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Curaleaf (CURA) investor relations material
Curaleaf 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
Third quarter revenue reached $320 million, up 2% sequentially but down 3% year-over-year, reflecting stabilization in domestic operations and robust international growth despite ongoing price compression headwinds.
The "Return to Our Roots" plan has driven improvements in product quality, supply chain, and retail operations, positioning the business for renewed growth domestically and rapid international expansion.
International segment delivered 12% sequential and 56% year-over-year revenue growth, with strong performance in the U.K. and Germany, and new product launches like the QMID device and ACE oil driving engagement.
Adjusted gross profit margin improved to 50%, up 115 basis points both sequentially and year-over-year.
Adjusted EBITDA for Q3 was $69.3 million (21.6% margin), with $107.5 million in cash at quarter end after $28 million in debt payments.
Financial highlights
Adjusted gross margin improved to 50%, up 115 basis points both sequentially and year-over-year, driven by cost reductions in cultivation.
Adjusted EBITDA was $69.3 million (21.6% margin), down 8% year-over-year, with international and hemp businesses dragging margins by 200 basis points.
Net loss from continuing operations was $54.5 million ($0.07 per share); adjusted net loss was $48.2 million ($0.06 per share).
Operating cash flow from continuing operations was $53 million for the quarter and $104 million year-to-date; free cash flow was $37 million in Q3 and $56.8 million year-to-date.
Ended the quarter with $107.5 million in cash and $543.7 million in outstanding debt.
Outlook and guidance
Fourth quarter revenue expected to increase low single digits sequentially.
Anticipates shifting to a growth mindset in 2026 as foundational restructuring is largely complete.
No meaningful revenue expected from new international markets (Turkey, Spain, France) until 2027 and beyond.
Cautiously optimistic about strengthening domestic business and confident in multiple growth drivers for 2026.
Continued international expansion and domestic retail optimization are expected to drive future growth.
How does QMID exclusivity impact int'l growth?
What external factors could boost US margins?
How does President's CBD view affect federal reform?
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Q4 20252 Mar, 2026
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Frequently asked questions
Curaleaf Holdings Inc is a U.S.-based cannabis company that cultivates, processes, and distributes cannabis products for medical and adult-use markets. The company offers flower, extracts, edibles, and topicals through its network of dispensaries and wholesale channels. It operates across multiple U.S. states under several brands. Curaleaf Holdings Inc is headquartered in Wakefield, Massachusetts, and its shares are listed on the CSE.
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