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Glass House Brands (GLASF) investor relations material
Glass House Brands Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Q2 results exceeded expectations across revenue, gross profit, adjusted EBITDA, and cash, with all segments contributing to growth despite challenging California pricing and labor conditions.
Retail revenues grew 13% year-over-year, outperforming a 15% decline in California retail sales, driven by same-store sales and strategic pricing.
Wholesale biomass production reached 230,748 lbs, up 54% year-over-year, with cost per pound dropping to $91 from $148.
Strategic pricing initiatives, operational efficiencies, and cost reductions from farm efficiencies supported strong performance, with Allswell achieving record sales.
Cash and restricted cash balance rose to $44.2M at quarter-end, up from $37.6M in Q1.
Financial highlights
Q2 revenue was $59.9M, up 11% year-over-year and 34% sequentially.
Gross profit reached $31.9M (53% margin), up from 45% in Q1 and ahead of guidance.
Adjusted EBITDA was $18.1M, significantly above guidance and up from $4.4M in Q1.
Operating cash flow for Q2 was $17.7M, up from $2.5M in Q1 and $8.9M last year.
General and administrative expenses decreased 16% year-over-year to $14.6M.
Outlook and guidance
Q3 revenue expected between $35M and $38M due to labor constraints and reduced production.
Q4 revenue projected to rebound, approaching last year’s $53M as production normalizes.
Full-year revenue guidance lowered to $190M–$195M from prior $220M–$230M; adjusted EBITDA now $23M–$26M, down from mid-$40M range.
Q3 biomass production forecasted at 95,000–100,000 lbs, less than 40% of typical levels; Q4 production expected to double Q3.
Full production capacity expected to return in early 2026.
Why did Q3 revenue guidance decrease?
Explain the Series E Preferred Stock terms.
How does Q4 production compare to Q3?
How will labor compliance affect labor costs?
How is the CA retail market responding to excise tax?
When will production return to full capacity?
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Next Glass House Brands earnings date
Q3 202512 Nov, 2025
Next Glass House Brands earnings date
Q3 202512 Nov, 2025
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Frequently asked questions
Glass House Brands Inc cultivates, manufactures, and distributes cannabis products for the medical and adult-use markets. It operates cultivation facilities and retail dispensaries primarily in California. The company is headquartered in Long Beach, California, and its shares are listed on the NEO Exchange.
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