Green Thumb Industries Inc. (GTI) reported its financial results for the first quarter of 2025, revealing a modest increase in revenue but a significant decline in profitability compared to the same period last year. The company generated $279.5 million in revenue, a 1% increase from $275.8 million in the first quarter of 2024. However, net income attributable to GTI fell sharply to $8.3 million, down 73% from $31.1 million in the prior year, resulting in a net income per share of $0.04, compared to $0.13 in the same quarter of 2024.
The decline in profitability was attributed to a 36% increase in total expenses, which rose to $100.8 million from $74.3 million a year earlier. This increase was primarily driven by higher selling, general, and administrative expenses, which accounted for a significant portion of the total expenses. Additionally, gross profit decreased slightly to $143.3 million, reflecting a gross margin of 51%, down from 53% in the previous year, largely due to price compression in the market.
Operationally, GTI expanded its retail footprint, opening six new stores in Florida, one in Minnesota, two in Nevada, one in New York, and one in Ohio, bringing the total number of retail locations to 103. The retail segment generated $198.7 million in revenue, a 3% decrease from the previous year, while the Consumer Packaged Goods segment saw a 14% increase in revenue to $170.3 million, driven by the legalization of adult-use sales in Ohio and growth in existing markets like New York.
As of March 31, 2025, GTI reported total assets of $2.57 billion, an increase from $2.54 billion at the end of 2024. The company also noted a rise in cash and cash equivalents to $210.6 million, up from $171.7 million at the end of the previous year. Looking ahead, GTI plans to continue its growth strategy by expanding its Consumer Packaged Goods and retail operations, while also managing capital expenditures and monitoring market conditions to ensure sustainable profitability.
About Green Thumb Industries Inc.
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