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Glass House Brands (GLASF) investor relations material
Glass House Brands Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 was the most challenging in company history, with revenue at $38.4M, down from $63.8M in Q3 2024 and $59.9M in Q2 2025, due to federal raids, labor changes, and a planned scale-back in planting and production.
Retail and CPG segments showed resilience, with retail sales up 13% year-over-year and Allswell becoming a top 3 California flower brand by unit sales, outperforming the broader California market.
Wholesale segment experienced significant declines, with production and sales volumes halved compared to last year.
Expansion projects and greenhouse buildouts were delayed, but record acreage is expected by year-end 2025, with full production capacity targeted for Q1 2026.
Recent milestones include refinancing senior secured debt with a new $50M loan maturing in 2030 and becoming the first U.S. plant-touching cannabis company listed on Robinhood.
Financial highlights
Q3 2025 revenue was $38.4M, gross margin was 31%, and adjusted EBITDA was negative $2.3M.
Net loss for Q3 2025 was $12.2M, following net income of $8.7M in Q2 2025.
Operating cash flow was negative $5.1M, with cash and restricted cash at quarter-end between $26.3M and $30M.
Average selling price for biomass was $155/lb, down from $229 last year; cost of production rose to $128/lb from $103 last year.
CapEx in Q3 2025 was $8.6M–$9M, mainly for Camarillo expansion and Greenhouse 2 buildout.
Outlook and guidance
Q4 revenue expected between $37M and $39M, with gross margin in the high 20% range.
Full-year revenue guidance lowered to $180M–$182M, gross margin to 41%, and adjusted EBITDA to $14M–$16M.
Full production at existing greenhouses is expected in Q1 2026, with record acreage planted by year-end 2025.
Long-term production cost target remains $95/lb for March 2026.
Management anticipates continued impact from lower volumes and quality into Q4 2025 but expects recovery as legacy product processing completes.
Path to $95/lb production cost target
Impact of Series E on cash flow and dilution
Timeline for full Greenhouse 2 & 4 operations?
Long-term COGS impact from new hiring
International market margin potential
Market absorption of new capacity
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Next Glass House Brands earnings date
Q4 202512 Mar, 2026
Next Glass House Brands earnings date
Q4 202512 Mar, 2026
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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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