Executive Summary

Q1 2025 revenue was $63.8M, down 2.5% YoY and 3.1% QoQ; gross margin improved sequentially to 40.4% while adjusted EBITDA rose 22.8% QoQ to $9.8M, but remained below prior-year levels .
Versus S&P Global consensus, revenue modestly missed ($63.8M vs $65.9M*) and EPS missed (-$0.09 vs -$0.06*); SPGI EBITDA consensus was $10.2M* versus SPGI actual $6.2M*; company-reported Adjusted EBITDA was $9.8M, indicating metric-definition differences .
Retail-first expansion continued: store count reached 40 (+5 YoY) with Ohio ramps and Pennsylvania relocation; Phase 1 of “7 and 7” expected to complete by end of Q3 2025, with 8–10 total new dispensaries anticipated by end of 2025 .
Management highlighted cost optimization, ERC factoring proceeds, and second-lien notes to bolster liquidity; net cash from operations was $7.5M in Q1 2025 .

What Went Well and What Went Wrong

What Went Well

Sequential margin and EBITDA improvement: gross margin 40.4% (vs. 38.6% in Q4 2024) and adjusted EBITDA up to $9.8M (+22.8% QoQ), reflecting efficiency gains in grower-processor operations .
Branded mix and portfolio expansion: Jushi-branded product sales reached 56% of retail revenue; 391 new SKUs added, including Flower Foundry premium flower launch in Virginia .
Retail footprint and liquidity: ended quarter at 40 dispensaries; ERC factoring generated ~$5.1M net cash proceeds, with additional refunds and interest received, and ~$4.6M in second-lien net proceeds .

What Went Wrong

Price compression and promotions weighed on topline: retail revenue declined in all states except Virginia and Ohio; overall units sold rose 6.1%, but ASP fell; wholesale revenue declined $1.1M YoY as supply was prioritized to retail .
Year-over-year profitability pressure: adjusted EBITDA down to $9.8M from $13.3M in Q1 2024; gross margin down to 40.4% from 49.4% YoY due to competitive discounting and prior-period production costs flowing through cost of sales .
Interest expense remained high ($10.0M), contributing to a net loss of $17.0M; Jushi shareholders’ deficit widened to $(66.2)M at quarter end .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$65.459	$65.860	$63.846
Gross Profit ($USD Millions)	$32.330	$25.408	$25.775
Gross Margin (%)	49.4%	38.6%	40.4%
Operating Expenses ($USD Millions)	$28.211	$27.248	$27.646
Net Loss ($USD Millions)	$(18.355)	$(12.468)	$(17.015)
Diluted EPS ($USD)	$(0.09)	$(0.06)	$(0.09)
Adjusted EBITDA ($USD Millions)	$13.349	$8.005	$9.827
Adjusted EBITDA Margin (%)	20.4%	12.2%	15.4%
Cash, Cash Equivalents & Restricted Cash (End of Period, $USD Millions)	$30.564	$21.346	$27.887

Q1 2025 vs Consensus (S&P Global):

Metric	Consensus*	Actual	Surprise*	Result
Revenue ($USD Millions)	$65.925*	$63.846	$(2.079) (-3.2%)*	MISS
EPS ($USD)	$(0.06)*	$(0.09)	$(0.03)*	MISS
EBITDA ($USD Millions)	$10.200*	$6.164*	$(4.036)*	MISS

Values marked with an asterisk were retrieved from S&P Global.

KPIs and Footprint

KPI	Q3 2024	Q4 2024	Q1 2025
Jushi-Branded Share of Retail Revenue (%)	55%	55%	56%
Operating Dispensaries (Period End)	35	38	40
New Unique SKUs Introduced (Count)	278	415	391
Net Cash from Operations ($USD Millions)	$2.4	$7.2	$7.5

Segment/State Commentary (qualitative drivers)

Virginia: Retail revenue +$1.4M YoY; strong performance and newer stores ramping .
Ohio: Retail +$2.5M YoY; adult-use transition and consolidation/acquisitions; fifth location opened post quarter-end (Mansfield) .
Other states: Retail declines due to competition and price compression; wholesale down YoY with supply directed to retail .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
“7 and 7” Retail Expansion – Phase 1	By end of Q3 2025	Opening seven new dispensaries by mid-2025	Phase 1 expected complete by end of Q3 2025 with new store in Parma, OH	Maintained (timing clarified)
Total New Dispensaries (from program inception)	FY 2025	Five new dispensaries open since end of Q3 2024 and three more planned by summer 2025	Anticipate opening 8–10 new dispensaries by end of 2025	Raised (expanded total range)
Ohio Retail Presence	FY 2025	Target up to eight Ohio locations (licenses and LOIs)	Fifth OH location opened post quarter (Mansfield) and Parma by end of Q3 2025; additional OH by year-end subject to approvals	Progressing per plan

No formal quantitative guidance on revenue, margins, OpEx, or EPS/tax was provided in Q1 2025 materials .

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available via tools; themes reflect press release commentary and prior 8-Ks.

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Retail-first expansion	Licenses/agreements to expand Ohio; adult-use launch	Five new dispensaries open since Q3; three more planned by summer 2025	Phase 1 to complete by end of Q3 2025; total 8–10 new dispensaries by end of 2025	Accelerating
Branded product mix	55% of retail revenue	55% of retail revenue	56% of retail revenue; new premium brand launch (Flower Foundry, VA)	Improving
Price compression/competition	Retail declines IL/PA/NV/MA; promo usage increased	Ongoing competition/production challenges impacting margins	Competitive pricing pressure and discounting drove lower ASP and margins YoY	Persistent headwind
Product innovation	278 new SKUs across categories	415 new SKUs; “Uncommon Kind” edibles	391 new SKUs; Flower Foundry premium flower in VA	Ongoing innovation
Capital structure & liquidity	Reduced debt; refinancing; positive operating cash flow	Positive operating cash flow; debt reduction	ERC factoring ~$5.1M net; more refunds/interest; ~$4.6M second-lien net proceeds	Liquidity actions continuing
Ohio adult-use ramp	Adult-use launch; store pipeline	Consolidations and openings; footprint expansion	Warren opening; Mansfield post quarter; Parma by Q3; acquisitions closed	Scaling

Management Commentary

“Our ongoing cost optimization efforts, combined with improved liquidity from strategic transactions … have fortified our balance sheet … The sequential gains in Adjusted EBITDA and gross margin … underscore the progress … helping to offset the impact from price compression.” — Jim Cacioppo, CEO .
“Our 7 and 7 retail-first expansion strategy continues to make strong headway … we anticipate … opening a total of eight to ten new dispensaries by the end of 2025.” — Jim Cacioppo .

Q&A Highlights

A Q1 2025 earnings call transcript was not available via the tools; no Q&A commentary could be reviewed [ListDocuments earnings-call-transcript returned none for 2025].

Estimates Context

Revenue missed consensus ($63.8M vs $65.9M*), reflecting competitive pricing and discounting; EPS missed ($(0.09) vs $(0.06)*) .
SPGI EBITDA consensus was $10.2M* vs SPGI actual $6.2M*, while company-reported Adjusted EBITDA was $9.8M, indicating definitional differences (GAAP vs non-GAAP adjustments) .
Values with asterisks were retrieved from S&P Global.

Where estimates may adjust:

Continued price compression and promotional intensity could lead to modest reductions to revenue/margin forecasts until retail pricing stabilizes; Ohio ramps and Virginia strength are partial offsets .
Liquidity measures (ERC proceeds, second-lien notes) and store openings support sequential EBITDA improvement, but interest expense ($10.0M) and tax expense remain material drivers of net loss .

Key Takeaways for Investors

Sequential improvement but YoY pressure: Adjusted EBITDA up QoQ to $9.8M and gross margin to 40.4%, yet both below prior-year levels due to pricing pressure and cost carryover .
Modest miss vs consensus: Revenue and EPS missed; monitor pricing dynamics, promotions, and wholesale recovery as levers toward re-acceleration .
Expansion is the core catalyst: 8–10 total dispensaries anticipated by year-end 2025; Ohio and New Jersey additions, plus Pennsylvania and Illinois opportunities, should build retail scale .
Branded mix/portfolio strength: 56% retail branded share and 391 new SKUs highlight product execution that supports margins and customer retention .
Liquidity actions reduce risk: ~$5.1M ERC factoring proceeds and ~$4.6M second-lien net proceeds augment $27.9M quarter-end cash; continued operating cash generation ($7.5M) is supportive .
Watch interest/tax drag: $10.0M interest expense and ~$9.0M tax expense weighed on net loss; debt cost trajectory and tax accruals are key to EPS path .
Near-term trading lens: Stock likely sensitive to further retail pricing stability, Ohio adult-use ramp data points, and cadence of store openings; any signs of gross margin re-expansion or consensus revisions could be incremental catalysts .

Jushi Holdings Inc. (JUSHF)·Q1 2025 Earnings Summary