Jushi Holdings Inc. Reports Second Quarter 2025 Financial Results

Core Insights - Jushi Holdings Inc. reported a revenue of $65.0 million for Q2 2025, showing a year-over-year increase of 0.7% compared to Q2 2024 and a sequential increase of 1.9% from Q1 2025 [1][7] - The company experienced a net loss of $12.3 million in Q2 2025, an improvement from a net loss of $17.0 million in Q1 2025 [1][14] - Adjusted EBITDA rose by 39.6% quarter-over-quarter to $13.7 million, with an adjusted EBITDA margin of 21.1% [1][15] Financial Performance - Total revenue for Q2 2025 was $65.0 million, slightly up from $64.6 million in Q2 2024 [7] - Gross profit decreased to $28.9 million, with a gross profit margin of 44.5%, down from 50.4% in Q2 2024 [11] - Operating expenses increased to $25.3 million from $24.2 million in Q2 2024, primarily due to amortization of business licenses and expenses related to new dispensary openings [13] - Other expenses included a significant interest expense of $10.2 million, contributing to the net loss [14] Retail Expansion - Jushi's retail strategy is on track, with 40 operating dispensaries across seven states, an increase from 35 dispensaries at the end of Q2 2024 [8] - The company plans to open four additional stores by the end of 2025 or early 2026, including its first dispensary in New Jersey [5][6] - Retail revenue increased by $2.4 million compared to Q2 2024, driven by strong performance in Virginia and Ohio [8] Product Development - The company launched 602 new unique SKUs during the quarter, enhancing its product offerings across various categories [5] - Jushi-branded products accounted for 56% of total retail revenue in Q2 2025, consistent with previous quarters, indicating strong brand equity [12] Balance Sheet and Liquidity - As of June 30, 2025, Jushi had approximately $25.2 million in cash and cash equivalents, with total gross debt of $205.6 million [16] - The company received approximately $4.0 million in Employee Retention Credit claims, which bolstered its balance sheet [5][14]