Jushi Holdings Inc. Reports Third Quarter 2025 Financial Results
Executive Summary
- Jushi Holdings reported Q3 2025 revenue of $65.7 M, up 6.6% YoY and sequentially, with gross profit margin expanding to 46.7% (+220 bps QoQ, +125 bps YoY).
- Net loss widened to $23.7 M (‑47.9% YoY) while Adjusted EBITDA improved to $12.8 M ($2.5 M increase YoY), yielding an Adjusted EBITDA margin of 19.5%.
- The company amended its commercial loan, securing an additional $4.0 M in proceeds, extending maturity to Sept 2030 and lowering the interest‑rate floor; cash balances stood at $26.2 M.
Key Details
- Revenue & Profitability
- Total revenue: $65.7 M (Q3 2025) vs. $61.6 M (Q3 2024).
- Gross profit: $30.7 M; gross margin 46.7% (up from 45.4%).
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Adjusted EBITDA: $12.8 M; Adjusted EBITDA margin 19.5%.
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Segment Performance
- Retail revenue up $3.3 M YoY, driven by new dispensaries in Ohio (+$3.9 M) and Virginia (+$1.5 M).
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Wholesale revenue up $0.7 M YoY; decline of $1.0 M in Virginia due to lower partner demand.
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Store Expansion
- Opened Beyond Hello™ Parma (Ohio) under a management‑services agreement – 41 operating dispensaries across seven states, up from 35 at end of Q3 2024.
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Planned openings: Springdale, OH; Little Ferry, NJ (by year‑end); Mount Laurel, NJ (H1 2026).
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Product Portfolio
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Introduced 821 new SKUs in Q3 2025 across flower, pre‑rolls, vapes, concentrates and edibles.
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Liquidity & Debt
- Cash, cash equivalents & restricted cash: $26.2 M (Sept 30 2025).
- Capital expenditures in quarter: ~$4.9 M.
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Total gross debt (excluding leases): $194.3 M; term loans outstanding $47.3 M maturing within 12 months, refinancing underway.
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Loan Amendment
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Additional $4.0 M proceeds from amendment of commercial loan secured by Manassas facility; maturity extended to Sept 2030; interest‑rate floor reduced.
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Share Statistics
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Shares issued & outstanding (Oct 30 2025): 196,696,597; fully diluted shares: 300,217,011.
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Conference Call
- Q3 2025 results webcast scheduled for Nov 4 2025, 4:00 p.m. ET (call‑in details provided).
Notable Quotes
“Our third quarter results demonstrate that our optimization efforts and investments are delivering… Higher yields, enhanced product quality, and more efficient operations are allowing us to serve both our retail network and wholesale partners more effectively…” – Jim Cacioppo, CEO, Chairman & Founder.
Materiality Assessment: Material – Neutral (significant financial performance and liquidity updates that could influence investor decisions).