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Curaleaf (CURA) investor relations material
Curaleaf Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 revenue reached $315M, up 1.5% sequentially but down 8% year-over-year, with international segment delivering 62% year-over-year growth led by Germany and the UK.
Adjusted EBITDA was $66M (21% margin), with margin drag from international and health segments; net loss from continuing operations was $51M.
Expanded global footprint with a new license in Turkey and completed buyout of international minority partner.
Opened new retail locations in Florida and Ohio, launched new product lines, and strengthened leadership team.
Domestic sales stabilized, offsetting pricing headwinds with gains in select states; international segment now rivals US in addressable market.
Financial highlights
Q2 revenue: $315M (+1.5% sequentially, -8% year-over-year); retail revenue $229M (-13% year-over-year), wholesale $83M (+8% year-over-year).
Adjusted gross profit: $154M (49% margin), up 120 bps year-over-year, down 130 bps sequentially due to product mix and promotions.
Adjusted EBITDA for Q2 was $65.5M, with a margin of 21%, down 40 bps year-over-year.
Net loss from continuing operations was $50.6M; adjusted net loss was $48M.
Ended Q2 with $102M cash; paid $47M in interest and principal debt payments in Q2.
Outlook and guidance
Q3 revenue expected to be flat to up low single digits sequentially; international margins anticipated to rebound in H2.
Capital expenditures for 2025 projected at $50M, focused on international expansion, IT, and new stores.
Ongoing debt refinancing expected to complete by year-end, aiming to enhance financial flexibility.
Management expects to capitalize on global cannabis demand and leverage infrastructure for future growth.
Anticipates launch of medical cannabis program in Turkey in 2026.
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