Trulieve Reports Slight Revenue Increase to $297.8 Million, Net Loss Grows to $33.8 Million in Q1 2025

Trulieve Cannabis Corp. reported its financial results for the first quarter of 2025, revealing a slight increase in revenue to $297.8 million, up from $297.6 million in the same period last year. The company's gross profit also saw an increase, rising to $183.2 million, a 5.4% increase from $173.8 million in Q1 2024. However, the company experienced a net loss of $33.8 million, compared to a net loss of $24.8 million in the prior year, indicating a 36% increase in losses year-over-year. The loss attributable to common shareholders was $32.9 million, or $(0.16) per share, consistent with the previous year's loss per share.

In terms of operational changes, Trulieve's retail revenue decreased by $3 million, attributed to price compression and loyalty point redemptions, despite the opening of additional dispensaries, which increased the total to 229 locations as of March 31, 2025, compared to 195 a year earlier. Conversely, wholesale revenue increased by $3.2 million, primarily driven by higher sales in Maryland and Pennsylvania. The company's cost of goods sold decreased by 7.5% to $114.5 million, reflecting improved cost efficiencies in production.

Strategically, Trulieve has continued to expand its footprint in the cannabis market, operating in nine states and maintaining a strong presence in Florida, Arizona, and Pennsylvania. The company has also launched a new line of premium THC beverages called Onward, which are available online and in select retail locations. The company’s total assets increased to $2.89 billion, with cash and cash equivalents rising to $328.5 million, up from $238.8 million at the end of 2024.

Trulieve's selling, general, and administrative expenses rose by 17.2% to $118.8 million, largely due to increased campaign contributions and the costs associated with new dispensaries. The company reported a significant increase in its provision for income taxes, amounting to $52.5 million, although this was a decrease from $55.4 million in the previous year. The company’s Adjusted EBITDA for the quarter was $109.2 million, reflecting a 3.2% increase from $105.8 million in Q1 2024, driven by improved gross profit.

Looking ahead, Trulieve remains focused on expanding its market share and enhancing customer experiences through its vertically integrated operations. The company is committed to maintaining its growth trajectory while navigating the complexities of the cannabis industry, including regulatory challenges and market competition. Management believes that existing cash reserves will be sufficient to meet anticipated cash requirements for at least the next 12 months, with plans to continue investing in infrastructure and technology to support future growth.