Glass House Earnings + Call Notes

California canna leader shares Q125 results.

Glass House Brands Earnings

$44.8M Revs; est. $43.7M
$4.4M AEBITDA; est. $1.7M
$20M GP; est. $16.6M
($3.1M) OI; est. ($4.5M)
45% GM; est. 38%

Wholesale biomass production was 152,568 pounds
^ +149% year-over-year

Cost of production was $108 per pound. 👀
^ substantial improvement compared to $182 per pound in Q124

Q125 revenue was $44.8 million.
^ +49% year-over-year.
^ +78% in wholesale revenue and +19% increase in retail revenue

Gross margin was 45% vs. to 43% in Q424 and 42% in Q124

Cash and restricted cash balance rose to $37.6 million on March 31, 2025
^ vs. $36.9 million on December 31, 2024

“We commenced early hemp cultivation trials and announced a collaboration with the UC-Berkeley, to explore hemp-related research along with using AI for farming. We are now ready to progress with the next stage of development of our hemp strategy and will commence the build-out of a vacant greenhouse for commercial hemp production before the end of the quarter with the aim of generating initial hemp revenues this year.

Our stated goal remains to grow and sell 2018 US Farm Bill compliant Hemp to legal states across the country. We maintain optionality to further enhance the initial greenhouse build as well as retrofit and develop other greenhouses for additional near-term hemp production. Each of our six greenhouses offers a nearly identical massive footprint.” CEO Kyle Kazan

Call Notes