Curaleaf (CURA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $315 million, up 1.5% sequentially but down 8% year-over-year, with international revenue at $41 million and 62% year-over-year growth, led by Germany and the U.K.

• Adjusted gross margin was 49%, down 130 basis points sequentially but up 120–160 basis points year-over-year; adjusted EBITDA was $66 million with a 21% margin.

• Net loss from continuing operations was $51 million ($0.07 per share); adjusted net loss was $48 million ($0.06 per share).

• Ended Q2 with $102 million in cash after $47 million in debt payments; operating cash flow from continuing operations was $9 million.

• Expanded global footprint with a new license in Turkey, completed buyout of international minority partner, opened new retail locations, and strengthened leadership team.

Financial highlights

• Retail revenue was $229 million, down 13% year-over-year; wholesale revenue rose 8% to $83 million, driven by international, Missouri, and Ohio.

• Adjusted gross profit was $154 million, with a 49% margin, up 120 basis points year-over-year.

• Adjusted EBITDA for Q2 was $65.5 million, with a margin of 21%, down 40 basis points year-over-year.

• SG&A expenses were $105 million, down $4 million year-over-year; core SG&A was 32.5% of revenue.

• Capital expenditures in Q2 were $15 million; full-year capex expected at $50 million.

Outlook and guidance

• Q3 revenue expected to be flat to up low single digits sequentially.

• International margins anticipated to rebound in the second half as product mix normalizes.

• Operating cash flow expected to improve in the second half, consistent with historical patterns.

• Ongoing focus on debt refinancing, with completion targeted by year end to enhance financial flexibility.

• Anticipates launch of medical cannabis program in Turkey in 2026.