Green Thumb Industries Reports Third Quarter 2025 Results

Executive Summary

• Green Thumb Industries reported Q3 2025 revenue of $291.4 M (up 1.6% YoY) and GAAP net income of $23.3 M ($0.10/share).
• Adjusted EBITDA reached $80.2 M (27.5% of revenue) and cash flow from operations was $74.1 M; cash balance stood at $226.2 M.
• The Board authorized a new $50 M share‑repurchase program covering up to 10.36 M subordinate voting shares through September 2026, adding to the $107 M already repurchased since September 2023.

Key Details

• Revenue: $291.4 M (↑1.6% YoY).
• GAAP Net Income: $23.3 M ($0.10 per share); excluding one‑time asset‑sale gain, GAAP net income would have been $9.7 M ($0.04 per share).
• Adjusted EBITDA: $80.2 M (27.5% of revenue), up from $89.2 M in Q3 2024 but higher as a percentage of declining revenue.
• Cash Flow from Operations: $74.1 M.
• Cash on Hand: $226.2 M at quarter‑end; total current assets $477.5 M.
• Debt: Total debt $247.4 M (senior debt $144.4 M).
• Share Repurchase Activity:
• Prior program (Sept 2023 – Sept 2025) repurchased ~13.5 M shares for $107 M at an average price of $7.95/share.
• New authorization: up to $50 M to repurchase up to 10,364,640 subordinate voting shares between Sep 23 2025 and Sep 22 2026.
• Operational Highlights:
• Adult‑use cannabis sales launched at 7 of 8 RISE dispensaries in Minnesota on Sept 17 2025; the eighth opened Oct 21 2025.
• CP​G revenue grew 8% driven by expansion in New York and Ohio adult‑use markets.
• Retail revenue fell 1% YoY due to price compression in Illinois, Pennsylvania, New Jersey, partially offset by Minnesota launch.
• Comparable store sales (≥12 months) declined 7.1% YoY across 93 stores.
• Other Income: $36.2 M vs. $(2.9) M prior year, primarily a gain on the sale of IP rights to RYTHM, Inc.
• Guidance: Expect Q4 2025 revenue to be flat to up single‑digit percentage sequentially.

Notable Quotes

“Our balance sheet is in comfortable shape with cash and cash equivalents of $226 million… The Board authorized another share repurchase program for $50 million that extends through September 2026.” – Ben Kovler, Founder, Chairman & CEO

“We have launched adult‑use sales at all eight of our RISE Dispensaries across Minnesota, allowing us to bring well‑being through cannabis to more adults throughout the North Star State.” – Anthony Georgiadis, President

Materiality Assessment: Material – Positive (the release provides significant financial performance data, cash position, and a new $50 M share‑repurchase authorization that materially affect shareholder value).