Released just before close of market today, the Q3 earnings report from Curaleaf Holdings, Inc. (CSE: CURA; OTCQX: CURLF) show a company reducing losses and increasing revenue – although still holding plenty of debt.

Curaleaf brought in managed revenue of $73.19 million in the period ending Sept. 30, beating out the projected Q3 revenue expectation of $64 million.

The company’s third quarter revenue saw a more than 200% increase from this same time last year and a more than 30% increase from the previous quarter.

Estimated to hit $6.56 million by the end of September, Curaleaf overshot that number and reported an adjusted EBITDA of $9 million.

With revenues up, Curaleaf’s overall net loss of $24.4 million in Q2 2019 shrunk to a $7.4 million loss for the third quarter. Those numbers are even more stark when compared to the same quarter last year, in which Curaleaf saw a loss of $35 million.

The reported loss per share of $0.05 in the previous quarter also saw a decrease down to $0.01 per share in Q3.

At the end of September, before the start of Q4, Curaleaf had $91 million in cash on hand compared to $106 million in debt.

Ahead of the investor conference call to discuss quarterly financial numbers, Curaleaf CFO Neil Davidson commented:

The third quarter demonstrated the power of our increased scale as we reported record total and managed revenue, record adjusted EBITDA, and expanded operating margins as we benefited from strong demand in key markets. Our focus continues to be prudent capital allocation, operational improvement, and integration of pending and closed acquisitions to drive strong overall growth and operating leverage.

Those acquisitions include snapping up an Acres cultivation site located in Nevada, as well as the company’s deal to acquire Select moving forward on renegotiated terms that will see 42% fewer shares issued than originally announced.

The quarter notably saw Curaleaf raising $24 million through a sale-leaseback deal covering six different sites with Freehold Properties, as well as landing three finalized and two provisional licenses for recreational sales in Massachusetts.

Curaleaf’s stock is currently down slightly from this same time last month but still holding overall on par with October’s numbers, trading at $5.49 as of close of business today.

CEO and President Joe Lusardi spoke with Capital 10X after earnings to elaborate on revenue and EBITDA targets, the status of their acquisition, and their financing strategy.

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