Trulieve Reports Second Quarter 2025 Results Highlighting Progress on 2025 Plan

Core Insights - Trulieve Cannabis Corp. reported its Q2 2025 financial results, highlighting stable revenue and improved gross margins, positioning the company as a leader in the cannabis industry [1][4][7]. Financial Highlights - Revenue for Q2 2025 was $302 million, comparable to $303 million in Q2 2024, with 94% derived from retail sales [7]. - Gross profit reached $183 million, resulting in a gross margin of 61%, an increase from 60% in the previous year [7]. - Operating expenses decreased to $130 million from $132 million year-over-year, maintaining an operating expense ratio of 43% [7]. - The net loss attributable to common shareholders was $14 million, compared to a loss of $12 million in Q2 2024 [7]. - Adjusted EBITDA for the quarter was $111 million, representing a 37% margin, up from 35% in the previous year [7]. Operational Highlights - The company sold over 12.5 million branded products in Q2 2025, marking a 9% increase from the previous year [7]. - Cash flow from operations was $137 million, with free cash flow of $108 million in the first half of 2025 [7]. - As of June 30, 2025, Trulieve had $401 million in cash and cash equivalents [7]. - The rewards program reached over 725,000 members, with loyalty members accounting for 71% of transactions during the quarter [7]. - Trulieve opened three new dispensaries in Florida and Ohio and launched new product lines, including Redemption Cannabis and Upward THC energy drinks [7]. Market Positioning - Trulieve is recognized as a top-performing cannabis company in the U.S., with a focus on customer experience, distribution, and branded products [4][24]. - The company operates 231 retail dispensaries and has over four million square feet of cultivation and processing capacity across the United States [7][24].