,800 Impairment of goodwill and other assets 115,963 6,320 118,113 6,320 Depreciation and amortization 11,945 11,974 48,061 51,364 Acquisition and transaction costs 724 619 4,358 4,080 Total operating expenses 169,752 58,901 337,666 239,564 Loss from continuing operations (133,903 ) (9,519 ) (160,985 ) (37,122 ) Other income (expense), net Fair value gain on financial liabilities, net - (707 ) - 23,023 Loss on the extinguishment of debt - - (79,172 ) - Loss on sale of assets (6,601 ) (25 ) (3,665 ) (91 ) Interest expense, net (20,066 ) (10,571 ) (78,258 ) (39,403 ) Interest income 71 153 323 743 Other income, net 144 159 2,671 7,094 Total other (expense) income, net (26,452 ) (10,991 ) (158,101 ) (8,634 ) Loss from continuing operations before income taxes and noncontrolling interest (160,355 ) (20,510 ) (319,086 ) (45,756 ) Income taxes Current tax provision (18,049 ) (17,230 ) (57,474 ) (54,839 ) Deferred tax benefit 14,200 7,448 14,200 7,448 Total income taxes (3,849 ) (9,782 ) (43,274 ) (47,391 ) Net loss from continuing operations (164,204 ) (30,292 ) (362,360 ) (93,147 ) Discontinued operations Loss from discontinued operations, net of taxes (including loss on disposal of $182,464 for the year ended December 31, 2023) - (670 ) - (186,353 ) Loss from discontinued operations - (670 ) - (186,353 ) Net loss (164,204 ) (30,962 ) (362,360 ) (279,500 ) Net loss attributable to noncontrolling interest (353 ) (2,687 ) (3,051 ) (7,067 ) Net loss attributable to Ayr Wellness Inc. $ (163,851 ) $ (28,275 ) $ (359,309 ) $ (272,433 ) Basic and diluted net loss per share Continuing operations $ (1.40 ) $ (0.36 ) $ (3.24 ) $ (1.16 ) Discontinued operations - (0.01 ) - (2.52 ) Total (basic and diluted) net loss per share $ (1.40 ) $ (0.37 ) $ (3.24 ) $ (3.68 ) Weighted average number of shares outstanding (basic and diluted) 116,805 76,952 110,832 74,096 Ayr Wellness Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars, in thousands) Year Ended December 31, 2024 December 31, 2023 Operating activities Consolidated net loss $ (362,360 ) $ (279,500 ) Less: Loss from discontinued operations - (3,889 ) Net loss from continuing operations before noncontrolling interest (362,360 ) (275,611 ) Adjustments for: Fair value gain on financial liabilities - (23,023 ) Stock-based compensation 17,982 16,412 Shares issued for consulting services - 79 Depreciation and amortization 28,230 32,303 Amortization of intangible assets 58,072 58,646 Amortization of financing costs 20,930 2,341 Amortization of financing discount 7,696 - Amortization of financing premium (53 ) (3,018 ) Provision for credit losses 1,006 - Employee retention credits recorded in other income (318 ) (5,238 ) Impairment of goodwill and other assets 118,113 6,320 Deferred tax (benefit) expense (14,200 ) (7,448 ) Loss on sale of assets 3,665 91 Loss on the extinguishment of debt 79,172 - Loss on the disposal of Arizona business - 182,464 Changes in operating assets and liabilities: Accounts receivable (741 ) (6,053 ) Inventory (6,763 ) (6,252 ) Prepaid expenses, deposits, and other current assets 5,424 (657 ) Trade payables 4,703 (296 ) Accrued liabilities (6,617 ) 2,804 Accrued interest payable, current and non-current portions (632 ) (42 ) Lease liabilities - operating 5,204 2,712 Income tax payable (85,600 ) 47,848 Uncertain tax position liabilities 136,719 - Cash provided by continuing operations 9,632 24,382 Cash provided by discontinued operations - 2,783 Cash provided by operating activities 9,632 27,165 Investing activities Purchase of property, plant, and equipment (17,716 ) (27,697 ) Capitalized interest (6,428 ) (9,981 ) Proceeds from the sale of assets 2,955 - Cash paid for business combinations and asset acquisitions, net of cash acquired - (1,500 ) Cash paid for business combinations and asset acquisitions, working capital - (2,600 ) Cash paid for bridge financing - (73 ) Purchase of intangible asset (625 ) (1,925 ) Cash used in investing activities from continuing operations (21,814 ) (43,776 ) Proceeds from sale of Arizona business - discontinued operation - 18,084 Cash received for working capital - discontinued operations - 1,583 Cash used in investing activities of discontinued operations - (44 ) Cash used in investing activities (21,814 ) (24,153 ) Financing activities Proceeds from exercise of warrants 27 - Proceeds from notes payable 40,000 10,665 Proceeds from financing transaction, net of financing costs 8,309 39,100 Debt issuance costs paid (9,216 ) (9,049 ) Payment for settlement of contingent consideration (10,094 ) (10,475 ) Tax withholding on stock-based compensation awards (283 ) (366 ) Repayments of debts payable (22,242 ) (52,029 ) Repayments of lease liabilities - finance (principal portion) (9,603 ) (10,608 ) Cash used in financing activities by continuing operations (3,102 ) (32,762 ) Cash used in financing activities from discontinued operations - (124 ) Cash used in financing activities (3,102 ) (32,886 ) Net decrease in cash and cash equivalents and restricted cash (15,284 ) (29,874 ) Cash, cash equivalents and restricted cash at beginning of the period 50,766 76,827 Cash included in assets held-for-sale - 3,813 Cash, cash equivalents and restricted cash at end of the period $ 35,482 $ 50,766 Supplemental disclosure of cash flow information: Interest paid during the period, net $ 58,252 $ 49,914 Income taxes paid during the period, net 6,405 7,078 Non-cash investing and financing activities: Recognition of right-of-use assets for operating leases 58,483 19,184 Recognition of right-of-use assets for finance leases 3,150 5,470 Issuance of promissory note related to business combinations 1,820 1,580 Conversion of convertible note related to business combination 700 2,800 Issuance of Equity Shares related to business combinations and asset acquisitions 210 115 Issuance of Equity Shares related to settlement of contingent consideration - 4,647 Issuance of promissory note related to settlement of contingent consideration - 14,000 Settlement of contingent consideration - 38,420 Capital expenditure for cultivation facility 13,233 2,024 Extinguishment of construction finance liabilities for lease reclassification of cultivation facility 39,176 - Extinguishment of note payable related to sale of Arizona business - 22,505 Extinguishment of accrued interest payable related to sale of Arizona business - 1,165 Reduction of lease liabilities related to sale of Arizona business - 16,734 Reduction of right-of-use assets related to sale of Arizona business - 16,739 Reclassification of right-of-use assets to property, plant, and equipment due to exercise of repurchase option at lease expiration 7,976 - Retirement of Treasury Shares 8,987 - Issuance of warrants in connection with debt extinguishment 47,049 - Issuance of Equity Shares in connection with debt extinguishment 94,302 - Ayr Wellness Inc. Unaudited Consolidated Adjusted EBITDA and Gross Profit Reconciliation (Expressed in United States Dollars, in thousands) Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 $ $ $ $ Loss from continuing operations (GAAP) (133,903 ) (9,519 ) (160,985 ) (37,122 ) Interest (within cost of goods sold "COGS") 538 727 2,408 3,017 Depreciation and amortization (from statement of cash flows) 21,294 22,137 86,302 90,949 Acquisition and transaction costs 724 619 4,358 4,080 Stock-based compensation, non-cash 2,285 3,074 17,982 16,491 Impairment of goodwill and other assets 115,963 6,320 118,113 6,320 Start-up costs1 5,079 2,915 15,721 11,786 Other2 7,094 3,489 16,115 18,450 152,977 39,281 260,999 151,093 Adjusted EBITDA from continuing operations (non-GAAP) 19,074 29,762 100,014 113,971 1 These are set-up costs to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations 2 Other non-core costs including non-operating adjustments, severance costs and non-cash inventory write-downs Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 $ $ $ $ Gross profit (GAAP) 35,849 49,382 176,681 202,442 Interest (within COGS) 538 727 2,408 3,017 Depreciation and amortization (within COGS) 9,349 10,163 38,241 39,585 Start-up costs (within COGS) 3,647 1,164 9,904 5,469 Other (within COGS) 6,078 565 11,964 6,337 Adjusted Gross Profit from continuing operations (non-GAAP) 55,460 62,001 239,197 256,849 Sign in to access your portfolio
Yahoo
07-02-2025
- Business
- Yahoo
AYR Wellness Announces Transition of Jared Cohen to Board Observer
MIAMI, Feb. 07, 2025 (GLOBE NEWSWIRE) -- AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) ('AYR' or the 'Company'), a leading vertically integrated U.S. multi-state cannabis operator, announced the resignation of Jared Cohen from its Board of Directors (the 'Board') and transition to Board Observer. Mr. Cohen commented, 'I thank AYR's Board for approving my transition to Board Observer as I take on new professional obligations unrelated to AYR Wellness and outside of the cannabis industry. I am grateful for the opportunity to serve on AYR's Board and would like to reiterate my confidence in the Company and its leadership team.' Louis Karger, Chairman of the Board at AYR, said, 'We thank Jared for his service to AYR and look forward to continuing to engage with Jared as a Board Observer.' Forward-Looking StatementsCertain statements contained in this news release may include 'forward-looking information' or 'forward-looking statements' within the meaning of applicable securities laws ('forward-looking statements'). Forward-looking statements are often, but not always, identified by the use of words such as 'target', 'expect', 'anticipate', 'believe', 'foresee', 'could', 'would', 'estimate', 'goal', 'outlook', 'intend', 'plan', 'seek', 'will', 'may', 'tracking', 'pacing' and 'should' and similar expressions or words suggesting future outcomes. This news release includes forward-looking statements pertaining to, among other things, AYR's future leadership and management. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Forward-looking statements are based upon known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. AYR has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About AYR Wellness Wellness is a vertically integrated, U.S. multi-state cannabis business. The Company operates simultaneously as a retailer with 90+ licensed dispensaries and a house of cannabis CPG brands. AYR is committed to delivering high-quality cannabis products to its patients and customers while acting as a Force for Good for its team members and the communities that the Company serves. For more information, please visit Company/Media Contact:Robert VaniskoVP, Public EngagementT: (786) 885-0397Email: comms@ Investor Relations Contact:Sean Mansouri, CFAElevate IRT: (786) 885-0397Email: IR@
Associated Press
27-01-2025
- Business
- Associated Press
AYR Wellness Appoints George Denardo as President
MIAMI, Jan. 27, 2025 (GLOBE NEWSWIRE) -- AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) ('AYR' or the 'Company'), a leading vertically integrated U.S. multi-state cannabis operator, today announced that George Denardo, AYR's Chief Operating Officer, has assumed the role of President of the Company. In his new role, George will oversee all company-wide operations, including with all retail, wholesale, purchasing, marketing, cultivation, and manufacturing. 'This is a well-deserved promotion that highlights George's strong contributions to AYR, our confidence in his leadership, and the Company's commitment to operational improvements via cross-functional collaboration and accountability,' said Steven M. Cohen, Interim CEO of AYR. 'In his time at AYR, George has been instrumental in improving key cultivation and production metrics, streamlining and re-launching our brand portfolio, and building an updated platform to launch new and innovative products. We look forward to George applying his expertise to retail and cultivation, providing greater connectivity between various functions of our business and creating a single source of accountability.' 'I look forward to taking this next step as President of AYR, doing so at a pivotal time in the cannabis industry,' said Denardo. 'Now, more than ever, cannabis operators must operate efficiently and generate value from their existing footprints. In my role as President, I aim to do just that by creating greater connectivity and synergy between AYR's revenue and supply chain functions.' AYR's Board of Directors continues to lead the search for a permanent CEO and has retained True Search, a global recruiting firm, to lead the search. To learn more about AYR Wellness or to locate your nearest dispensary, please visit Forward-Looking Statements Certain statements contained in this news release may include 'forward-looking information' or 'forward-looking statements' within the meaning of applicable securities laws ('forward-looking statements'). Forward-looking statements are often, but not always, identified by the use of words such as 'target', 'expect', 'anticipate', 'believe', 'foresee', 'could', 'would', 'estimate', 'goal', 'outlook', 'intend', 'plan', 'seek', 'will', 'may', 'tracking', 'pacing' and 'should' and similar expressions or words suggesting future outcomes. This news release includes forward-looking statements pertaining to, among other things, AYR's future leadership, increased connectivity between the various functions of the Company's business and the ability to achieve certain synergies and operational improvements. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained in a timely manner or at all; inflationary pressures may increase input costs; supply chain issues may hamper production and distribution; scientific research regarding cannabis is still in its early stages and is subject to change as further research is completed; state laws may restrict or prevent inter-state commerce in cannabis products; acquisitions may not be able to be completed on satisfactory terms or at all; and AYR may not be able to raise needed additional debt or equity capital Forward-looking statements are based upon known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. AYR has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About AYR Wellness Inc. AYR Wellness is a vertically integrated, U.S. multi-state cannabis business. The Company operates simultaneously as a retailer with 90+ licensed dispensaries and a house of cannabis CPG brands. AYR is committed to delivering high-quality cannabis products to its patients and customers while acting as a Force for Good for its team members and the communities that the Company serves. For more information, please visit Company/Media Contact: VP, Public Engagement Investor Relations Contact: Sean Mansouri, CFA Elevate IR T: (786) 885-0397
