Glass House Brands (GLASF) Q4 2025 earnings summary

Executive summary

• Achieved $181.98M in FY 2025 revenue, a 9% decrease from FY 2024, with $76.96M gross profit and $11.93M net income, reversing a net loss in FY 2024.

• Retail revenue grew 10% year-over-year, while wholesale segments saw declines; Allswell became the top-selling flower brand by volume in California.

• Achieved strong operational execution in the first half of 2025, with record biomass production and cash flow yield, despite significant challenges in the second half due to federal raids and staffing disruptions.

• Adjusted EBITDA for FY 2025 was $16.97M, down from $40.26M in FY 2024.

• Achieved six consecutive quarters of same-store sales growth and reduced cultivation costs below $100/lb.

Financial highlights

• FY 2025 revenue was $182 million, down from $201 million in 2024; Q4 2025 revenue was $39 million, down from $53 million year-over-year.

• FY 2025 gross margin was 42%, down from 48% in FY 2024; Q4 gross margin was 34–35%.

• Adjusted EBITDA for FY 2025 was $17 million (9% margin), down from $40.3 million in 2024; Q4 adjusted EBITDA was -$3.3 million.

• Q4 cost of production rose to $129/lb (from $110/lb); full year cost was $111/lb, above the $95/lb target.

• Year-end 2025 cash and restricted cash was $23.4 million, down from $36.92 million in FY 2024.

Outlook and guidance

• 2026 revenue forecasted at $235–$245 million, with a near $300 million annualized run rate in the second half.

• Full year gross margin projected at 48%, adjusted EBITDA in the high $40 million range.

• Wholesale cannabis biomass production for 2026 is forecasted at 1,000,000 pounds, a 48–50% increase over 2025.

• Cost per pound is expected to decrease to ~$100, with Q2–Q4 below the $95/lb target.

• 2026 year-end cash projected to exceed $50 million, with $20 million CapEx planned for greenhouse expansions.