The following is a summary of the Ayr Wellness Inc. (AYRWF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ayr Wellness reported sales of $118 million in Q1 2024, up 2.8% from the previous quarter and less than 1% from the prior year.

• The company increased their adjusted EBITDA by $8 million year-on-year to $29.1 million, despite a slight decrease from the previous quarter.

• Ayr generated an operating cash flow of $8.7 million and managed to achieve positive free cash flow despite a CapEx payment of $6.8 million.

Business Progress:

• Ayr marked a year since rebranding their Florida stores, with plans to extend the rebranding in Illinois and Boston by year-end.

• The company is seeing growth in their wholesale business, particularly with the relaunch of their core brands, Kynd and HAZE.

• Ayr is enhancing cultivation capacity and refining operations for better inventory flow.

• They are gearing for growth in key markets like Ohio, Florida and Pennsylvania as these transition from medical to adult use.

• The company plans to expand retail footprint, with a target of 70 outlets in Florida by end of 2024 and two new stores in Illinois by early Q3.

• They aim to maintain a 25% adjusted EBITDA margin for 2024, with hopes of generating positive cash flow.

More details: AYR WELLNESS INC IR

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