Canada · Delayed Price · Currency is CAD Trulieve Cannabis Earnings Call Transcripts
Fiscal Year 2026
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Q1 revenue was $287M with a 59% gross margin and $100M adjusted EBITDA, reflecting strong operational performance. Medical marijuana's reclassification to Schedule III removes the 280E tax burden, boosting cash flow and enabling new growth and M&A opportunities.
Fiscal Year 2025
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Delivered $1.2B in 2025 revenue with 60% gross margin and $427M adjusted EBITDA, offsetting pricing pressure with higher traffic and units sold. Strategic wins included a Texas license, debt reduction, and robust cash flow, while federal rescheduling and state reforms set the stage for future growth.
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Q3 revenue grew 1% year-over-year to $288M, with strong gross margin (59%) and adjusted EBITDA ($103M, up 7%). Cash flow and liquidity remain robust, while retail and wholesale segments expanded. Guidance calls for steady margins and at least $250M in operating cash for the year.
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Federal rescheduling of cannabis is gaining momentum, with executive action expected soon, potentially easing research and tax burdens. In Florida, a revised adult use legalization campaign is underway, while consumer trends drive a focus on value products and new hemp-derived THC beverages. Capital allocation remains flexible, with refinancing and advocacy as priorities.
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Second quarter revenue was $302 million, with strong 61% gross margin and $111 million adjusted EBITDA. Retail and wholesale channels showed growth, while net loss was impacted by 280E tax. Guidance anticipates stable margins and robust cash flow, with continued focus on reform and expansion.
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First quarter revenue was $298 million with a 62% gross margin and $109 million adjusted EBITDA, driven by strong retail and wholesale performance. Cash flow and liquidity remain robust, with continued investment in branded products, new store openings, and reform initiatives. Guidance calls for stable margins and at least $250 million in operating cash flow for the year.
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A leading multi-state cannabis operator highlighted its focus on customer experience, disciplined expansion, and operational efficiency, with strong retention and a robust retail footprint. Financial guidance remains positive, and the company is navigating regulatory and tax developments while monitoring new market opportunities.
Fiscal Year 2024
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Revenue and profitability grew in 2024, with strong retail and wholesale performance, improved margins, and record cash flow. The company expanded its retail footprint, launched new branded products, and introduced a premium THC beverage line, while maintaining a robust balance sheet and focusing on operational efficiency.
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Q3 revenue rose 3% year-over-year to $284M, with gross margin at 61% and adjusted EBITDA up 24%. Positioned for Florida adult-use legalization, the company invested in retail, production, and technology, while maintaining strong cash flow and margin discipline.
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Retail traffic rose 3% in Q2, with stable consumer trends and strong loyalty program adoption. Ohio's adult-use launch saw high demand and no supply issues, while Florida's Amendment 3 campaign shows strong polling and operational readiness for rapid expansion if passed.
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Q2 revenue and margins exceeded guidance, driven by retail and wholesale growth, cost controls, and infrastructure investments. The company remains well-positioned for Florida adult-use legalization, with strong cash flow, expanding retail footprint, and continued focus on technology and customer loyalty.