Trulieve Cannabis Corp ( TCNNF ) reported first-quarter financial results ahead of the market open on Wednesday. Here’s a look at the key metrics from the quarter.

Q1 Earnings: Trulieve reported first-quarter revenue of $297.8 million, beating analyst estimates of $294.4 million, according to Benzinga Pro. The cannabis company reported a first-quarter adjusted loss of 2 cents per share, beating estimates for a loss of 8 cents per share.

Total revenue “increased slightly” on a year-over-year basis, with 95% of revenue coming from retail sales. Trulieve reported a first-quarter gross margin of 62%, up from 58% last year.

The company generated $51 million in cash flow from operations and free cash flow of $34 million in the first quarter. Trulieve ended the quarter with $329 million in cash.

“Strong margins and cash flow achieved in the first quarter clearly demonstrate our commitment to operational excellence. With our loyal customer base, branded products, and efforts to drive cannabis reform, Trulieve stands out as an industry leader,” said Kim Rivers, CEO of Trulieve.

Reward program members climbed to over 625,000 during the period. Trulieve added one new dispensary in St. Petersburg, Florida, increasing its retail footprint to 229 locations at quarter’s end.

Trulieve executives discussed the quarter on a call with investors and analysts that got started at 8:30 a.m. ET.

TCNNF Price Action: Trulieve Cannabis ( TCNNF ) shares were trading at $4.47 at the time of publication Wednesday, according to Benzinga Pro.

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