The Cannabist Company Holdings Earnings Call Transcripts
Fiscal Year 2025
-
Q3 2025 saw revenue decline 7.5% sequentially to $80 million, with adjusted EBITDA dropping to $3 million amid ongoing price compression and asset sales. Liquidity improved through divestitures, and a special committee is reviewing strategic alternatives.
-
Q2 2025 revenue declined 1% sequentially to $87 million, with adjusted EBITDA rising to $8.5 million and margin improving to 9.8%. Major debt restructuring, asset divestitures, and cost reductions strengthened liquidity, while core brands and wholesale revenue showed growth.
-
Q1 2025 revenue fell 9% sequentially to $87M amid ongoing market exits and cost reductions, but adjusted gross margin and EBITDA margin improved. Debt restructuring is critical due to upcoming maturities, and further volatility is expected until divestitures are complete.
Fiscal Year 2024
-
Major restructuring and asset divestitures led to a leaner, more focused business with improved margins in core markets. Despite revenue declines from divestitures, cost savings and operational efficiencies are expected to drive margin and cash flow improvements in 2025.
-
Q3 2024 saw revenue of $115M, down 8% due to divestitures, with Adjusted EBITDA at $14M. The company is over halfway through a transformation, exiting loss-making markets, and targeting a 20% Adjusted EBITDA margin in 2025, with Ohio's adult use launch driving strong growth.
-
Q2 2024 saw revenue rise 2% sequentially to $125.2M, with wholesale revenue up 24% and adjusted EBITDA margin improving to 14%. Strategic divestitures and restructuring are strengthening the balance sheet, while focus shifts to high-growth markets like Ohio and New Jersey.