Jushi Holdings Earnings Call Transcripts
Fiscal Year 2025
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Revenue grew modestly in 2025, with Q4 showing margin improvements from operational gains and expanded retail. Strategic refinancing enhanced liquidity and extended debt maturities, while regulatory progress in Virginia positions the company for significant growth in 2027.
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Q3 2025 saw revenue rise to $65.7M, with gross margin improving to 46.7% and adjusted EBITDA up to $12.8M. Operational upgrades drove yield and potency gains, while new store openings and capacity expansions position the company for adult use growth in key states.
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Q2 2025 saw revenue rise to $65M, driven by Ohio and Virginia retail, with gross margin improving to 44% and adjusted EBITDA up 39.6% sequentially. Expansion continues with 10 new stores planned, while capital shifts toward high-ROI cultivation projects amid regulatory catalysts in PA and VA.
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Q1 2025 revenue declined year-over-year due to price compression, but net loss improved and operating cash flow increased. Retail expansion progressed with six new stores, and Virginia and Ohio outperformed with strong same-store sales and margins. Margin improvements are expected as higher-cost inventory rolls off.
Fiscal Year 2024
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Q4 2024 saw revenue and gross margin declines due to pricing pressure, but net loss improved and operating cash flow hit a record. Retail expansion and efficiency initiatives drove annual gross profit and adjusted EBITDA growth, with strong performance in Virginia and Ohio.
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Q3 2024 saw revenue decline year-over-year due to price compression and competition, but gross margin improved and adjusted EBITDA rose. Strategic retail expansion, especially in Ohio, is expected to drive future growth, with significant operational and regulatory developments underway.
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Q2 2024 saw improved gross margins, higher adjusted EBITDA, and a narrowed net loss, driven by operational efficiencies and strong wholesale growth in Virginia. Strategic expansion is underway in Ohio and Illinois, with refinancing efforts strengthening the balance sheet.