Jushi Holdings Reports Q3 2025 Revenue Growth to $65.7 Million Amid Increased Losses

Jushi Holdings Inc. reported its financial results for the third quarter of 2025, revealing a net revenue of $65.7 million, a 7% increase from $61.6 million in the same period last year. For the nine months ending September 30, 2025, total revenue reached $194.6 million, up 2% from $191.7 million in 2024. The company’s gross profit for the quarter was $30.7 million, reflecting a gross margin of 47%, compared to 45% in the prior year. However, the net loss for the quarter widened to $23.7 million, compared to a loss of $16.0 million in Q3 2024, resulting in a loss per share of $0.12.

The financial performance indicates a mixed trend, with revenue growth driven primarily by increased retail sales in Ohio and Virginia, where the company opened new dispensaries. Retail revenue rose by 6% to $58.8 million, while wholesale revenue increased by 12% to $6.9 million. However, the overall profitability was impacted by rising costs and competitive pricing pressures, leading to a decrease in gross profit for the nine-month period, which fell to $85.4 million from $92.9 million in 2024.

Strategically, Jushi has been expanding its footprint in the cannabis market, particularly in Ohio, where it has consolidated management of four dispensaries. The company also executed a modification of its Manassas mortgage loan, extending the maturity date to September 2030 and increasing the principal balance. As of September 30, 2025, Jushi operated 41 dispensaries across seven states, up from 35 dispensaries a year earlier, indicating a focus on geographic expansion.

Operationally, Jushi's total current assets decreased to $68.6 million from $72.2 million at the end of 2024, while total liabilities increased to $533.2 million, up from $490.6 million. The company’s employee headcount remained stable, with no significant changes reported. The increase in liabilities was primarily due to a rise in debt, including a notable increase in the current portion of debt, which rose to $48.9 million from $2.8 million at the end of the previous fiscal year.

Looking ahead, Jushi Holdings expressed optimism about its growth trajectory, citing plans for further geographic expansion and product line enhancements. However, the company acknowledged the ongoing challenges posed by competitive pressures and market conditions. The management emphasized the importance of refinancing its upcoming debt obligations to ensure continued operational viability, particularly as the Term Loans are set to mature within the next twelve months.