Finbriefs: Glass House Brands reports growing revenue in Q3
Glass House Brands, which has major operations in both Ventura and Santa Barbara Counties, reported growing revenue in the third quarter of 2023.
Reported on Nov. 10, Glass Houses’s net sales increased 71% year-over-year to $48.2 million in the third quarter of 2023. Gross profit was also $26 million for the third quarter of 2023, up from $8.7 million in the third quarter of 2022.
Glass House noted that retail revenue increased to $10.1 million, or 56%, in the third quarter as the company has opened two storefronts in Santa Barbara County since the third quarter of last year.
Adjusted earnings were $10.7 million compared to a loss of $2.7 million in the same quarter a year ago.
Glass House, which trades on the Canadian Stock Exchange, closed at $4.85 on Nov. 14, up 12% from the day of the earnings announcement.
SALEM MEDIA EARNINGS
Salem Media Group, which is based in Texas but has major operations in Ventura County, noted decreasing revenue in the third quarter of 2023.
Revenue for the company was $63.5 million for the quarter, down 5% year-over-year while it also suffered a net loss of $31.1 million up from a net loss of $11.9 million in the same quarter a year ago.
Operating loss increased to $36.3 million from $8.8 million, according to the company.
KOLIBRI ENERGY EARNINGS
Kolibri Global Energy, an energy company based in Thousand Oaks, announced revenue of $12.7 million in the third quarter of 2023, a 29% increase based on 69% increased production from its oil wells.
Net income for the company was $2.3 million for the third quarter, which was down from $9.3 million in the same quarter a year ago due to an unrealized loss on commodity contracts of $2.6 million in the third quarter.
The company ended the quarter with $15.8 million of available borrowing capacity on its credit agreement and outstanding net debt of $23.8 million]
ENERGY VAULT EARNINGS
Westlake Village-based Energy Vault reported record revenue of $172.2 million during the third quarter of 2023 driven by fresh deployments of the company’s suite of energy storage systems.
The company did suffer a net loss of $18.9 million, but it was lower than last year’s net loss of $55.1 million.
Energy Vault ended the quarter with cash and cash equivalents worth $132.2 million and no debt.