CBSTF Cannabist Co Holdings Inc.

Overview and Growth

Cannabist Co Holdings Inc. generated $458.72M of revenue in fiscal 2024, with net loss of $105.89M and an operating cash outflow of $23.38M. Revenue of $458.72M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 10.3% below fiscal 2023 revenue of $511.33M, marking a top-line contraction. Diluted earnings per share were -$0.23, translating the period’s attributable earnings into the amount reported for each diluted share. The diluted weighted-average share count was 462.50M, linking total earnings with the per-share result received by shareholders. The company employed $696.17M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.66x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $168.30M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 36.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $22.27M after the reported operating expense base. An operating margin of -4.9% reflected costs exceeding revenue-level gross profit by 4.9% of sales. The company ended the period with a net loss of $105.89M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 23.1% after all recognized items. EBITDA was $2.62M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Before income taxes, the company recorded a loss of $61.82M, bridging the operating result to the final net loss. The pretax loss equaled 13.5% of revenue, measuring the pre-tax deficit against sales. The company recognized $43.31M of income tax for the period, completing the transition from pretax income to net income. The loss-to-assets relationship was 15.2%, placing the bottom-line deficit against the company’s resource base. The net loss narrowed to $105.89M from $175.71M in fiscal 2023.

Liquidity and Capital Structure

Total assets were $696.17M, supported by $726.23M of liabilities and -$30.06M of shareholder equity. With total equity at -$30.06M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. At period end, current assets of $195.00M compared with current liabilities of $228.71M, defining the company’s short-term resource position. At 0.85x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Borrowings totaled $301.97M, adding a fixed financing obligation alongside the company’s equity capital. Debt represented 43.4% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was -4.3%, placing book capital against the total resource base. The liabilities-to-assets relationship was 104.3%, placing reported obligations against the full positive asset balance. Compared with $823.11M in fiscal 2023, the current asset base moved 15.4% and finished lower. Against $65.35M of equity in fiscal 2023, the current book-equity balance moved 146.0% and ended lower.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $23.38M, showing that operations absorbed cash during the period. Capital spending of $5.83M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $29.21M cash deficit after capital spending. Free-cash-flow margin was -6.4%, reflecting a cash deficit equal to 6.4% of revenue after capital spending. The cash deficit after capital spending represented 4.2% of the period-end asset base. A current operating cash outflow of $23.38M replaced the $7.47M inflow reported in fiscal 2023.

Based on the annual report for the fiscal year ending Dec 31, 2024. Analysis generated Oct 21, 2026.