Core Insights - Jushi Holdings Inc. reported a total revenue of $262.9 million for the full year 2025, reflecting a 2% increase year-over-year, driven by contributions from new store openings [1][6] - The company achieved operational improvements in 2025, enhancing cultivation performance and product availability [1][8] - Jushi refinanced its debt post year-end, extending maturities to 2029, which improved liquidity and strengthened the balance sheet [1][7] Financial Highlights - For Q4 2025, total revenue was $68.3 million, with a gross profit of $28.6 million and a gross profit margin of 41.9% [6][9] - The net loss for Q4 2025 was $15.6 million, while adjusted EBITDA was $13.9 million, resulting in an adjusted EBITDA margin of 20.4% [6][9] - For FY 2025, the gross profit was $114.0 million, with a gross profit margin of 43.4%, despite a net loss of $68.6 million [6][9] Operational Developments - Jushi expanded its retail footprint with eight new store openings, ending the year with 42 operating dispensaries across eight states [6][10] - The company introduced 280 new unique SKUs across its product portfolio, indicating continued innovation [6][10] - Jushi-branded products accounted for 58% of retail revenue, an increase of 332 basis points year-over-year [6][12] Market and Legislative Context - Virginia's adult-use cannabis legislation was passed, establishing a regulated retail market with sales expected to begin on January 1, 2027, pending the Governor's approval [1][8] - The company is positioned to benefit from the anticipated expansion of the cannabis market in Virginia due to its existing infrastructure [8][10] Balance Sheet and Liquidity - As of December 31, 2025, Jushi had approximately $26.6 million in cash and cash equivalents, with total debt of $207.8 million [14][29] - The refinancing of existing loans was completed through a $160.0 million secured term loan, enhancing financial flexibility [7][14] Shareholder Information - As of March 24, 2026, the company had 199,696,597 issued and outstanding shares, with fully diluted shares outstanding at 305,631,936 [15]