[PRESS RELEASE] – TALLAHASSEE, Fla., May 7, 2025 – Trulieve Cannabis Corp., a leading and top-performing cannabis company in the U.S., announced its results for the quarter ended March 31, 2025. Except where otherwise stated, results are expressed in U.S. dollar and in accordance to U.S. generally recognized accounting principles (GAAP). Rounding may cause numbers to not add up perfectly.
Q1 2025 Financial and Operational Highlights*
- The revenue of $298 millions increased by a small amount over the previous year. 95% of revenues came from retail sales.
- The gross profit for the year was $183,000,000, with an increase of 62% over last year’s gross profit.
- Loss attributable common shareholders reported as $33 millions. Adjusted net loss of $3 million* excludes nonrecurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $109 million*, or 37% of revenue, up 3% year over year.
- Generated cash flow from operations of $51 million and free cash flow of $34 million*.
- Cash on hand at the quarter-end was $329 millions.
- By March 31 2025, the number of members in the rewards program will reach over 625,000. The first quarter saw 68% transactions from loyalty program members.
- Consumers 21 and older can purchase Onward, an exclusive, non-alcoholic beverage containing THC. Retail locations Order online or in Florida DrinkOnward.com Direct shipment is available to all 36 States.
- Opening six dispensaries: Maricopa in Arizona; Middleburg and North Miami Beach (Florida); Columbus and Zanesville Ohio; One dispensary was relocated to Lancaster, Pa.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent developments
- The number of holiday units and the traffic both increased by 20% and 9% respectively compared to last year.
- Opening of a new retail store in St. Petersburg (Fla.)
- There are 229 dispensaries in operation and more than four million square feet for cultivation and processing.
Management Commentary
Kim Rivers (CEO of Trulieve) said, “Strong profits and cash flows achieved during the first quarter demonstrate our commitment for operational excellence.” Trulieve is an industry leader because of its loyal customers, our branded products, and the efforts we make to reform cannabis.
Financial Highlights*
The balance sheet of a company can be broken down into its individual lines. You can read more about it here.
Non-GAAP (Unaudited Financial Measures)
We supplement the results we obtain according to GAAP with non-GAAP measures such as EBITDA and adjusted EBITDA.
EBITDA is calculated as the net profit (loss), excluding net interest, interest, income taxes, and depreciation. Adjusted EBITDA, on the other hand, is net income before depreciation, amortization, and income tax.
These non-GAAP measures are used by our management to assess the financial and operating performance of the company. These measures, which are commonly used as measures of performance to compare companies with other companies, are considered useful by investors. These non-GAAP measures should not be viewed as measures of liquidity. As analytical tools, these non-GAAP measures are limited because they don’t reflect the full amount of our operating results as calculated according to GAAP. These limitations mean that these non-GAAP measures must be considered in conjunction with GAAP performance measures. This presentation of non-GAAP Financial Measures is not to be considered as an alternative to financial information that has been prepared and presented according to GAAP.
Investors should review the reconciliation between these non-GAAP measures and their closest GAAP measures. Below is a reconciliation between the non-GAAP and GAAP measures. The non-GAAP measures are meant to be supplemental and not as a replacement for our financial reports prepared according to GAAP.