Trulieve Reports Second Quarter 2025 Results Highlighting Progress on 2025 Plan

Executive Summary

• Trulieve Cannabis Corp. reported its financial results for the second quarter and first half of 2025, highlighting progress on its 2025 strategic plan with stable revenue and improved gross margins.
• The company generated $302 million in Q2 revenue with a 61% gross margin, while reporting a net loss attributable to common shareholders of $14 million for the quarter.
• Operational highlights include the sale of over 12.5 million branded products (up 9% year-over-year), the opening of three new dispensaries, and strong cash flow generation with $108 million in free cash flow for the first half of the year.

Key Details

• Q2 2025 Revenue: $302 million, comparable to the prior year period, with 94% derived from retail sales.
• Gross Profit & Margin: Gross profit of $183 million with a 61% gross margin (up from 60% in Q2 2024).
• Net Loss: Reported a net loss attributable to common shareholders of $14 million for Q2 2025 (vs. $12 million in Q2 2024).
• Adjusted Net Loss: Adjusted net loss was $8 million for Q2 2025, excluding non-recurring charges, asset impairments, disposals, and discontinued operations.
• Adjusted EBITDA: Achieved adjusted EBITDA of $111 million (37% of revenue), an increase of 3% year-over-year.
• Cash Flow:
  • Q2 Cash flow from operations: $86 million.
  • Q2 Free cash flow: $75 million.
  • H1 2025 Cash flow from operations: $137 million.
  • H1 2025 Free cash flow: $108 million.
• Balance Sheet: Cash at quarter end was $401 million.
• Operational Metrics:
  • Sold over 12.5 million branded products in Q2, a 9% increase year-over-year.
  • Rewards program members exceeded 725,000 as of June 30, 2025; loyalty members accounted for 71% of Q2 transactions.
  • Opened three new dispensaries in Oakland Park and St. Petersburg, Florida, and Lorain, Ohio.
  • Total footprint: 231 retail dispensaries and over four million square feet of cultivation and processing capacity.
• Product & Brand Updates:
  • Launched "Redemption Cannabis" products in West Virginia.
  • Expanded distribution of Onward premium THC beverages in Florida and Illinois.
  • Launched new Upward THC energy drinks.
• Financial Statements:
  • Six Months Ended June 30, 2025: Revenue of $600 million; Gross profit of $366 million; Net loss of $47 million; Adjusted EBITDA of $220 million.
  • EPS: Basic and diluted EPS for continuing operations was $(0.07) for Q2 2025; Adjusted EPS was $(0.04).
  • Shares Outstanding: 191.1 million shares issued and outstanding as of June 30, 2025.

Notable Quotes

• "The team has made tremendous progress on our 2025 plan, focusing on customers, distribution, branded products and reform," said Kim Rivers, Trulieve CEO. "With strong margins and cash flow, scaled operations, and flexibility across our platform, Trulieve is uniquely positioned as an industry leader."