Green Thumb Industries (GTII) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $287 million, up 4% year-over-year, driven by CPG and retail sales growth in new and existing markets.

• Adjusted EBITDA was $89 million (31% margin), with GAAP net income of $9 million ($0.04 per share).

• Opened four new dispensaries, bringing the total to 98, and launched adult-use sales in Ohio.

• Entered a $150 million, 5-year credit facility, retiring $225 million in senior secured debt and extending maturity to 2029.

• Expanded brand partnerships, including Magnolia Bakery, and launched new marketing initiatives.

Financial highlights

• Gross profit for Q3 2024 was $148 million (51% margin), up from $134 million (49%) last year.

• Adjusted EBITDA was $89 million (31% margin), compared to $83 million (30%) in Q3 2023.

• Net income was $9 million ($0.04 per share), down from $11 million ($0.05 per share) last year.

• Cash flow from operations for the first nine months was $152 million after $88 million in income taxes.

• Cash and equivalents at quarter-end totaled $174 million; total debt outstanding was $256 million.

Outlook and guidance

• Expect Q4 sequential revenue to be flat due to ongoing price erosion.

• 2024 CapEx projected at $80 million, with 2025 CapEx expected to be similar.

• Management remains confident in continued growth, citing operational excellence, product quality, and brand strength.