Green Thumb Industries Reports Second Quarter 2025 Results

Executive Summary

• Green Thumb Industries reported financial results for the quarter ended June 30, 2025, showing a 4.7% year-over-year increase in revenue to $293.3 million.
• The company reported a GAAP net loss of $0.65 million ($0.01 per share), primarily due to an $11.7 million one-time loss on the sale of assets; adjusted GAAP net income was $11.0 million ($0.05 per share).
• Adjusted EBITDA came in at $82.7 million (28.2% of revenue), and the company repurchased approximately 5.6 million shares for $24 million during the quarter.

Key Details

• Revenue: $293.3 million for Q2 2025, an increase of 4.7% compared to $280.1 million in Q2 2024.
• Revenue Drivers: Growth was driven by the Consumer Packaged Goods segment (up 8.4% YoY), reflecting expansion in adult-use markets in New York and Ohio. Retail revenue increased 0.3% YoY, while comparable store sales (on a base of 91 stores) decreased 4.1%.
• Profitability:
  • Gross Profit: $146.3 million (49.9% margin), down from $150.5 million (53.7% margin) in Q2 2024, primarily due to price compression.
  • SG&A Expenses: $106.8 million (36.4% of revenue), up from $96.5 million (34.4%) in Q2 2024, attributed to costs associated with opening and operating new retail stores.
  • GAAP Net Loss: $0.65 million ($0.01 per basic and diluted share).
  • Adjusted GAAP Net Income: $11.0 million ($0.05 per basic and diluted share), excluding an $11.7 million one-time loss on the sale of incredibles intellectual property and hemp business to Agrify.
  • EBITDA: $69.1 million (23.6% of revenue).
  • Adjusted EBITDA: $82.7 million (28.2% of revenue), down from $93.8 million (33.5%) in Q2 2024.
• Cash Flow & Balance Sheet:
  • Cash at quarter end: $177 million.
  • Cash flow from operations: $56 million.
  • Total debt outstanding: $250.0 million.
  • Current assets: $405.4 million.
• Capital Allocation:
  • Repurchased approximately 5.6 million Subordinate Voting Shares for $24 million at an average price of $4.28 per share.
  • Total share repurchases to date: ~13.5 million shares for $108 million (avg price $7.96).
  • Remaining repurchase authority: $15.6 million through September 22, 2025.
• Operational Updates:
  • Strong market share gains reported in Illinois, Pennsylvania, New Jersey, and Florida.
  • Continued preparation for Minnesota’s imminent adult-use launch.

Notable Quotes

• Ben Kovler, Founder, Chairman and CEO: “The Green Thumb team continues to deliver topline growth despite persistent pricing pressure in many of our key markets... While our stock price continues to serve as a barometer for federal action, we believe Green Thumb has created value not currently reflected by the market due to several factors, including structural issues in the industry.”
• Anthony Georgiadis, President: “The second quarter was very productive for us. We experienced strong market share gains in key states including Illinois, Pennsylvania, New Jersey, Florida, and others. In addition, our team continued preparation for Minnesota’s imminent adult-use launch.”