Green Thumb Industries Reports First Quarter 2025 Results

Core Insights - Green Thumb Industries reported a total revenue of $280 million for Q1 2025, reflecting a 1.4% increase from the same period last year [5][9] - The company experienced a decrease in overall retail revenue by 2.5% compared to Q1 2024, primarily due to price compression in existing markets [5][6] - Adjusted EBITDA for the quarter was $85 million, representing 31% of revenue, down from $90.5 million or 32.8% of revenue in Q1 2024 [11][9] Financial Performance - Gross profit for Q1 2025 was $143.3 million, accounting for 51.3% of revenue, compared to $144.9 million or 52.5% of revenue in Q1 2024 [7][9] - Total selling, general, and administrative expenses increased to $100.8 million, or 36.1% of revenue, from $74.3 million or 26.9% of revenue in the prior year [8][9] - Net income attributable to the company was $8.3 million, or $0.04 per share, a decrease from $31.1 million, or $0.13 per share, in the prior year [10][26] Business Developments - The company opened two new RISE Dispensaries during the quarter, including locations in Nevada and Ohio [9][15] - Green Thumb is preparing for the launch of adult-use sales in Minnesota, expected to commence before the end of the year [4] - The company introduced the Bud Ball event in New York City, expanding its brand presence in the lifestyle segment [4] Balance Sheet and Liquidity - As of March 31, 2025, Green Thumb had $211 million in cash and cash equivalents, with total current assets of $444.9 million [13][27] - Total debt outstanding was $252.4 million, consisting of approximately $150 million in senior secured debt and $100 million in real estate mortgages [13] - The company repurchased approximately 160,000 Subordinate Voting Shares for about $1 million during the first quarter [14]