Trulieve Cannabis (TRUL) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full year 2024 results, with revenue reaching $1.2 billion, up 5% year-over-year, and 95% from retail sales.

• Adjusted EBITDA grew 30% to $420 million (35% of revenue), with Q4 Adjusted EBITDA at $111 million (37% margin).

• Net loss for 2024 was $155 million; adjusted net loss was $19 million, excluding non-recurring charges.

• Record cash flow from operations of $271 million and free cash flow of $150 million.

• Retail footprint expanded to 225-229 dispensaries nationwide by year-end, with 29% outside Florida.

Financial highlights

• Q4 2024 revenue was $301 million, up 5-6% year-over-year and sequentially.

• Gross margin improved to 62% in Q4 and 60% for the year, up from 52% in 2023.

• Q4 gross profit was $187 million, up 22% year-over-year; full year gross profit was $716 million.

• Q4 adjusted net income was $3 million, excluding $55 million in non-recurring charges.

• Cash and short-term investments at year-end totaled $300 million; debt was $480 million at 7.9% interest.

Outlook and guidance

• Q1 2025 revenue expected to be down low single digits sequentially due to seasonality.

• Full year 2025 cash flow from operations expected at least $250 million; capital expenditures up to $40 million.

• Plan to open 10 new stores, relocate up to 3, and refresh or remodel up to 45 dispensaries in 2025.

• Gross margin expected to remain around 60% for 2025.

• Positioned for accelerated growth and expansion through a hub strategy in key markets.