Jushi (JUSH) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $65.9M, down from $67.8M in Q4 2023, due to price competition and reduced consumer spending.

• Net loss for Q4 2024 was $12.5M, an improvement from $18M in Q4 2023; full-year net loss narrowed to $48.8M from $65.1M in 2023.

• Adjusted EBITDA for FY 2024 rose to $46.2M from $40.8M, with Q4 adjusted EBITDA at $8M.

• Cash flows from operations improved to $21.6M in 2024, up from a $3.3M outflow in 2023.

• Five new dispensaries opened or acquired since Q4, with plans for 14 total by mid-2026 as part of a 40% retail expansion.

Financial highlights

• Q4 gross profit was $25.4M (38.6% margin), down from $27.2M (40%) in Q4 2023; FY 2024 gross profit was $118.3M (45.9% margin).

• Q4 operating cash flow hit a record $7.2M, up 59% year-over-year.

• Operating expenses for FY 2024 were $107.4M, down from $119M in FY 2023.

• As of Dec 31, 2024, cash and equivalents were $21.3M; total debt was $180M (excluding disputed and lease obligations).

• FY 2024 capital expenditures totaled $4.7M.

Outlook and guidance

• Plans to open 14 new retail locations by mid-2026, a 40% increase from Q3 2024.

• Growth CapEx for 2025 expected at $5M-$10M, maintenance CapEx at $3M-$5M, contingent on regulatory and market conditions.

• Focus on retail-first growth, margin expansion, and product innovation, especially in Illinois, Pennsylvania, New Jersey, and Ohio.

• Anticipates significant growth opportunities if adult use legalization passes in Pennsylvania and Virginia.