Jushi (JUSH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 4% year-over-year to $66.4 million, with margin expansion and operational improvements across retail and wholesale channels.

• Growth was driven by new dispensaries in Ohio, strong same-store sales in Virginia, and wholesale expansion, despite ongoing pricing pressure.

• Federal rescheduling of medical cannabis to Schedule III is expected to reduce tax burdens and enhance profitability.

• Strategic initiatives included redomiciling to Nevada and refinancing with a $160 million senior secured term loan, enhancing liquidity and extending maturities.

• Net loss widened to $19.8 million from $17 million year-over-year, impacted by higher interest expense and refinancing-related costs.

Financial highlights

• Gross profit reached $29.9 million (45% margin), up from $25.8 million (40.4%) year-over-year.

• Adjusted EBITDA was $11.4 million (17.2% margin), compared to $9.8 million (15.4%) in Q1 2025.

• Retail revenue increased by $1.0 million, mainly from Ohio and Virginia, with four new dispensaries added in Ohio since Q1 2025.

• Wholesale revenue increased 22.2% year-over-year to $8.6 million, led by Massachusetts and Ohio.

• Cash, cash equivalents, and restricted cash totaled $42.3 million at quarter-end.

Outlook and guidance

• Maintenance CapEx for 2026 expected at $4–5 million; total projected CapEx $9–13 million, with major construction in Virginia likely deferred to 2027 pending regulatory clarity.

• Anticipates significant benefit from Section 280E tax relief due to high proportion of medical sales.

• Plans to accelerate investment in Virginia, Pennsylvania, and Ohio if adult-use legalization proceeds.

• Transition to adult-use cannabis in Virginia could expand the customer base, though timing and revenue impact remain uncertain.

• Focus remains on operational excellence, optimizing retail footprint, and targeted investments.