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Jushi (JUSH) investor relations material
Jushi Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue rose 7.3% YoY to $70.5M, with record wholesale sales and higher retail volume in Ohio and Virginia; pricing pressure continued to constrain growth.
Adjusted EBITDA rose to $13.6M from $12.8M, while net loss narrowed to $12.5M from $23.7M; Virginia adult-use preparations remained a key growth focus.
Financial highlights
Revenue was $70.5M vs. $65.7M; gross profit rose to $32.3M from $30.7M.
Operating income increased to $3.5M from $2.3M; Q3 basic and diluted loss per share was $0.06 vs. $0.12, and 9M net loss was $39.7M vs. $53.0M.
Other expense was $9.3M vs. $17.2M, including a $241K derivative gain vs. a $6.3M prior-year loss.
Income tax expense was $6.8M vs. $8.8M, reflecting Schedule III rescheduling effective April 28, 2026 and removal of Section 280E for qualifying state-licensed medical cannabis activities.
Outlook and guidance
Virginia adult-use sales are scheduled to begin July 1, 2027; regulations are anticipated in early 2027, with a $10M conversion fee payable over three years.
FY 2026 capex is expected at $12M-$15M, focused mainly on Virginia cultivation renovations and early Pennsylvania adult-use preparations.
Three Virginia cultivation projects target annual harvest of 115 or more after completion, vs. ~29 in 2025; first-two-project harvest is expected to rise ~60% in 2027 vs. 2026.
Manassas construction is targeted to start in late Q4 2026, with a ~12-month build; first harvest from the third expansion is targeted for 2028.
Virginia financing discussions target completion in Q4; investment timing and project scale depend on permitting, financing and market conditions.
- Poised for growth with new financing, regulatory wins, and a robust retail and brand platform.JUSH
Investor presentation - Revenue up 10% year-over-year with record wholesale and retail growth in key states.JUSH
Q2 2026 - Revenue up 4% to $66.4M, gross margin 45%, and liquidity strengthened via refinancing.JUSH
Q1 2026 - 2025 revenue rose 2% to $262.9M, with margin gains and improved liquidity after refinancing.JUSH
Q4 2025 - 2026 strategy targets sales growth, margin gains, and retail expansion in core cannabis markets.JUSH
Investor presentation - Gross margin rose to 45.4% as net loss narrowed and expansion advanced in Ohio and Virginia.JUSH
Q3 2024 - Gross margin reached 50.4% and net loss improved to $1.9M, with strong debt reduction.JUSH
Q2 2024 - Sequential Adjusted EBITDA growth and retail expansion offset industry headwinds.JUSH
Q1 2025 - Net loss narrowed and cash flow hit a record as retail expansion offset revenue declines.JUSH
Q4 2024
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