Green Thumb Industries (GTII) investor relations material

Executive summary

• Achieved $300.2 million in Q1 2026 revenue, up 7.5% year-over-year, driven by retail growth in Minnesota, Connecticut, and Florida, outperforming an industry decline.

• Normalized EBITDA reached $93.5 million (31.2% margin), with $76 million in operating cash flow and record cash on hand of $345 million.

• Net income was $15.4 million ($0.07 per share), up from $8.3 million, aided by a one-time arbitration settlement and equity method investment income.

• Share repurchases totaled 13.4 million shares YTD for $77.7 million, with 29 million shares repurchased since September 2023.

• Positioned for future growth through new state licenses, strategic investments, and readiness for regulatory changes.

Financial highlights

• Gross profit was $144 million (48% margin), down from 51% last year due to higher licensing fees and price compression.

• SG&A expenses were $103 million (34% of revenue), up due to compensation and new store costs.

• EBITDA was $73.1 million (24.4% of revenue), up from $71.9 million (25.7% of revenue) year-over-year.

• Total assets stood at $2.83 billion, with total equity of $1.90 billion and total debt of $289.9 million.

• Operating cash flow of $76 million; ended Q1 with $345 million in cash.

Outlook and guidance

• Q2 2026 revenue expected to be flat or slightly down sequentially due to pricing pressures.

• Full-year CapEx anticipated at $80 million, subject to changes in Virginia's adult use legislation.

• Management expects federal rescheduling of medical cannabis to provide tax relief and operational flexibility.

• Cautiously optimistic on near-term outlook, focusing on operational discipline amid price compression, inflation, and regulatory uncertainty.