Trulieve Earnings + Call Notes

U.S. canna leader shares Q125 results.

Trulieve Earnings

$298M Revs; est. $294.1M
$109M AEBITDA; est. $95.6M
$183M GP; est. $174.3M
$33.3 M OI; est. $47.6M
62% GM; est. 59.3%

Positives

Gross margin improved to 62% from 58% year-over-year
Generated $51M in operating cash flow and $34M free cash flow
Strong cash position with $329M at quarter end
4/20 holiday sales showed 20% increase in units sold
AEBITDA of $109M, representing 37% of revenue

Negatives

Net loss of $33M, increased from $23M loss YoY
Revenue remained flat at $298M year-over-year
Operating expenses increased 17% → $150M
Operating expenses as % of revenue 43% → 50%

Mgmt Commentary

"Strong margins and cash flow achieved in the first quarter clearly demonstrate our commitment to operational excellence. With our loyal customer base, branded products, and efforts to drive cannabis reform, Trulieve stands out as an industry leader. Kim Rivers, Trulieve CEO

Call Notes + Observations