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Background The Company s common shares are listed on the Cboe Canada (the Cboe ) under the symbol CBST and are quoted on the OTCQX Best Market (the OTCQX ) under the symbol CBSTF and on the Frankfurt Stock Exchange under the symbol 3LP . The Company s principal business activity is the production and sale of cannabis as regulated by the regulatory bodies and authorities of the jurisdictions in …
The business is unprofitable at the operating level (-4.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.9% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$29M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$355M
▼ -9.9% YoY
Net Income (TTM)
-$179M
▲ +39.7% YoY
Op. Margin
-14.07%
▲ +15.6pp YoY
ROIC
-8.62%
▲ +8.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$37M
▼ -1070.7% YoY
Op. Cash Flow (TTM)
-$32M
▼ -412.9% YoY
Net Debt
$422M
Cash & Equiv.
$21M
3Y CAGR: +0.3%
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