Jushi (JUSH) investor relations material

Executive summary

• Revenue reached $65M in Q2 2025, up from $63.8M in Q1 and $64.6M in Q2 2024, driven by retail growth in Ohio and Virginia.

• Net loss narrowed to $12.3M from $17M in Q1 2025, but was higher than $1.9M in Q2 2024.

• Adjusted EBITDA rose 39.6% sequentially to $13.7M, with margin improving to 21.1%.

• Retail expansion continued, ending Q2 with 40 stores and four more openings planned by year-end or early 2026, including entry into New Jersey.

• Jushi-branded products accounted for 56% of retail revenue, reflecting strong brand equity.

Financial highlights

• Retail revenue grew $2.6M sequentially and $2.4M year-over-year, with Ohio and Virginia as key contributors.

• Wholesale revenue declined $1.4M sequentially and $2M year-over-year, mainly due to product prioritization and system conversion delays.

• Gross profit was $28.9M (44–44.5% margin), up sequentially but down from 50–50.4% in Q2 2024 due to pricing pressure.

• Cash and equivalents totaled $25.2M at quarter end.

• Operating expenses rose to $25.3M, mainly from higher depreciation/amortization and new store costs.

Outlook and guidance

• Four new store openings expected by year-end or early 2026, including first entry into New Jersey.

• Retail expansion strategy targets 10 new stores since Q4 2024 launch.

• Capital allocation shifting toward high-ROI grower-processor investments in Pennsylvania and Virginia.

• Maintenance CapEx for 2025 expected at $3M–$5M; gross CapEx projected at $8M–$14M, subject to market and regulatory conditions.

• Margin improvement expected in Q3 and Q4 as higher-cost inventory is sold through and operational efficiencies take hold.