Green Thumb Industries (GTII) investor relations material

Executive summary

• Revenue for Q2 2026 reached $307 million, up 5% year-over-year, with normalized EBITDA of $84.3 million (27.5% margin).

• Net income was $4.9 million ($0.02 per share), reversing a net loss of $0.6 million in Q2 2025.

• Cash flow from operations was $29 million, and the company ended the quarter with $284 million in cash.

• Share repurchases totaled 8 million shares in Q2 at just over $6/share; since Q4 2023, 29.5 million shares repurchased, returning over $200 million to shareholders.

• Strategic focus remains on disciplined growth, capital returns, and readiness for regulatory changes, including federal rescheduling and potential uplisting.

Financial highlights

• Retail revenue grew just under 4% year-over-year, with strong contributions from Minnesota, Connecticut, and Florida.

• Same-store sales declined 1% on a base of 103 stores, a modest step down from Q1.

• Gross profit was $138 million (45% margin), down from $146 million (50%) last year, mainly due to $17.5 million in brand licensing fees and price compression.

• SG&A expenses rose to $118 million (38% of revenue), up from $107 million (36%) due to compensation and new store costs.

• EBITDA was $53.1 million (17.3% margin), down from $69.1 million (23.6%) in Q2 2025.

Outlook and guidance

• Q3 2026 revenue expected to be flat sequentially due to ongoing pricing pressures.

• Full-year 2026 CapEx guidance remains at approximately $80 million.

• Virginia adult-use market launch anticipated July 2027; company evaluating incremental investment.

• Expects continued transition of consumers from hemp to regulated cannabis channels, especially in Ohio.

• Management remains optimistic about long-term positioning due to scale, brands, and shelf space.