Jushi (JUSH) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenue reached $262.9 million, up 2% year-over-year, driven by new store openings and operational improvements; Q4 revenue was $68.3 million, up 4% year-over-year.

• Operational improvements at grower-processor facilities led to higher yields, potency, and product consistency, supporting margin gains in Q4.

• Retail footprint expanded to 42 stores by year-end, with eight new locations added in 2025 and further expansion planned.

• Strategic refinancing post-year-end improved liquidity and extended debt maturities, with no shareholder dilution.

• Net loss for FY 2025 was $68.6 million, with Q4 net loss at $15.6 million.

Financial highlights

• FY 2025 gross profit was $114 million (43.4% margin); Q4 gross profit was $28.6 million (41.9% margin), both up from Q4 2024.

• Adjusted EBITDA for FY 2025 was $50.3 million (19.1% margin), up 8.8% year-over-year; Q4 adjusted EBITDA was $13.9 million (20.4% margin).

• Net cash flows from operations were $17.7 million for FY 2025.

• Cash and equivalents at year-end were $26.6 million; debt was $193.1 million (excluding disputed notes).

• Loss per share for FY 2025 was $0.35, compared to $0.25 in FY 2024.

Outlook and guidance

• 2026 capital expenditures projected at $9–$13 million, with $4–$5 million for maintenance and $5–$8 million for growth, mainly supporting grower-processor and select retail initiatives.

• Major expansion in Virginia contingent on adult use legalization, with most construction spending expected in 2027 and likely financed via expanded mortgage facilities.

• Company is positioned for significant growth in Virginia with adult use sales expected to begin January 1, 2027.

• Management expects continued focus on disciplined execution, capital allocation, and scalable platform development in 2026.