Green Thumb Industries (GTII) investor relations material

Executive summary

• Revenue reached $300.2 million in Q1 2026, up 7.5% year-over-year, outperforming the broader industry and driven by retail growth in Minnesota, Connecticut, and Florida, despite price compression and competition.

• Normalized EBITDA was $93.5 million (31.2% margin), with $76 million in operating cash flow and record cash of $344.5 million at quarter end.

• Net income attributable to the company was $15.4 million ($0.07 per share), up from $8.3 million ($0.04 per share) in Q1 2025, aided by a one-time arbitration settlement and equity method investment income.

• Share repurchases totaled 13.4 million shares year-to-date for $77.7 million, with 29 million shares repurchased since September 2023 and total authorization raised to $150 million.

• Retail footprint expanded to 114 stores across 14 markets, supported by nearly 5,000 employees.

Financial highlights

• Gross profit was $144 million (48% margin), down from 51% margin last year due to higher licensing fees and price compression.

• SG&A expenses were $103 million (34% of revenue), up due to compensation and new store costs.

• GAAP net income was $15.4 million ($0.07 per diluted share), up from $8.3 million ($0.04 per share) year-over-year, with a one-time arbitration settlement of $17 million contributing.

• EBITDA was $73.1 million (24.4% of revenue), up from $71.9 million (25.7% of revenue) year-over-year.

• Total assets stood at $2.83 billion, with total equity of $1.90 billion and total debt of $289.9 million.

Outlook and guidance

• Cautiously optimistic for 2026, expecting Q2 revenue to be flat or slightly down sequentially due to pricing pressures.

• Full-year CapEx expected to be around $80 million, subject to changes in Virginia's adult use legislation.

• Management highlighted the positive impact of federal rescheduling of medical cannabis to Schedule III, expected to provide tax relief and operational flexibility.

• The company is positioned to reinvest in operations and scale further as regulatory changes unfold.

• Monitoring regulatory changes, especially federal rescheduling and potential hemp bans, for future growth opportunities.