Jushi Holdings Reports Q1 2025 Financial Results with $63.8M Revenue

Jushi Holdings Inc. reported its financial results for the first quarter of 2025, revealing a net revenue of $63.8 million, a decrease of 2% from $65.5 million in the same period last year. The company's gross profit also fell to $25.8 million, down 20% from $32.3 million, resulting in a gross profit margin of 40%, compared to 49% in the prior year. The net loss for the quarter was $17 million, slightly improved from a loss of $18.4 million in the first quarter of 2024, with a loss per share of $0.09, consistent with the previous year.

The decline in revenue was attributed to competitive pressures and pricing compression across several key markets. Notably, sales in Illinois dropped by $1.8 million, while Massachusetts and Nevada also saw significant declines. However, the company experienced growth in Virginia and Ohio, with Ohio benefiting from the transition to adult-use cannabis and the consolidation of newly acquired dispensaries. As of March 31, 2025, Jushi operated 40 dispensaries across seven states, an increase from 35 dispensaries a year earlier.

In terms of operational metrics, Jushi's total current assets decreased to $68.7 million from $72.2 million at the end of 2024, primarily due to a reduction in prepaid expenses. The company’s cash and cash equivalents increased to $26 million, up from $19.5 million, reflecting improved liquidity. Total liabilities rose to $499.5 million, compared to $490.6 million at the end of 2024, driven by an increase in non-current debt, which reached $193.1 million.

Strategically, Jushi has been active in expanding its footprint through acquisitions and product offerings. The company issued second lien notes in February 2025, raising $4.6 million, which will support its operational and expansion efforts. Additionally, Jushi has been focusing on enhancing its product lines, with branded products accounting for 56% of retail revenue, up from 54% in the previous year. The company is also navigating regulatory challenges and market conditions that could impact its future performance.

Looking ahead, Jushi Holdings remains optimistic about its growth trajectory, particularly in states transitioning to adult-use markets. The company plans to continue leveraging its operational efficiencies and expanding its market presence, although it acknowledges the competitive landscape and pricing pressures that may affect profitability. The management believes that existing cash reserves and operational cash flow will be sufficient to meet working capital needs for the next twelve months, while also considering additional capital-raising opportunities as necessary.