Jushi Earnings + Call Notes
U.S. canna leveraged to new adult-use states.
$65.7M Revs; est. $66M
$12.8M AEBITDA; est. $12.4M
$30.7m GP; est. $29.8M
46.7% GM; est. 45.2%
$2.3M OI; est. $5.6M
($23.7M) NI; est. ($25.1M)
($0.12) EPS; est. ($0.05)
$6.1m CFFO
Continued Topline Momentum with Revenue of $65.7M, Up Sequentially and YoY
Gross Profit of $30.7M, with Margin Expanding by 220 bps Sequentially and 125 bps Year-over-Year to 46.7%
Ongoing Enhancements Across Grower-Processor Footprint Driving Stronger Sales, Profitability, and Margin Performance
Management Commentary
“Our Q3 results demonstrate our optimization efforts and investments are delivering with both topline growth and profitability advancing as planned. Higher yields, enhanced product quality, and more efficient operations are allowing us to serve both our retail network and wholesale partners more effectively, driving stronger sales, expanding margins, and fueling growth across the business.
This momentum is reflected across our revenue channels, with wholesale sales rising 23% sequentially and 12% year-over-year, and retail sales up 6% year-over-year, primarily driven by new store openings. Together, strong revenue performance and operational execution drove gross profit margin up 220 basis points over last quarter and 125 basis points year-over-year, reaching 46.7%.”
Our momentum reflects fundamental improvements across our grower-processor network and our disciplined approach to retail expansion. Facility enhancements drove average yields up 13% year-over-year, with average THCa potency surpassing our annual target by more than 10%. Our high-return investment projects in Pennsylvania and Virginia continue to expand both cultivation and operational capabilities in response to evolving market demand.
On the retail side, we further strengthened our presence in Ohio with a sixth store and remain on track for an additional opening by year end. Looking ahead, we expect to launch our first New Jersey store in the fourth quarter, followed by a second location in 2026. With 41 strategically located stores and robust operational infrastructure, we have established a strong platform for focused execution and long-term growth in our key markets.”
We remain proactive in identifying opportunities to enhance our balance sheet and optimize our capital structure. The recent mortgage amendment delivered an additional $4M in proceeds, extended the maturity to September 2030, and reduced the interest rate floor, further enhancing our financial position and deepening our relationships with existing financial partners.
As we near year end, our focus remains on disciplined execution, strategic scaling, and capturing the opportunities ahead as the industry continues to evolve into the new year. In parallel, we remain deeply engaged across policy dialogue, regulatory collaboration, and legislative advocacy to support the development of a fair and sustainable regulatory framework for the long-term future of the legal cannabis industry.” Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi.
Call Notes
