Jushi Holdings Inc. Reports Second Quarter 2025 Financial Results
Jushi Holdings (OTCQX:JUSHF) reported Q2 2025 financial results, with revenue reaching $65.0 million, showing both year-over-year and sequential growth. The company posted a net loss of $12.3 million, an improvement from Q1 2025's $17.0 million loss. Notably, Adjusted EBITDA increased 39.6% quarter-over-quarter to $13.7 million.
The company continues its retail expansion with 40 stores nationwide and plans to open four additional locations by early 2026. Jushi-branded products maintained strong performance, accounting for 56% of total retail revenue. The company's growth strategy includes entering the New Jersey market and strengthening its position in Ohio, where it recently opened its fifth location in Mansfield.
Financial highlights include gross profit of $28.9 million with a 44.5% margin, and cash position of $25.2 million. The company also received $4.0 million in Employee Retention Credit claims.
Jushi Holdings (OTCQX:JUSHF) ha comunicato i risultati finanziari del secondo trimestre 2025, con un fatturato che ha raggiunto i 65,0 milioni di dollari, mostrando una crescita sia su base annua che sequenziale. L'azienda ha registrato una perdita netta di 12,3 milioni di dollari, un miglioramento rispetto alla perdita di 17,0 milioni di dollari del primo trimestre 2025. Notevolmente, l'EBITDA rettificato è aumentato del 39,6% rispetto al trimestre precedente, raggiungendo 13,7 milioni di dollari.
L'azienda prosegue la sua espansione nel settore retail con 40 negozi a livello nazionale e prevede di aprire quattro ulteriori punti vendita entro l'inizio del 2026. I prodotti a marchio Jushi hanno mantenuto una forte performance, rappresentando il 56% del fatturato totale retail. La strategia di crescita comprende l'ingresso nel mercato del New Jersey e il rafforzamento della posizione in Ohio, dove è stata recentemente inaugurata la quinta sede a Mansfield.
I dati finanziari principali includono un profitto lordo di 28,9 milioni di dollari con un margine del 44,5%, e una posizione di cassa di 25,2 milioni di dollari. L'azienda ha inoltre ricevuto 4,0 milioni di dollari in crediti per la retention dei dipendenti.
Jushi Holdings (OTCQX:JUSHF) reportó los resultados financieros del segundo trimestre de 2025, con ingresos que alcanzaron los 65,0 millones de dólares, mostrando crecimiento tanto interanual como secuencial. La compañía registró una pérdida neta de 12,3 millones de dólares, mejorando respecto a la pérdida de 17,0 millones de dólares del primer trimestre de 2025. Destaca que el EBITDA ajustado aumentó un 39,6% trimestre a trimestre, llegando a 13,7 millones de dólares.
La empresa continúa su expansión minorista con 40 tiendas a nivel nacional y planea abrir cuatro ubicaciones adicionales a principios de 2026. Los productos de la marca Jushi mantuvieron un sólido desempeño, representando el 56% de los ingresos totales minoristas. La estrategia de crecimiento incluye ingresar al mercado de Nueva Jersey y fortalecer su posición en Ohio, donde recientemente abrió su quinta tienda en Mansfield.
Los aspectos financieros destacados incluyen una ganancia bruta de 28,9 millones de dólares con un margen del 44,5%, y una posición de efectivo de 25,2 millones de dólares. La compañía también recibió 4,0 millones de dólares en créditos por retención de empleados.
Jushi Holdings (OTCQX:JUSHF)는 2025년 2분기 재무 실적을 발표했으며, 매출은 6,500만 달러에 달해 전년 동기 및 전 분기 대비 성장세를 보였습니다. 회사는 1,230만 달러의 순손실을 기록했으나, 이는 2025년 1분기 1,700만 달러 손실에서 개선된 수치입니다. 특히, 조정 EBITDA는 전 분기 대비 39.6% 증가한 1,370만 달러를 기록했습니다.
회사는 전국에 40개 매장을 보유하며 소매 확장을 지속하고 있으며, 2026년 초까지 4개 매장을 추가로 열 계획입니다. Jushi 브랜드 제품은 전체 소매 매출의 56%를 차지하며 강한 실적을 유지했습니다. 성장 전략에는 뉴저지 시장 진입과 오하이오에서의 입지 강화가 포함되며, 최근 매스필드에 다섯 번째 매장을 개장했습니다.
재무 하이라이트로는 2,890만 달러의 총이익과 44.5%의 마진, 그리고 2,520만 달러의 현금 보유고가 있습니다. 또한 직원 유지 크레딧 청구로 400만 달러를 받았습니다.
Jushi Holdings (OTCQX:JUSHF) a publié ses résultats financiers du deuxième trimestre 2025, avec un chiffre d'affaires atteignant 65,0 millions de dollars, affichant une croissance à la fois en glissement annuel et séquentiel. La société a enregistré une perte nette de 12,3 millions de dollars, une amélioration par rapport à la perte de 17,0 millions de dollars du premier trimestre 2025. Notamment, l'EBITDA ajusté a augmenté de 39,6% d'un trimestre à l'autre pour atteindre 13,7 millions de dollars.
L'entreprise poursuit son expansion dans le commerce de détail avec 40 magasins à l'échelle nationale et prévoit d'ouvrir quatre emplacements supplémentaires d'ici début 2026. Les produits de la marque Jushi ont maintenu une forte performance, représentant 56% du chiffre d'affaires total du commerce de détail. La stratégie de croissance de la société inclut l'entrée sur le marché du New Jersey et le renforcement de sa position dans l'Ohio, où elle a récemment ouvert son cinquième point de vente à Mansfield.
Les points financiers clés comprennent un bénéfice brut de 28,9 millions de dollars avec une marge de 44,5%, et une trésorerie de 25,2 millions de dollars. La société a également reçu 4,0 millions de dollars de crédits pour la rétention des employés.
Jushi Holdings (OTCQX:JUSHF) meldete die Finanzergebnisse für das zweite Quartal 2025, wobei der Umsatz 65,0 Millionen US-Dollar erreichte und sowohl im Jahresvergleich als auch im Quartalsvergleich wuchs. Das Unternehmen verzeichnete einen Nettoverlust von 12,3 Millionen US-Dollar, eine Verbesserung gegenüber dem Verlust von 17,0 Millionen US-Dollar im ersten Quartal 2025. Bemerkenswert ist, dass das bereinigte EBITDA im Quartalsvergleich um 39,6% auf 13,7 Millionen US-Dollar stieg.
Das Unternehmen setzt seine Expansion im Einzelhandel mit 40 Filialen landesweit fort und plant, bis Anfang 2026 vier weitere Standorte zu eröffnen. Produkte der Marke Jushi zeigten eine starke Leistung und machten 56% des gesamten Einzelhandelsumsatzes aus. Die Wachstumsstrategie umfasst den Eintritt in den Markt von New Jersey und die Stärkung der Position in Ohio, wo kürzlich der fünfte Standort in Mansfield eröffnet wurde.
Zu den finanziellen Highlights zählen ein Bruttogewinn von 28,9 Millionen US-Dollar mit einer Marge von 44,5% sowie eine Liquiditätsposition von 25,2 Millionen US-Dollar. Das Unternehmen erhielt außerdem 4,0 Millionen US-Dollar an Mitarbeiterbindungsprämien.
- Adjusted EBITDA increased 39.6% quarter-over-quarter to $13.7 million
- Net loss improved to $12.3 million from $17.0 million in Q1 2025
- Strong brand performance with Jushi-branded products maintaining 56% of retail revenue
- Retail expansion continues with 40 stores nationwide and 4 new locations planned
- Received $4.0 million in Employee Retention Credit claims
- Successfully expanded into Ohio market with strong revenue growth of $4.1 million year-over-year
- Gross profit margin declined to 44.5% from 50.4% year-over-year
- Operating expenses increased 4.8% year-over-year to $25.3 million
- Wholesale revenue decreased by $2.0 million compared to Q2 2024
- Significant debt burden with $213.5 million in total gross debt
- Competitive pricing pressure leading to lower average selling prices
Revenue of
Net Loss of
Adjusted EBITDA Increased
Retail Expansion Plan On Track with 40 Stores Nationwide and Counting; Four Additional Store Openings Planned for the Second Half of 2025
BOCA RATON, Fla, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, is pleased to announce its financial results for the second quarter ended June 30, 2025 (“Q2 2025”). All financial information is unaudited and provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (“GAAP”).
Second Quarter 2025 Financial Highlights
- Total revenue of
$65.0 million - Gross profit and gross profit margin of
$28.9 million and44.5% , respectively - Net loss of
$12.3 million - Adjusted EBITDA1 and Adjusted EBITDA margin1 of
$13.7 million and21.1% , respectively - Cash, cash equivalents, and restricted cash of
$25.2 million as of quarter end - Net cash flows used in operations of
$1.9 million
1 See “Use of Non-GAAP Financial Information” and “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” below.
Second Quarter 2025 Company Highlights
- Jushi-branded product sales accounted for
56% of total retail revenue in Q2 2025, consistent with the levels maintained in Q1 2025 and Q2 2024 across the Company’s five vertical markets, demonstrating strong brand equity and sustained consumer demand. - Expanded Ohio footprint with the opening of Beyond Hello™ Mansfield, the Company’s fifth location in the state, which is currently operating under a management services agreement.
- Continued advancing the retail expansion strategy with four additional planned store openings by the end of the year or early next year, positioning the Company to achieve its target of 10 new stores since the initiative launched in the fourth quarter of 2024.
- Late in the third quarter or early in the fourth quarter of 2025, the Company expects to open its first New Jersey dispensary in Little Ferry and a sixth Ohio location in Parma, both pending regulatory approvals. An additional two locations are expected to open in the fourth quarter of 2025 or early first quarter of 2026, including one in New Jersey and one in Ohio, both subject to regulatory approval.
- As part of the strategy to optimize retail performance, the Company is also planning several store relocations, targeting the move of underperforming stores to higher performance locations.
- Received approximately
$4.0 million in Employee Retention Credit (“ERC”) claims, including interest. This amount included both factored and non-factored claims, with approximately$1 million representing incremental cash, further strengthening the balance sheet. - Enhanced product offering with the launch of 602 new, unique SKUs across a diverse range across our portfolio, including flower, pre-rolls, vapes, concentrates, and edibles during the quarter.
- Bolstered products with the launch of Shayo, a lifestyle brand developed in partnership with Real Housewives of Potomac star Stacey Rusch featuring rosin-infused fruit chews crafted with targeted cannabinoid profiles and curated flavor pairings, including Rise (1:2 THC:CBG) in Blood Orange Pomegranate, and Rest (1:2 THC:CBN) in Berry Vanilla. The brand is available at all Beyond Hello™ locations in Virginia and may expand to additional medical dispensaries across the commonwealth in the near term.
Management Commentary
“The topline growth we achieved this quarter both sequentially and year-over-year is an early but encouraging sign that our disciplined cost controls and targeted platform enhancements are taking hold,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “This performance reinforces confidence in our strategic direction as we remain focused on driving profitability, expanding margins, and achieving continued sequential reductions in net loss. Operational improvements across our grower-processor network are translating into stronger yields and greater efficiency, supported by the ongoing ramp-up of high-margin product lines. During the second quarter, we also strengthened our balance sheet and streamlined our footprint with approximately
Mr. Cacioppo continued, “Our retail expansion strategy remains firmly on track, with four new locations expected to open by year-end or early 2026 and a strong pipeline of additional opportunities. Ohio has become an increasingly important market for us, driven by the recent addition of new stores. We are expanding our footprint and strengthening our position across both the retail and wholesale channels in the state. As part of our continued strategic expansion, we are excited to announce the upcoming opening of our first store in New Jersey, subject to regulatory approvals. Entering New Jersey represents a major milestone as our first new market in over two years and underscores our belief that the proven appeal of our brands in other markets will translate well into this new state. Our robust retail footprint has always been a cornerstone of our growth strategy, and with that foundation in place, we are now directing capital toward high-return investments in our grower-processor operations. While we remain open to opportunistic retail expansion beyond our current pipeline, this shift reflects a disciplined capital allocation strategy designed to strengthen our operational capabilities ahead of potential regulatory catalysts and broader market maturity, particularly in Pennsylvania and Virginia. As we continue to bolster our platform, we remain focused on driving sustainable growth, expanding our market reach, and delivering long-term value for our shareholders.”
Financial Results for the Second Quarter Ended June 30, 2025
($ in millions)
| Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | % Change | Quarter Ended June 30, 2025 | Quarter Ended March 31, 2025 | % Change | |||||||||||
| Revenue, net | $ | 65.0 | $ | 64.6 | 0.7 | % | $ | 65.0 | $ | 63.8 | 1.9 | % | ||||
| Gross profit | $ | 28.9 | $ | 32.6 | (11.2 | )% | $ | 28.9 | $ | 25.8 | 12.2 | % | ||||
| Operating expenses | $ | 25.3 | $ | 24.2 | 4.8 | % | $ | 25.3 | $ | 27.6 | (8.4 | )% | ||||
| Other income (expense) | $ | (6.0 | ) | $ | (1.0 | ) | 492.8 | % | $ | (6.0 | ) | $ | (6.2 | ) | (2.6 | )% |
| Net loss | $ | (12.3 | ) | $ | (1.9 | ) | 536.3 | % | $ | (12.3 | ) | $ | (17.0 | ) | (27.5 | )% |
| Adjusted EBITDA | $ | 13.7 | $ | 14.5 | (5.3 | )% | $ | 13.7 | $ | 9.8 | 39.6 | % | ||||
Revenue in Q2 2025 increased by
Retail revenue for Q2 2025 increased by
Wholesale revenue for Q2 2025 decreased
Gross profit and gross profit margin decreased to
Jushi-branded product sales as a percentage of total retail revenue were
Operating expenses for Q2 2025 were
Other expense, net for Q2 2025 included interest expense of
Net loss for Q2 2025 was
Adjusted EBITDA1 in Q2 2025 was
1See “Use of Non-GAAP Financial Information” and “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” below.
Balance Sheet and Liquidity
As of June 30, 2025, the Company had approximately
As of July 30, 2025, the Company’s issued and outstanding shares were 196,696,597 and its fully diluted shares outstanding were 300,877,845.
Use of Non-GAAP Financial Information
The Company believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” section of this press release.
Conference Call and Webcast Information
The Company will host a conference call and audio webcast for the second quarter ended June 30, 2025, at 4:00 p.m. ET today, Tuesday, August 5, 2025.
| Event: | Second Quarter 2025 Financial Results Conference Call |
| Date: | Tuesday, August 5, 2025 |
| Time: | 4:00 p.m. Eastern Time |
| Live Call: | 1-844-826-3033 (U.S. & Canada Toll-Free) |
| Conference ID: | 10199749 |
| Webcast: | Register |
For interested individuals unable to join the conference call, a webcast of the call will be available for one month following the conference call and can be accessed via webcast on Jushi’s Investor Relations website.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels, Instagram, Facebook, X, and LinkedIn.
Forward-Looking Information and Statements
This press release may contain “forward-looking statements” and “forward‐looking information” within the meaning of applicable securities laws, including Canadian securities legislation and United States (“U.S.”) securities legislation (collectively, “forward-looking information”) which are based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. All information, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects or anticipates will or may occur in the future constitutes forward‐looking information. Forward‐looking information is often identified by the words, “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, information regarding: future business strategy; competitive strengths, goals, expansion and growth of the Company’s business, operations and plans, including new revenue streams; the implementation by the Company of certain product lines; the implementation of certain research and development; the application for additional licenses and the grant of licenses that will be or have been applied for; the expansion or construction of certain facilities; the reduction in the number of our employees; the expansion into additional U.S. and international markets; any potential future legalization of adult use and/or medical marijuana under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future.
Readers are cautioned that forward‐looking information is not based on historical facts but instead is based on reasonable assumptions and estimates of the management of the Company at the time they were provided or made and such information involves known and unknown risks, uncertainties, including our ability to continue as a going concern, and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking information. Such factors include, among others: the limited operating history of the industry and the Company; risks related to managing the growth of the Company including completed, pending or future acquisitions or dispositions, including potential future impairment of goodwill or intangibles acquired and/or post-closing disputes; risks related to the continued performance, expansion and/or optimization of existing operations in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania, and Virginia; risks related to the anticipated openings of additional dispensaries or relocation of existing dispensaries subject to licensing approval; the Company’s history of operating losses and negative operating cash flows; increasing competition in the industry; risks inherent in an agricultural business, such as the effects of natural disasters; reliance on the expertise and judgment of senior management of the Company; risks associated with cannabis products manufactured for human consumption including potential product recalls; limited research and data relating to cannabis; constraints on marketing products; risk of litigation; insurance-related risks; public opinion and perception of the cannabis industry; risks related to the economy generally; fraudulent activity by employees, contractors and consultants; risks relating to the Company’s current amount of indebtedness; reliance on key inputs, suppliers and skilled labor, and third party service provider contracts; reliance on manufacturers and contractors; risks of supply shortages or supply chain disruptions; risks relating to pandemics and forces of nature; risks related to the enforceability of contracts; risks related to inflation, the rising cost of capital, and stock market instability; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti‐money laundering laws and regulation; cannabis-related tax risks and challenges from governmental authorities with respect to the Company’s application for Employee Retention Tax Credits (ERC); other governmental and environmental regulation; risks related to proprietary intellectual property and potential infringement by third parties; sales of a significant amount of shares by existing shareholders; the limited market for securities of the Company; risks relating to the need to raise additional capital either through debt or equity financing; costs associated with the Company being a publicly-traded company and a U.S. and Canadian filer; risks related to co‐investment with parties with different interests to the Company; conflicts of interest and related party transactions; cybersecurity risks; and risks related to the Company’s critical accounting policies and estimates. Refer to Part I - Item 1A. Risk Factors in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 6, 2025 for more information.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward‐looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on the forward‐looking information contained in this press release or other forward-looking statements made by the Company. Forward‐looking information is provided and made as of the date of this press release and the Company does not undertake any obligation to revise or update any forward‐looking information or statements other than as required by applicable law.
Unless the context requires otherwise, references in this press release to “Jushi,” “Company,” “we,” “us” and “our” refer to Jushi Holdings Inc. and our subsidiaries.
For further information, please contact:
Jushi Investor Relations
Trent Woloveck
Co-Chief Strategy Director
614-271-4349
trent@jushico.com
investors@jushico.com
| JUSHI HOLDINGS INC. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (In thousands of U.S. dollars, except share and per share amounts) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| REVENUE, NET | $ | 65,046 | $ | 64,595 | $ | 128,892 | $ | 130,054 | |||||||
| COST OF GOODS SOLD | (36,122 | ) | (32,029 | ) | (74,193 | ) | (65,158 | ) | |||||||
| GROSS PROFIT | 28,924 | 32,566 | 54,699 | 64,896 | |||||||||||
| OPERATING EXPENSES | 25,322 | 24,162 | 52,968 | 52,373 | |||||||||||
| INCOME FROM OPERATIONS | 3,602 | 8,404 | 1,731 | 12,523 | |||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest expense, net | (10,219 | ) | (9,071 | ) | (20,219 | ) | (18,615 | ) | |||||||
| Fair value gain (loss) on derivatives | (187 | ) | 5,312 | 450 | 212 | ||||||||||
| Other, net | 4,401 | 2,746 | 7,598 | 4,663 | |||||||||||
| Total other income (expense), net | (6,005 | ) | (1,013 | ) | (12,171 | ) | (13,740 | ) | |||||||
| INCOME (LOSS) BEFORE INCOME TAX | (2,403 | ) | 7,391 | (10,440 | ) | (1,217 | ) | ||||||||
| Income tax expense | (9,928 | ) | (9,329 | ) | (18,906 | ) | (19,076 | ) | |||||||
| NET LOSS | $ | (12,331 | ) | $ | (1,938 | ) | $ | (29,346 | ) | $ | (20,293 | ) | |||
| LOSS PER SHARE - BASIC AND DILUTED | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.15 | ) | $ | (0.10 | ) | |||
| Weighted average shares outstanding - basic and diluted | 195,196,597 | 195,138,473 | 195,196,597 | 195,135,057 | |||||||||||
| JUSHI HOLDINGS INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands of U.S. dollars, except share amounts) | |||||||
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 23,206 | $ | 19,521 | |||
| Accounts receivable, net | 791 | 1,461 | |||||
| Inventory, net | 34,226 | 36,138 | |||||
| Prepaid expenses and other current assets | 6,005 | 15,030 | |||||
| Total current assets | 64,228 | 72,150 | |||||
| NON-CURRENT ASSETS: | |||||||
| Property, plant and equipment, net | 144,730 | 144,063 | |||||
| Right-of-use assets - finance leases | 59,178 | 60,627 | |||||
| Other intangible assets, net | 97,024 | 100,472 | |||||
| Goodwill | 30,910 | 30,910 | |||||
| Other non-current assets | 34,274 | 30,273 | |||||
| Restricted cash - non-current | 2,025 | 1,825 | |||||
| Total non-current assets | 368,141 | 368,170 | |||||
| Total assets | $ | 432,369 | $ | 440,320 | |||
| LIABILITIES AND EQUITY (DEFICIT) | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable | $ | 17,376 | $ | 21,459 | |||
| Accrued expenses and other current liabilities | 26,858 | 32,786 | |||||
| Income tax payable | 1,772 | 2,299 | |||||
| Debt, net - current portion (including related party principal amounts of | 7,088 | 2,758 | |||||
| Finance lease obligations - current | 10,028 | 9,593 | |||||
| Total current liabilities | 63,122 | 68,895 | |||||
| NON-CURRENT LIABILITIES: | |||||||
| Debt, net - non-current (including related party principal amounts of | 192,826 | 183,449 | |||||
| Finance lease obligations - non-current | 53,397 | 52,742 | |||||
| Derivative liabilities - non-current | 3,070 | 3,128 | |||||
| Unrecognized tax benefits | 162,785 | 143,688 | |||||
| Other liabilities - non-current | 35,006 | 38,653 | |||||
| Total non-current liabilities | 447,084 | 421,660 | |||||
| Total liabilities | 510,206 | 490,555 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| EQUITY (DEFICIT): | |||||||
| Common stock, no par value: authorized shares - unlimited; issued and outstanding shares - 196,696,597 and 196,696,597 Subordinate Voting Shares as of June 30, 2025 and December 31, 2024, respectively | — | — | |||||
| Paid-in capital | 509,830 | 508,386 | |||||
| Accumulated deficit | (587,967 | ) | (558,621 | ) | |||
| Total Jushi shareholders' deficit | (78,137 | ) | (50,235 | ) | |||
| Non-controlling interests | 300 | — | |||||
| Total deficit | (77,837 | ) | (50,235 | ) | |||
| Total liabilities and equity (deficit) | $ | 432,369 | $ | 440,320 | |||
| JUSHI HOLDINGS INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (In thousands of U.S. dollars) | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| (unaudited) | |||||||
| Net cash flows provided by operating activities | $ | 5,594 | $ | 12,041 | |||
| Net cash flows (used in) provided by investing activities | (4,834 | ) | 959 | ||||
| Net cash flows provided by (used in) financing activities | 3,125 | (9,275 | ) | ||||
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 3,885 | $ | 3,725 | |||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | $ | 21,346 | $ | 31,305 | |||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 25,231 | $ | 35,030 | |||
JUSHI HOLDINGS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
and CALCULATION OF ADJUSTED EBITDA MARGIN
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
In addition to providing financial measurements based on GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP. We use non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. These non-GAAP financial measures are EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin (each as defined below). We believe that these non-GAAP financial measures reflect our ongoing business by excluding the effects of expenses that are not reflective of our operating business performance and allow for meaningful comparisons and analysis of trends in our business. These non-GAAP financial measures also facilitate comparing financial results across accounting periods and to those of peer companies. As there are no standardized methods of calculating these non-GAAP measures, our methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not defined under GAAP. We define EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before: (i) non-cash share-based compensation expense; (ii) inventory-related adjustments; (iii) fair value changes in derivatives; (iv) other (income)/expense items; (v) transaction costs; (vi) asset impairment; and (vii) gain/loss on debt extinguishment. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. These financial measures are metrics that have been adjusted from the GAAP net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. Other companies in our industry may calculate this measure differently, limiting their usefulness as comparative measures.
Unaudited Reconciliation of Net Loss to Adjusted EBITDA
(In thousands of U.S. dollars)
| Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | |||||||||
| NET LOSS | $ | (12,331 | ) | $ | (17,015 | ) | $ | (1,938 | ) | ||
| Income tax expense | 9,928 | 8,978 | 9,329 | ||||||||
| Interest expense, net | 10,219 | 10,000 | 9,071 | ||||||||
| Depreciation and amortization(1) | 7,967 | 8,035 | 7,377 | ||||||||
| EBITDA (Non-GAAP) | 15,783 | 9,998 | 23,839 | ||||||||
| Non-cash share-based compensation | 374 | (307 | ) | 347 | |||||||
| Fair value changes in derivatives | 187 | (637 | ) | (5,312 | ) | ||||||
| Other (income) expense, net(2) | (2,630 | ) | 773 | (2,657 | ) | ||||||
| Gain on deconsolidation of Jushi Europe | — | — | (1,896 | ) | |||||||
| Tangible long-lived asset impairment | — | — | 157 | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 13,714 | $ | 9,827 | $ | 14,478 | |||||
(1) Includes amounts that are included in cost of goods sold and in operating expenses.
(2) Includes: (i) remeasurement of contingent consideration related to acquisitions; (ii) losses (gains) on legal settlements; (iii) losses (gains) on asset disposals; (iv) foreign exchange losses (gains); (v) indemnification asset adjustments related to acquisitions; and (vi) start-up costs.
Calculation of Adjusted EBITDA Margin
(In thousands of U.S. dollars, unless otherwise stated)
| Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | |||||||||
| Total revenue, net | $ | 65,046 | $ | 63,846 | $ | 64,595 | |||||
| Adjusted EBITDA (Non-GAAP) | $ | 13,714 | $ | 9,827 | $ | 14,478 | |||||
| Adjusted EBITDA Margin (Non-GAAP) | 21.1 | % | 15.4 | % | 22.4 | % | |||||
FAQ
What were Jushi Holdings' (JUSHF) key financial results for Q2 2025?
How many retail stores does Jushi Holdings operate and what are their expansion plans?
What is Jushi Holdings' (JUSHF) current cash position and debt status as of Q2 2025?
How did Jushi's branded products perform in Q2 2025?
What was Jushi Holdings' performance in the Ohio market during Q2 2025?
