Announcement • Jan 22
AYR Wellness Inc. Announces Resignation of Lou Karger as Director and Chair of the Board, Effective January 31, 2026 AYR Wellness Inc. announced that Lou Karger, the Chair of the Board, has resigned in his capacity as a director of the Company, effective as of January 31, 2026. Announcement • Dec 31
AYR Wellness Inc Announces Departure of Donna Granato as Interim Chief Financial Officer, Effective December 31, 2025 AYR Wellness Inc. announces that Donna Granato, the Company’s interim Chief Financial Officer, will depart AYR December 31, 2025. Announcement • Jul 02
AYR Wellness Inc. Provides Update on Senior Note Interest Payment AYR Wellness Inc. confirms that it did not make the interest payment due on June 30, 2025 in connection with the outstanding senior notes issued pursuant to its Amended and Restated Trust Indenture dated February 7, 2024. Should the Company not make the Interest Payment on or prior to July 30, 2025, that will result in an event of default in respect of the Notes. As announced by the Company on May 30, 2025, the Company is actively engaged in discussions with the holders of a majority of the outstanding Notes regarding the exploration of capital structure alternatives as part of a broader review and assessment of other strategic alternatives. The Company does not anticipate that the missed Interest Payment will result in any operational challenges with respect to its business. Announcement • Jun 07
Ayr Wellness Inc. Announces Entry into Limited Waiver Agreement with Senior Noteholders AYR Wellness Inc. announced that it has entered into a Limited Waiver Agreement (the “Agreement”) with the holders of a majority of its senior secured notes (the “Majority Holders”). The Agreement provides a temporary waiver of certain events of default under the Company’s senior note documents, including those arising from the Company’s previously announced delay in filing its interim financial statements for the quarter ended March 31, 2025, and certain payment defaults under other outstanding debt obligations (including certain of the Company’s unsecured and/or subordinated debt obligations) should the Company determine not to make such payments when due. The waiver is effective through June 19, 2025, unless terminated earlier upon the occurrence of certain specified events, including a termination event of default should the Company make any payments otherwise due under its unsecured and/or subordinated debt obligations. The Company is actively engaged in ongoing negotiations with its senior lenders and continues to assess strategic alternatives to address its capital structure and upcoming payment obligations. The entry into the Agreement provides the Company with additional time and flexibility to continue these discussions and pursue its strategic objectives. The Agreement temporarily restricts the Majority Holders from exercising their default-related rights and remedies with respect to the specified defaults during the waiver period, subject to the terms and conditions in the Agreement. The Agreement does not constitute a permanent waiver of any defaults or a waiver of any other rights or remedies under the senior note documents. AYR remains committed to operating its business in the ordinary course and to delivering high-quality cannabis products to its patients and customers. The Company will continue to provide updates regarding the status of the Agreement and any material developments as they arise. Announcement • May 05
Ayr Wellness Inc., Annual General Meeting, Jun 30, 2025 Ayr Wellness Inc., Annual General Meeting, Jun 30, 2025. Announcement • Apr 05
Ayr Wellness Inc. Announces CEO Changes AYR Wellness Inc. announced that, effective today, Steven M. Cohen has stepped down as the Interim Chief Executive Officer of the Company. The AYR board of directors (the “Board”) has appointed Scott Davido as Interim Chief Executive Officer. Mr. Cohen served as Interim Chief Executive Officer from September 18, 2024, and will remain engaged as an advisor to the Company to support this transition. Mr. Davido is a senior managing director at Ankura Consulting Group. He previously served in the same role at FTI Consulting, leading companies in financial and operational transitions. Among his roles, Mr. Davido has previously served as Interim CEO of DCL Corporation, CEO of Advantage Rent a Car, and CEO of Experience.com (formerly Social Survey). Mr. Davido has also held senior executive roles at Calpine Corporation and NRG Energy. Announcement • Mar 24
Ayr Wellness Inc. Appoints Donna Granato as Interim Chief Financial Officer The Board of Ayr Wellness Inc. announced the appointment of Donna Granato as Interim Chief Financial Officer of the Company, effective immediately. Ms. Granato brings more than 25 years in corporate finance and operations, most recently serving as CFO of Vivvix, a global digital advertising company. Before that she served in high level finance roles at GTT Communications, Shutterstock, Tribune Media, and Omnicom Group. Announcement • Mar 09
Ayr Wellness Inc. Reports Impairment Charges for the Fourth Quarter Ended December 31, 2024 Ayr Wellness Inc. reported impairment charges for the fourth quarter ended December 31, 2024. for the quarter, the company reported $94 million related to Florida goodwill impairment charge. Announcement • Mar 08
Ayr Wellness Inc. Provides Earnings Guidance for the First Quarter of 2025 Ayr Wellness Inc. provided earnings guidance for the first quarter of 2025. for the quarter, the company expects revenue to be down mid-single digits compared to Fourth Quarter 2024. Reported Earnings • Mar 06
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: US$3.24 loss per share (further deteriorated from US$1.16 loss in FY 2023). Revenue: US$463.6m (flat on FY 2023). Net loss: US$359.3m (loss widened 317% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Pharmaceuticals industry in Canada. Price Target Changed • Mar 02
Price target decreased by 32% to CA$2.58 Down from CA$3.81, the current price target is an average from 3 analysts. New target price is 438% above last closing price of CA$0.48. Stock is down 83% over the past year. The company is forecast to post a net loss per share of US$2.15 next year compared to a net loss per share of US$1.16 last year. Price Target Changed • Feb 25
Price target decreased by 8.1% to CA$3.56 Down from CA$3.88, the current price target is an average from 4 analysts. New target price is 599% above last closing price of CA$0.51. Stock is down 83% over the past year. The company is forecast to post a net loss per share of US$2.15 next year compared to a net loss per share of US$1.16 last year. Announcement • Feb 08
AYR Wellness Inc. Announces Transition of Jared Cohen to Board Observer AYR Wellness Inc. announced the resignation of Jared Cohen from its Board of Directors (the "Board") and transition to Board Observer. Announcement • Feb 04
Ayr Wellness Inc. to Report Q4, 2024 Results on Mar 06, 2025 Ayr Wellness Inc. announced that they will report Q4, 2024 results on Mar 06, 2025 Announcement • Feb 03
Ayr Wellness Announces Resignation of Brad Asher as Chief Financial Officer AYR Wellness Inc. announced that Brad Asher, the Company’s Chief Financial Officer, has provided notice of his resignation to the Company in connection with Mr. Asher’s pursuit of another opportunity. His resignation will be effective at a mutually agreed upon date following the Company’s filing of its 2024 annual financial statements. The Company intends to provide further updates regarding the search for a new Chief Financial Officer in due course. Announcement • Jan 27
George Denardo Assumes the Role of President of AYR Wellness Inc AYR Wellness Inc. announced that George Denardo, AYR's Chief Operating Officer, has assumed the role of President of the Company. In his new role, George will oversee all company-wide operations, including with all retail, wholesale, purchasing, marketing, cultivation, and manufacturing. In his time at AYR, George has been instrumental in improving key cultivation and production metrics, streamlining and re-launching the company's brand portfolio, and building an updated platform to launch new and innovative products. Announcement • Nov 20
AYR Wellness Inc. Launches Later Days Fruit-Flavored Vape Collection AYR Wellness Inc. announced an expansion of its Later Days brand to now include a line of pocket-friendly vapes packed with smooth, refreshing flavors. Patients and adult-use customers in Massachusetts, New Jersey, Nevada and Ohio can begin exploring AYR’s new vape offering beginning November 25, 2024, with additional markets to follow at a later date. This collection of compact disposables offers a familiar and discrete delivery system, a 280mAh battery for long-lasting sessions, a USB-C charging port for rapid power-ups and an oil window to always let know when low. Later Days Vapes are launching with a selection of five delicious flavors including Sweet Strawberry, Juicy Mango, Frozen Watermelon, Winter Mint and Georgia Peach. The easy-to-use devices will initially be available in a 1g size in all states, with a 2g size launching in New Jersey and Massachusetts in early 2025. The launch of Later Days adds to a year of evolution for AYR. AYR has relaunched and expanded strain and product selection for its cannabis brand, Kynd, expanded its HAZE brand into new product categories, launched adult-use sales in Ohio, and opened five dispensaries across three markets. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$483.3m to US$463.7m. Losses expected to increase from US$1.84 per share to US$2.32. Pharmaceuticals industry in Canada expected to see average net income growth of 50% next year. Consensus price target down from CA$5.44 to CA$3.88. Share price fell 20% to CA$0.99 over the past week. New Risk • Nov 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$151m net loss next year). Market cap is less than US$100m (CA$125.5m market cap, or US$89.1m). Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.44 loss per share (further deteriorated from US$0.24 loss in 3Q 2023). Revenue: US$114.3m (flat on 3Q 2023). Net loss: US$50.6m (loss widened 177% from 3Q 2023). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 62%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Canada. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$111.0m (US$79.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$166m net loss next year). Shareholders have been diluted in the past year (50% increase in shares outstanding). Market cap is less than US$100m (CA$111.0m market cap, or US$79.5m). New Risk • Nov 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$166m net loss next year). Announcement • Oct 18
Ayr Wellness Inc. to Report Q3, 2024 Results on Nov 13, 2024 Ayr Wellness Inc. announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Oct 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$156m net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Recent Insider Transactions • Sep 15
Chief Business Dev. Officer recently sold CA$54k worth of stock On the 9th of September, James Mendola sold around 19k shares on-market at roughly CA$2.82 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$40k more than they sold in the last 12 months. Price Target Changed • Sep 11
Price target decreased by 12% to CA$5.44 Down from CA$6.18, the current price target is an average from 4 analysts. New target price is 93% above last closing price of CA$2.82. Stock is down 29% over the past year. The company is forecast to post a net loss per share of US$1.90 next year compared to a net loss per share of US$1.16 last year. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$1.65 to -US$1.86 per share. Revenue forecast unchanged at US$485.8m. Pharmaceuticals industry in Canada expected to see average net income growth of 46% next year. Consensus price target of CA$5.82 unchanged from last update. Share price rose 7.7% to CA$2.65 over the past week. Major Estimate Revision • Aug 14
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$1.64 to -US$1.86 per share. Revenue forecast unchanged at US$485.8m. Pharmaceuticals industry in Canada expected to see average net income growth of 46% next year. Consensus price target down from CA$6.03 to CA$5.82. Share price rose 12% to CA$2.48 over the past week. New Risk • Aug 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$35m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.34 loss per share. Revenue: US$117.3m (flat on 2Q 2023). Net loss: US$38.8m (loss widened 27% from 2Q 2023). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Canada. Announcement • Aug 01
AYR Wellness Inc. Announces Executive Changes AYR Wellness Inc. announced that, effective July 31, 2024, Mr. Jonathan Sandelman has resigned and stepped down from his role as director and executive chairman of the Company. The board of directors of the Company has determined that Mr. Louis Karger is now the chairman of the board. Mr. Sandelman has served on the board of AYR since 2017 and has resigned to pursue other opportunities. Announcement • Jul 04
Ayr Wellness Inc. to Report Q2, 2024 Results on Aug 02, 2024 Ayr Wellness Inc. announced that they will report Q2, 2024 results on Aug 02, 2024 Major Estimate Revision • May 22
Consensus EPS estimates fall by 223% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.495 to -US$1.60 per share. Revenue forecast unchanged at US$489.6m. Pharmaceuticals industry in Canada expected to see average net income growth of 44% next year. Consensus price target broadly unchanged at CA$6.06. Share price was steady at CA$3.61 over the past week. Reported Earnings • May 16
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: US$1.08 loss per share (further deteriorated from US$0.13 loss in 1Q 2023). Revenue: US$118.0m (flat on 1Q 2023). Net loss: US$106.1m (loss widened US$96.7m from 1Q 2023). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has fallen by 52% per year whereas the company’s share price has fallen by 51% per year. Announcement • May 16
Ayr Wellness Inc. Provides Earnings Guidance for the Second Quarter of 2024 Ayr Wellness Inc. provided earnings guidance for the second quarter of 2024. The Company anticipates revenue in second quarter 2024 to be flat to modestly up compared to first quarter 2024. Announcement • Apr 12
Ayr Wellness Inc. to Report Q1, 2024 Results on May 15, 2024 Ayr Wellness Inc. announced that they will report Q1, 2024 results on May 15, 2024 Breakeven Date Change • Apr 09
Forecast to breakeven in 2025 The 8 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 26% to 2024. The company is expected to make a profit of US$8.50m in 2025. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Announcement • Mar 27
Ayr Wellness Inc. Launches Kynd Premium Edibles in Florida and Nevada AYR Wellness Inc. announced that its cannabis brand, kynd, will launch its first line of premium edibles in Florida and Nevada. Patients in Florida can now begin exploring kynd's newest offering, with Nevada to follow in the coming weeks. Kynd breaks into the growing edibles market with a selection of naturally flavored, reliably dosed, melt-proof, vegan and gluten-free edibles that amplify creativity and relaxation with effect-based terpenes and cannabinoids, designed to deliver a combination of deliciousness and effectiveness that take cannabis adventures to new heights. Offerings include: UPLIFT Gummies: Available in Sour Strawberry and Sour Watermelon, these mood-boosting, energizing Sativa gummies inspire creativity and awaken potential. RELAX Gummies: Journey to a place of total relaxation with these soothing, calming, Indica delectables, available in Sour Blue Raspberry and Tropical Pineapple. BALANCE Gummies: With a perfectly paired 1:1 ratio of THC to CBD, these blissfully effective edibles invite consumers on a peaceful, Florida Orange or Black Cherry-flavored journey. SLEEP Gummies: Blending a 2:1 ratio of CBN and Indica terpenes, these Bedtime Blueberry gummies allow consumers to unwind and enjoy a restful night's sleep. ENERGY Gummies: Low Dose, High Energy. These tart Sativa treats have 1mg of THC and 5mg of THCV, a minor cannabinoid associated with increased focus and alertness. Perfect for checking items off to-do list! kynd's Sour Watermelon UPLIFT, Black Cherry BALANCE, and Sour Blue Raspberry and Tropical Pine Pineapple RELAX Gummies are now available in Florida. Additional flavors will be available in Florida and Nevada at a later date. The launch of kynd's premium edibles builds upon the debut of its refreshed brand identity. Board Change • Mar 26
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Joyce Johnson-Miller was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 20
Consensus EPS estimates upgraded to US$0.50 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$504.8m to US$497.0m. 2024 losses expected to reduce from -US$0.588 to -US$0.498 per share. Pharmaceuticals industry in Canada expected to see average net income growth of 56% next year. Consensus price target up from CA$5.29 to CA$5.44. Share price rose 27% to CA$2.85 over the past week. Announcement • Mar 19
Ayr Wellness Inc., Annual General Meeting, May 17, 2024 Ayr Wellness Inc., Annual General Meeting, May 17, 2024. Reported Earnings • Mar 13
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: US$1.16 loss per share (improved from US$3.58 loss in FY 2022). Revenue: US$463.6m (flat on FY 2022). Net loss: US$86.1m (loss narrowed 65% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 136%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Announcement • Mar 13
Ayr Wellness Inc. Provides Earnings Guidance for the First Quarter of 2024 Ayr Wellness Inc. provided earnings guidance for the first quarter of 2024. The Company anticipates revenue in first quarter of 2024 to range from flat to modest growth compared to fourth quarter of 2023. Announcement • Feb 23
Ayr Wellness Inc. announced that it expects to receive $48.857663 million in funding Ayr Wellness Inc. announced that it will receive $48,857,663 in funding on February 22, 2024. The company will issue warrants, at no cost to such shareholders, to acquire subordinate, restricted or limited voting shares of AYR Wellness Inc. on a pro rata basis, for no consideration. The minimum investment accepted from any outside investor is $2. The company will issue securities pursuant to exemption provided under Regulation D. New Risk • Feb 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$46m net loss in 3 years). Announcement • Feb 09
Ayr Wellness Inc. to Report Q4, 2023 Results on Mar 13, 2024 Ayr Wellness Inc. announced that they will report Q4, 2023 results on Mar 13, 2024 Announcement • Feb 08
AYR Wellness Inc. Announces Jared Cohen to Join the Board of Directors AYR Wellness Inc. announced that Jared Cohen will be joining the board of directors of the Company, subject to receipt of necessary state cannabis regulatory approvals. Jared is currently a partner at FiSai Investments and brings over 20 years of public and private investing experience across multiple industries and throughout the capital structure. Recent Insider Transactions • Dec 31
President & CEO recently bought CA$63k worth of stock On the 26th of December, David Goubert bought around 25k shares on-market at roughly CA$2.51 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Announcement • Nov 17
Ayr Wellness Inc. Provides Earnings Guidance for the Fourth Quarter of 2023 Ayr Wellness Inc. provided earnings guidance for the fourth quarter of 2023. For the quarter, the company expects revenue to be essentially flat compared to the third quarter. Reported Earnings • Nov 17
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: US$0.24 loss per share (improved from US$0.52 loss in 3Q 2022). Revenue: US$114.4m (down 4.4% from 3Q 2022). Net loss: US$18.3m (loss narrowed 50% from 3Q 2022). Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates by 8.9%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 52% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Nov 17
Forecast to breakeven in 2025 The 8 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 48% per year to 2024. The company is expected to make a profit of US$10.6m in 2025. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Price Target Changed • Nov 02
Price target decreased by 14% to CA$5.43 Down from CA$6.28, the current price target is an average from 5 analysts. New target price is 237% above last closing price of CA$1.61. Stock is down 68% over the past year. The company is forecast to post a net loss per share of US$1.52 next year compared to a net loss per share of US$3.58 last year. Announcement • Nov 02
Ayr Wellness Inc. to Report Q3, 2023 Results on Nov 16, 2023 Ayr Wellness Inc. announced that they will report Q3, 2023 results on Nov 16, 2023 New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$126.5m (US$91.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (24% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$40m net loss in 2 years). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (CA$126.5m market cap, or US$91.2m). Buying Opportunity • Sep 19
Now 25% undervalued Over the last 90 days, the stock is up 235%. The fair value is estimated to be CA$5.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has declined by 59%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Major Estimate Revision • Aug 24
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$501.0m to US$481.4m. Losses expected to increase from US$1.42 per share to US$1.76. Pharmaceuticals industry in Canada expected to see average net income growth of 3.9% next year. Consensus price target down from CA$7.54 to CA$6.44. Share price fell 5.0% to CA$1.14 over the past week. Reported Earnings • Aug 18
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: US$116.7m (up 6.0% from 2Q 2022). Net loss: US$30.5m (loss narrowed 21% from 2Q 2022). Revenue missed analyst estimates by 3.4%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has fallen by 54% per year whereas the company’s share price has fallen by 58% per year. Announcement • Aug 18
Ayr Wellness Inc. Provides Earnings Guidance for the Second Half of 2023 and for the Year 2024 Ayr Wellness Inc. provided earnings guidance for the second half of 2023 and for the year 2024. The company, committed to its financial health and is positioning itself to achieve sustainable long-term growth and profitability across all markets of operation. AYR expects to generate revenue growth in the second half of 2023 and into 2024. Announcement • Aug 05
Ayr Wellness Inc. Appoints Michael Warren to Board of Directors AYR Wellness Inc. announced that it has welcomed Michael Warren to the Company's Board of Directors. Mr. Warren's 30-year career in financial services is comprised of experience in asset management, capital markets and banking, and includes 20 years of direct management responsibility at Wells Fargo, Deutsche Bank and Goldman Sachs. He previously served on the Board of Directors of Metrodigi Inc. Mr. Warren received his M.B.A. from the University of Chicago Booth School of Business and his Bachelor of Science in Management Science from MIT. Major Estimate Revision • Jun 27
Consensus EPS estimates upgraded to US$1.41 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$1.75 to -US$1.41 per share. Revenue forecast unchanged from US$503.6m at last update. Pharmaceuticals industry in Canada expected to see average net income decline 8.9% next year. Consensus price target of CA$9.30 unchanged from last update. Share price fell 2.6% to CA$1.12 over the past week. Price Target Changed • May 29
Price target decreased by 24% to CA$13.50 Down from CA$17.70, the current price target is an average from 4 analysts. New target price is 838% above last closing price of CA$1.44. Stock is down 83% over the past year. The company is forecast to post a net loss per share of US$1.71 next year compared to a net loss per share of US$3.58 last year. Buying Opportunity • May 26
Now 24% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CA$2.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 78% in the next 2 years. Major Estimate Revision • May 23
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$529.1m to US$504.0m. Losses expected to increase from US$1.46 per share to US$1.70. Pharmaceuticals industry in Canada expected to see average net income decline 22% next year. Consensus price target broadly unchanged at CA$17.40. Share price rose 23% to CA$1.65 over the past week. Breakeven Date Change • May 19
Forecast to breakeven in 2025 The 6 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 68% per year to 2024. The company is expected to make a profit of US$36.1m in 2025. Average annual earnings growth of 92% is required to achieve expected profit on schedule. Reported Earnings • May 17
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.13 loss per share (further deteriorated from US$0.11 loss in 1Q 2022). Revenue: US$117.7m (up 5.8% from 1Q 2022). Net loss: US$9.36m (loss widened 24% from 1Q 2022). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Mar 16
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$585.5m to US$530.9m. Losses expected to increase from US$1.03 per share to US$1.27. Pharmaceuticals industry in Canada expected to see average net income growth of 7.1% next year. Consensus price target down from CA$20.29 to CA$15.93. Share price fell 9.9% to CA$1.00 over the past week. Price Target Changed • Mar 10
Price target decreased by 25% to CA$15.93 Down from CA$21.14, the current price target is an average from 7 analysts. New target price is 1,446% above last closing price of CA$1.03. Stock is down 93% over the past year. The company is forecast to post a net loss per share of US$1.24 next year compared to a net loss per share of US$3.58 last year. Reported Earnings • Mar 10
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$3.58 loss per share (further deteriorated from US$0.30 loss in FY 2021). Revenue: US$465.6m (up 30% from FY 2021). Net loss: US$245.5m (loss widened US$228.5m from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 149%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 07
Price target decreased by 11% to CA$18.75 Down from CA$21.14, the current price target is an average from 8 analysts. New target price is 1,279% above last closing price of CA$1.36. Stock is down 91% over the past year. The company is forecast to post a net loss per share of US$1.46 next year compared to a net loss per share of US$0.30 last year. Announcement • Feb 10
AZ Goat, LLC entered into a definitive agreement to acquire Blue Camo, LLC from Ayr Wellness Inc. (CNSX:AYR.A) for $20 million. AZ Goat, LLC entered into a definitive agreement to acquire Blue Camo, LLC from Ayr Wellness Inc. (CNSX:AYR.A) for $20 million on February 9, 2023. Ayr is to receive consideration of $20 million in cash, with additional cash proceeds from net working capital to be received within six months of closing the transaction. In addition, the Buyer intends to assume lease obligations that will result in the elimination of approximately $15 million in long-term lease liabilities for Ayr. The sale is subject to certain closing conditions and regulatory approvals, with an anticipated closing in H1 2023. Breakeven Date Change • Feb 07
Forecast to breakeven in 2024 The 11 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$20.4m in 2024. Average annual earnings growth of 75% is required to achieve expected profit on schedule. 