Core Insights - Trulieve Cannabis Corp. reported a revenue of $288 million for Q3 2025, reflecting a 1% increase compared to $284 million in Q3 2024, with a gross margin of 59% [5][4] - The company achieved a year-to-date cash flow from operations of $214 million and free cash flow of $173 million, indicating strong cash generation capabilities [5] - Trulieve's net loss attributable to common shareholders was $27 million for the quarter, a significant improvement from a net loss of $60 million in the same quarter last year [5][4] Financial Highlights - Revenue for the three months ended September 30, 2025, was $288 million, with 94% derived from retail sales [5] - Gross profit for the quarter was $170 million, down 2% from $173 million in Q3 2024, resulting in a gross margin of 59% [5][4] - Operating expenses decreased to $128 million, a 26% reduction from $173 million in the prior year [5][4] - Adjusted EBITDA for the quarter was $103 million, representing 36% of revenue, up 7% year-over-year [5][4] Operational Developments - The company sold over 12.5 million branded products in Q3 2025, marking a 7% increase compared to the previous year [5] - Trulieve expanded its product offerings with the launch of new vape products and THC beverages in Florida and Illinois [5] - The rewards program reached 820,000 members, with loyalty members accounting for 77% of transactions during the quarter [5] Strategic Initiatives - Trulieve announced the planned redemption of $368 million of senior secured notes due in 2026, indicating proactive financial management [5] - The company appointed Jan Reese as Chief Financial Officer and Matthew Foulston to the Board of Directors, enhancing its leadership team [5] - As of September 30, 2025, Trulieve operated 232 retail dispensaries and maintained over four million square feet of cultivation and processing capacity in the U.S. [5]