Jushi (JUSH) Q2 2025 earnings summary

Executive summary

• Achieved revenue of $65 million in Q2 2025, up from $63.8 million in Q1 and $64.6 million in Q2 2024, driven by retail growth in Ohio and Virginia.

• Net loss narrowed to $12.3 million from $17 million in Q1 2025, but higher than $1.9 million in Q2 2024.

• Adjusted EBITDA rose to $13.7 million, up 39.6% sequentially, with margin improving to 21.1%.

• Retail expansion continued with six new stores since Q4 2024, bringing total to 40 stores and four more openings planned by early 2026.

• Jushi-branded products accounted for 56% of retail revenue, reflecting strong brand equity.

Financial highlights

• Gross profit was $28.9 million (44% margin), up from $25.8 million (40%) in Q1 2025 but down from $32.6 million (50%) in Q2 2024.

• Cash, cash equivalents, and restricted cash totaled $25.2 million at quarter end; $192 million in total debt (excluding disputed notes and leases).

• Cash used in operations was $1.9 million, compared to $7.5 million provided in Q1 2025 and $5.5 million in Q2 2024.

• Operating expenses rose to $25.3 million, mainly due to higher depreciation/amortization and new store costs.

• Received $4 million in Employee Retention Credit claims in Q2, with $6.2 million received to date.

Outlook and guidance

• On track to open 10 new stores by early 2026, including first entry into New Jersey, pending regulatory approval.

• May shift to a more opportunistic retail growth approach after current wave, reallocating capital to cultivation as regulatory clarity emerges.

• Expect margin improvements to continue in Q3 and Q4 as high-cost inventory is sold through and operational efficiencies take hold.

• Maintenance CapEx for 2025 expected at $3–$5 million; gross CapEx $8–$14 million, subject to market conditions.

• Management remains focused on margin expansion, profitability, and sequential net loss reduction.