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Cresco Labs (CL) investor relations material
Cresco Labs Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached $165 million, with adjusted gross profit of $80.5 million and adjusted EBITDA of $40 million; operating cash flow was $6 million.
Maintained #1 market share in several billion-dollar cannabis markets, operating 71 retail stores as of September 30, 2025.
Completed debt refinancing, reducing debt size, extending maturities to 2030, and improving financial flexibility.
Strategic exit from California operations to focus on core, profitable markets and reduce complexity.
Entered the German market with Cresco-branded flower, marking the first step in international expansion.
Financial highlights
Q3 2025 net revenue was $164.9 million, up 0.8% sequentially; adjusted gross margin was 48.8%, and adjusted EBITDA margin was 24.1%.
Free cash flow for Q3 2025 was negative $1 million, but year-to-date free cash flow reached $20 million, with $45 million in operating cash flow.
Ended Q3 2025 with $82 million in cash after paying down $35 million in debt principal.
SG&A expenses were $52 million (31.3% of revenue); adjusted SG&A was $47.7 million (28.9% of revenue).
Net loss totaled $22 million, including a $16 million loss from debt extinguishment and $2 million in non-cash impairment charges.
Outlook and guidance
Q4 revenue expected to remain roughly in line with Q3, with expanded cultivation in Illinois offsetting price compression and increased retail competition.
Margin expansion in 2026 expected from top-line growth and operating leverage; continued price compression anticipated as a headwind.
Management expects to outperform the market and create long-term shareholder value through scale, efficiency, and disciplined execution.
Expansion into new markets and product launches are expected to drive future growth.
Exit from California will reduce consolidated revenue by less than 3% going forward.
Elaborate on 2026 M&A growth lever potential.
What is the Germany supply chain approach?
When will higher cost flower impact normalize?
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Next Cresco Labs earnings date
Q4 202512 Mar, 2026
Next Cresco Labs earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Cresco Labs Inc is a vertically integrated cannabis and medical marijuana company operating across several U.S. states. The company engages in the cultivation, manufacturing, distribution, and retail of cannabis products through owned brands and dispensaries. Cresco Labs serves both adult-use and medical cannabis markets. The company is headquartered in Chicago, Illinois, and its shares are listed on the CSE.
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