Jushi (JUSH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 4% year-over-year to $66.4 million, driven by wholesale growth and retail expansion, with margin expansion and improved operational performance.

• Gross profit increased to $29.9 million (45% margin), up from $25.8 million (40.4% margin) in Q1 2025, reflecting operational improvements at grower-processor facilities.

• Adjusted EBITDA rose to $11.4 million (17.2% margin), up from $9.8 million (15.4% margin) year-over-year.

• Net loss widened to $19.8 million from $17.0 million in Q1 2025, impacted by higher interest expense and a loss on debt refinancing.

• Strategic refinancing completed, issuing a $160 million secured term loan due 2029, enhancing liquidity and extending maturities.

Financial highlights

• Retail revenue reached $57.9 million, up from $56.8 million in Q1 2025, mainly due to Ohio and Virginia, with four new dispensaries added in Ohio.

• Wholesale revenue rose to $8.6 million, up from $7 million, led by Massachusetts and Ohio, offset by lower sales in Virginia.

• Cash, cash equivalents, and restricted cash totaled $42.3 million at quarter-end.

• Net cash flows from operations were $8.6 million, up from $7.5 million year-over-year.

• Operating expenses increased modestly to $28.3 million, reflecting higher employee and professional costs.

Outlook and guidance

• Maintenance CapEx for 2026 expected at $4–$5 million; total projected CapEx $9–$13 million, with major construction in Virginia likely deferred to 2027.

• Regulatory developments, especially in Virginia, will influence timing and scale of future investments.

• Federal rescheduling of state-licensed medical cannabis to Schedule III is expected to reduce tax expense and improve long-term operating environment.

• Transition to adult-use cannabis in Virginia could expand the customer base, though timing and revenue impact remain uncertain.

• Focus remains on operational excellence, optimizing retail footprint, and targeted investments.