Green Thumb Industries Reports Second Quarter 2025 Results

Core Insights - Green Thumb Industries reported a revenue of $293 million for Q2 2025, reflecting a 5% increase compared to the same period last year [4][5][9] - The company experienced a GAAP net loss of $0.65 million, or $0.01 per share, but would have reported a net income of $11 million, or $0.05 per share, excluding a one-time loss [10][9] - Adjusted EBITDA for the quarter was $82.7 million, representing 28.2% of revenue, down from 33.5% in the same quarter of the previous year [11][9] Financial Overview - Total revenue for Q2 2025 was $293.3 million, up 4.7% from the prior year, driven by the Consumer Packaged Goods segment [5][9] - Gross profit was $146.3 million, or 49.9% of revenue, down from 53.7% in the prior year, primarily due to price compression [7][9] - Selling, general, and administrative expenses increased to $106.8 million, or 36.4% of revenue, compared to 34.4% in Q2 2024 [8][9] Market Performance - Comparable sales decreased by 4.1% year-over-year across 91 stores, while overall retail revenue increased by 0.3% [6][9] - The company gained market share in key states such as Illinois, Pennsylvania, New Jersey, and Florida [4] Capital Allocation - Green Thumb repurchased approximately 5.6 million shares for $24 million at an average price of $4.28 per share during the quarter [14][9] - The total cash at the end of the quarter was $177 million, with total debt outstanding at $250 million [13][9] Balance Sheet and Liquidity - As of June 30, 2025, total assets were $2.55 billion, with total equity of $1.80 billion [13][25] - Current assets included cash and cash equivalents of $176.9 million [13][25]