Jushi Holdings Reports $65M Revenue and $12.3M Net Loss in Q2 2025

Jushi Holdings Inc. reported its financial results for the second quarter of 2025, revealing a net revenue of $65.0 million, a slight increase of 1% from $64.6 million in the same period last year. For the first half of 2025, total revenue reached $128.9 million, down 1% from $130.1 million in the prior year. The company experienced a gross profit of $28.9 million for the quarter, representing a gross margin of 44%, compared to 50% in the previous year. The decline in gross profit was attributed to competitive pricing pressures and increased production costs.

The company reported a net loss of $12.3 million for the second quarter, compared to a loss of $1.9 million in the same quarter of 2024. For the first half of 2025, the net loss was $29.3 million, up from $20.3 million in the prior year. The increase in losses was primarily driven by higher interest expenses, which rose to $10.2 million from $9.1 million year-over-year, and a significant fair value loss on derivatives. Operating expenses also increased slightly to $25.3 million from $24.2 million, reflecting higher salaries and depreciation costs.

In terms of operational developments, Jushi Holdings expanded its retail footprint, ending the quarter with 40 operating dispensaries across seven states, up from 35 dispensaries a year earlier. The company noted a 23% increase in sales in Virginia, driven by a rise in units sold, while Ohio's sales surged due to the transition to adult-use cannabis. However, sales in Illinois, Massachusetts, and Nevada saw declines due to increased competition and pricing pressures.

Strategically, Jushi completed the sale of non-core assets in May 2025, generating $3.0 million in proceeds. The company is also in the process of acquiring additional dispensary licenses in Ohio, with three licenses already transferred to Jushi and a fourth expected later in 2025. Looking ahead, Jushi Holdings anticipates continued challenges from competitive pricing and market conditions but remains focused on expanding its operations and optimizing its asset portfolio. The company believes its existing cash and cash equivalents will be sufficient to meet its working capital needs for at least the next twelve months, although it may consider additional capital raising or refinancing options in the future.