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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Glass House Brands (GLASF) investor relations material
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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 marked by significant operational disruption due to federal raids and labor compliance overhauls, resulting in a planned scale-back in planting and production and a temporary setback in operations.
Retail and CPG segments achieved strong year-over-year growth, outperforming the broader California market, with Allswell becoming a top 3 California flower brand by unit sales.
The company operates the largest cannabis cultivation footprint in California, with up to 6 million sq. ft. of facilities and a vertically integrated model.
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.
The company expects to return to full production capacity in Q1 2026, with record acreage planted by year-end 2025.
Financial highlights
Q3 2025 revenue was $38.4M, down from $63.8M YoY and $59.9M sequentially; retail sales up 13% YoY, outperforming the state by 23%.
Gross profit margin was 31%, down from 52% YoY and 53% sequentially; adjusted EBITDA was -$2.3M, down from $20.4M YoY and $18.1M sequentially.
Operating cash flow was -$5.1M vs. $13.2M YoY and $17.7M sequentially; cash and restricted cash at quarter-end was $26.3M.
Average selling price for biomass was $155/lb, down from $229 YoY and $206 sequentially; cost of production rose to $128/lb.
Q3 2025 net loss was $12.2M, following net income of $8.7M in Q2 2025.
Outlook and guidance
Q4 2025 revenue expected between $37M-$39M, with wholesale segment continuing to face headwinds.
Full-year 2025 revenue now guided to $180M-$182M (down from $190M-$195M prior), gross margin at 41%, and adjusted EBITDA at $14M-$16M.
Full production capacity expected in Q1 2026, with record acreage planted by year-end 2025 and long-term production cost target of $95/lb.
Expansion of Greenhouse 2 is underway, with full buildout expected in 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
Partial view of Summaries dataset, powered by Quartr API
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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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