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Green Thumb Industries (GTII) investor relations material

Green Thumb Industries Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 revenue reached $293M, up 5% year-over-year, driven by CPG and adult-use market expansion in NY and OH.

  • Adjusted EBITDA was $83M (28% margin), with cash flow from operations at $56M.

  • Repurchased 5.6M shares for $24M at $4.28/share during the quarter.

  • Focus remains on brand expansion, operational discipline, and navigating regulatory uncertainty.

  • Strong market share gains in IL, PA, NJ, and FL; preparing for MN adult-use launch.

Financial highlights

  • Gross profit was $146M (50% margin), down from $151M (54%) year-over-year due to price compression.

  • Comparable store sales declined 4% due to price compression; retail revenue up 0.3%.

  • CPG net revenue up 17% and gross revenue up 8.4% year-over-year, led by NY and OH.

  • Net loss of $1M ($0.01/share) due to $12M asset sale loss; excluding this, net income was $11M ($0.05/share).

  • SG&A was $107M (36% of revenue), up from $97M (34%) year-over-year due to new store openings.

Outlook and guidance

  • Q3 revenue expected to be flat to down low single digits unless MN adult use launches.

  • Margins and adjusted EBITDA anticipated to remain below 30% due to ongoing pricing challenges.

  • Cautious near-term industry outlook amid price compression, regulatory uncertainty, and macroeconomic pressures.

  • Continued focus on building brands and preparing for new adult-use markets.

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Frequently asked questions

Green Thumb Industries Inc. manufactures cannabis products for medical and adult-use in the United States. The company sells vaporizer cartridges and vaporizer devices, as well as various types of cannabis flower, such as indica, sativa, hybrid. It also offers concentrates and a variety of edibles. The company's products are sold through its retail stores.

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