Cresco Earnings + Call Notes

U.S. cannabis leader shares Q125 results.

Cresco Labs Earnings

$166M Revs; est. $165.5M
$36M AEBITDA; est. $35.7M
$79M GP; est. $80M
$13.6M OI; est. $14.1M
47.6% GM; est. 48.4%
($15M) NI; est. ($16.9M)

Q125 revs of $166M
Q125 OCF +$30M
Q125 FCF +$25M
SG&A $58M (35% of revenue.
Retained No. 1 share position in multiple billion dollar markets

"We entered 2025 with the flexibility and financial strength needed to navigate market volatility, complete our debt refinancing, and remain both strategic and patient as we invest thoughtfully for long-term growth. In Q1, we delivered $166M in revenue, reflecting our successful plan to reduce AR exposure by limiting sales to wholesale accounts with credit risk.

We generated $82M in adjusted gross profit, and $36M in Adjusted EBITDA. Most importantly, these actions translate into strong cash results. We generated $30M in operating cash flow and ended the quarter with $162M cash, our highest balance in the past three years.

We’re focused on ensuring our balance sheet remains in the strongest possible position to support long-term value creation. By staying disciplined and thoughtful in how we deploy capital, we’re positioning Cresco to drive margin expansion, gain market share, and invest in sustainable growth when the right opportunities arise."

Charlie Bachtell, Cresco Labs CEO

Call Notes