Curaleaf Reports 315 Million Dollars in Revenue for Q2; Stabilization Domestically, Strong International Momentum

[PRESS RELEASE] – STAMFORD, Conn., Aug. 6, 2025 – Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, reported its financial and operating results for the second quarter ended June 30, 2025. The financial data is presented in U.S. Dollars and in accordance to U.S. GAAP.

Boris Jordan is the chairman and CEO at Curaleaf. He said: “Second-quarter revenue reached $315 million. It was an increase of 1.5% over first-quarter, which was in line with our forecast. Adjusted gross margin of 49% increased 120 basis points compared to the prior year period. Our $66 million adjusted EBITDA resulted in a margin of 21% AEBITDA. Our International segment had another strong quarter with a 62% growth year-over-year. “We ended the second quarter with $102 millions in cash after paying $47,000,000 in debt and interest.”

Jordan stated, “Over this past decade we have scaled Curaleaf to become a cannabis leader in the world, operating now in 15 countries and 17 U.S. States.” This morning, I am proud to announce a new milestone. Our international footprint has been further expanded with a license for operation in Turkey. The country is home to 87 million citizens. Our leadership team was strengthened by four new senior appointments, enhancing our business expertise to prepare us for growth in the future. With our infrastructure built and asset base set, we’re now sharpening our focus on product quality, customer service, and supply chain excellence—positioning Curaleaf to thrive in a volatile environment and capitalize on emerging opportunities. “Global consumer demand is increasing and growing. We are uniquely positioned with our team, foundation and strategy to drive the next growth wave in this industry.”

The Second Quarter of 2025: Financial Highlights

• Net Revenue is $314.5 Million, an 8% decrease year over year compared with Q2 2024 revenues of $342.3 millions. Net revenue sequentially increased by 1.5% when compared with Q1 revenue in 2025 of $310 millions
• Gross profit was $152.6 millions and the gross margin 49%. This is an increase of 160 points over last year.
• Adjusted gross profit⁽¹⁾ Gross margin of 153.5 Million Dollars⁽¹⁾ A 49% rise in the last year is equivalent to a 120-basis-point increase.
• Curaleaf Holdings Inc.’s net loss from ongoing operations is $50.6 Million or $0.07 per share.
• Adjusted net loss⁽¹⁾ From continuing operations, a net loss of $48,8 Million or adjusted per share of $0.06
• Adjusted EBITDA⁽¹⁾ EBITDA Margin Adjusted to $65.5 Million^([1]) A decrease of 40 basis points, or 21% is a year-over-year drop.
• Cash balance at the end of quarter totaled $102.3 Million

The Financial Highlights for the Six-Month Period Ended on June 30, 2025

• Revenues of $624.5m, down 8% from the previous year
• Revenues from international sales of $75.8 millions, up 67% on 2024’s revenue of $45.3 Million
• Gross profit $307.7 millions and gross margin 49%
• Adjusted gross profit⁽¹⁾ Gross margin of 309 Million Dollars Adjusted⁽¹⁾ Enjoy a 50% discount
• Operating cash flow (from continuing operations) of $51.1 Million and Free Cash Flow from Continuing Operations of $19.8 Million
• Net loss of 105.4 millions dollars or a net loss of $0.14 per share.
• Adjusted net loss⁽¹⁾ Net loss from ongoing operations is $95.5 millions or an adjusted net per share of $0.13
• Adjusted EBITDA⁽¹⁾ EBITDA adjusted at $130.7 Million and 21% margin

Second Quarter 2025 Operational highlights

• Opening of the 66th store for the company in Florida (Winter Park) and the third one in Ohio (Lima), bringing total to 153 stores nationwide
• The first hemp-only retail shop in West Palm Beach opened.
• Anthem is our new cylindrical pre-roll style brand, rooted in American Innovation, and has been launched in New York City, New Jersey State, Illinois, Massachusetts state, Arizona, Florida with many more to follow
• New York City launched Select ACE – an ultra-clear and ultra-pure oil using the Aqueous Cannabis Extraction Production Method.
• As regulations continue to evolve, we plan to introduce the first ever medically-certified liquid cannabis inhalation devices in Europe and Australia.
• Four senior executives were hired to strengthen the management team. These are: Rahul Pito, President; Scott Crawford SVP, merchandising, Justin Miller SVP, brand marketing, and Helen Chen SVP, digital

The Operational Highlights of the Second Quarter, 2025

• Purchased a majority partner in international business. Now owns 100% of Curaleaf International. This allows increased flexibility for operations and simplifies the structure.
• The license was awarded to the company to run in Turkey’s new medical cannabis program. It is expected to be launched in 2026.
• The company opened its 67th dispensary, located in St. Augustine in Florida on August 1. This brings the total number of locations to 154.

The balance sheet of a company can be broken down into its individual lines. Here is a link to the article.

Balance sheet and cash flow

As of June 30, 2025, the company had $102.3 million of cash and $561 million of outstanding debt net of unamortized debt discounts.

During the six months ended June 30, 2025, Curaleaf invested $31.3 million in capital expenditures, focused on facility upgrades, automation and selective retail expansion in strategic markets.

Shares Outstanding

The weighted-average subordinate voting share plus multiple voting share outstanding for the second quarters of 2025 and 2020 was 757,270.633 shares and 740.787.287, respectively.

Weighted average voting subordinate shares and multiple voting shares of the company were 755 737 314 and 738 467 477 respectively for the six-month period ending June 30 2025.