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Gold Flora Corp. (GRAM)·Q4 2024 Earnings Summary

Executive Summary

  • Gold Flora did not issue a Q4 2024 earnings 8-K or hold a Q4 2024 call; instead, the company filed an NT 10-K citing receivership-related delays and warned that shareholders could face a significant or complete loss depending on the outcome .
  • Q3 2024 momentum: Revenue was $32.6M, adjusted gross profit $21.1M (65% margin), and adjusted EBITDA turned positive at $2.8M, supported by cultivation yield gains and Gramlin brand traction .
  • Financing and capital structure actions were prominent in Q4: the company drew an additional $2M on its senior loan facility (total draws $11.15M by year-end), with restrictive covenants and shareholder approval for potential conversion issuance; a reverse split authorization also passed .
  • Management emphasized scaling Gramlin (now among California’s top-10 brands), expanding rosin production, and maintaining >30% first-party retail mix, but formal financial guidance was not provided .

What Went Well and What Went Wrong

What Went Well

  • Gramlin brand momentum: “Gramlin has become one of the fastest-growing brands in California and we are proud to report it is now among the top 10 in the state” (CEO Laurie Holcomb), supported by rosin production capacity build-out .
  • Margin and EBITDA inflection: Adjusted gross margin improved to 65% and adjusted EBITDA turned positive in Q3 2024, aided by yield improvements and mix .
  • First-party retail mix exceeded 30% at owned stores and was maintained beyond quarter end, supporting vertical integration benefits .

What Went Wrong

  • Persistent losses and cash burn: Q3 2024 net loss was $(18.9)M; cash used in operations was $5.8M; cash fell to $10.2M at 9/30/24 .
  • Legal/structural risks surfaced: limited receivership tied to former directors’ fee advancement was stayed subject to payment plan compliance, and later the company filed for voluntary receivership in March 2025, delaying the FY24 10-K .
  • Balance sheet risk and dilution: incremental loan draws carry restrictive covenants and default conversion mechanics; shareholders approved potential conversion issuance exceeding 25% of outstanding shares, and a reverse split authorization .

Financial Results

Note: The company did not report Q4 2024 results. Tables below compare reported prior periods and mark Q4 2024 as “Not Reported.”

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Total Revenue ($USD Millions)$28.395 $31.642 $32.621 Not Reported
Gross Profit ($USD Millions)$13.174 $7.248 $13.483 Not Reported
Gross Margin (%)46% 23% 41% Not Reported
Adjusted Gross Profit ($USD Millions)$18.731 $18.176 $21.103 Not Reported
Adjusted Gross Margin (%)66% 57% 65% Not Reported
Net Income (Loss) ($USD Millions)$(42.173) $(23.954) $(18.886) Not Reported
Adjusted EBITDA ($USD Millions)$0.105 $(1.972) $2.784 Not Reported

Segment revenue breakdown:

SegmentQ4 2023Q2 2024Q3 2024Q4 2024
Wholesale Revenue ($USD Millions)$3.036 $5.455 $8.215 Not Reported
Retail Revenue ($USD Millions)$25.359 $26.187 $24.406 Not Reported

KPIs and operating metrics:

KPIQ4 2023Q2 2024Q3 2024Q4 2024
First-Party Retail Mix (%)n/aAchieved 30% target in June >30% and maintained post-Q3 Not Disclosed
Flower Harvest Volume Change vs Q1n/a+14% +20% Not Disclosed
Cash & Equivalents ($USD Millions)$22.5 (12/31/23) $10.7 (6/30/24) $10.2 (9/30/24) Not Disclosed
Adjusted EBITDA ($USD Millions)$0.105 $(1.972) $2.784 Not Reported

Guidance Changes

No formal financial guidance ranges were provided. Operational and capital structure updates:

MetricPeriodPrevious GuidanceCurrent Guidance/UpdateChange
First-party retail mixOngoingTarget 30%+ Maintaining >30% post-Q3 Maintained
Cultivation capacity expansion (leased canopy)1H 2025 start (licensing)n/a53k sq ft canopy; ~25k lbs annual production expected after licensure New operational plan
Financial guidance (Revenue/EPS/EBITDA)FY 2024 / Q4 2024n/aNot provided; NT 10-K filed delaying FY24 10-K n/a
Capital structure actionsQ4 2024n/aSpecial meeting approved reverse split authorization and potential conversion issuance >25% New approvals
Senior loan facility draw statusNov–Dec 2024$9.15M drawn by Nov 8 $11.15M drawn by Dec 31 (one $2M draw remaining) Increased utilization

Earnings Call Themes & Trends

No Q4 2024 call was held. The narrative evolved through press releases.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q4 2024)Trend
Cultivation yields and quality+14% harvest improvement; optimization efforts No Q4 disclosure; Q3 noted +20% vs Q1 Improving yields through Q3; Q4 not reported
Gramlin brand traction5th fastest-growing brand; live rosin vapes added Emphasized as top-10 in CA; rosin capacity ramp Accelerating brand momentum
Vertical integration/retail mixAchieved 30%+ first-party mix Maintaining >30% post-Q3 Stable beneficial mix
Financing/capital structureInitial loan facility; added draw Additional draw closed; restrictive covenants; reverse split and conversion issuance approvals Heightened financing/cap structure actions
Legal/receivershipLimited receivership stayed with payment plan NT 10-K citing receivership delays; caution to shareholders Elevated structural risk

Management Commentary

  • “Gramlin has become one of the fastest-growing brands in California… now among the top 10 in the state… leveraging best-in-class rosin production infrastructure… confident benefits will continue to be realized over the next several quarters.” — Laurie Holcomb, CEO and Chairman .
  • “Our efficient, vertically integrated operations have allowed us to expand our competitive position… launch new products… bring high-quality, high-margin products to market that generate excellent consumer responses.” — Laurie Holcomb .
  • “We are focused on building and scaling California’s leading vertically integrated cannabis company… strengthened our balance sheet through a capital raise… optimized operations to support growth initiatives.” — Laurie Holcomb .

Q&A Highlights

No Q4 2024 earnings call or Q&A session was reported .

Estimates Context

Wall Street consensus (S&P Global) was unavailable due to missing CIQ mapping for GRAM; we attempted retrieval and could not obtain EPS/Revenue/EBITDA estimates for Q4 2024. As a result, comparisons to consensus cannot be made at this time [SpgiEstimatesError in tool].

Key Takeaways for Investors

  • No Q4 2024 results were reported; FY24 10-K was delayed via NT 10-K due to receivership, which management warns could result in significant or complete loss for equity holders depending on the outcome .
  • Q3 2024 showed operational progress: revenue $32.6M, adjusted gross margin 65%, and adjusted EBITDA $2.8M, supported by improved cultivation yields and first-party retail mix >30% .
  • Gramlin’s rapid adoption (top-10 brand status) and rosin production ramp are strategic bright spots likely to support wholesale growth when operations normalize .
  • Liquidity and capital structure actions intensified: additional loan draws to $11.15M with restrictive covenants and potential default conversion mechanics; reverse split and conversion issuance approvals add dilution risk .
  • Legal/structural overhang: the limited receivership was stayed with a payment plan, but the subsequent voluntary receivership filing in March 2025 materially elevates uncertainty and delays filings .
  • Without consensus estimates, stock-moving “beat/miss” framing is unavailable; near-term narrative hinges on receivership developments, financing covenants, and any eventual reporting resumption [SpgiEstimatesError in tool] .
  • Preliminary unaudited FY24 revenue expectation of ~$124.77M (NT 10-K) underscores year-over-year growth vs FY23’s $90.96M but must be treated cautiously pending audit and receivership resolution .

Additional reference press releases and corporate actions in Q4:

  • Special meeting approvals for reverse split and potential conversion issuance .
  • Loan facility additional $2M draws announced Nov 8 and Dec 31, 2024 .
  • Limited receivership stay (Delaware Chancery) press release and 8-K .