Jushi (JUSH) Q3 2025 earnings summary

Executive summary

• Revenue reached $65.7 million in Q3 2025, up $4.1 million year-over-year and $600,000 sequentially, reflecting continued topline momentum.

• Gross profit was $30.7 million, with margin expanding to 46.7%, up 220 bps sequentially and 125 bps year-over-year.

• Net loss widened to $23.7 million from $16 million a year ago, impacted by higher other expenses.

• Adjusted EBITDA was $12.8 million, up 23.7% year-over-year, with a margin of 19.5%.

• Retail and wholesale sales growth was driven by new store openings, expanded product offerings, and operational improvements in genetics, facility upgrades, and management.

Financial highlights

• Retail revenue increased by $3.3 million year-over-year, led by Ohio and Virginia, with Ohio retail revenue up $3.9 million due to five new dispensaries.

• Wholesale revenue rose $1.3 million sequentially and $700,000 year-over-year, with growth in all markets except Virginia.

• Operating expenses rose to $28.3 million, mainly due to higher depreciation, amortization, and legal/professional fees.

• Other expenses totaled $17.2 million, including $10.3 million in interest and $6.3 million fair value loss on derivatives.

• Cash, cash equivalents, and restricted cash stood at $26.2 million at quarter end; year-to-date CapEx was $13 million.

Outlook and guidance

• High-ROI capital projects underway in Pennsylvania and Virginia to expand capacity for both medical and anticipated adult use markets.

• Planned store openings in Ohio and New Jersey by year-end, with another New Jersey location in H1 2026.

• Maintenance CapEx for 2025 expected at $4–$5 million; gross CapEx projected at $10–$13 million, subject to regulatory and market conditions.

• Margin improvements expected to persist, with significant upside if adult use is approved in Pennsylvania and Virginia.

• Adult use sales in Virginia anticipated between July 1 and October 1, 2026, pending regulatory approval.