Trulieve Cannabis (TRUL) investor relations material

Executive summary

• Q3 2025 revenue reached $288 million, with 94% from retail sales and a 59% gross margin, driven by new store openings, wholesale growth, and strong branded product sales.

• Adjusted EBITDA was $103 million, up 7% year-over-year, representing 36% of revenue.

• Net loss attributable to common shareholders was $27 million ($0.14 per share), but adjusted net loss was $12 million ($0.07 per share), excluding non-recurring items.

• Cash flow from operations was $77 million for the quarter, with free cash flow at $64 million and a cash balance of $458 million at quarter end.

• Retail traffic and units sold increased by 6% and 7% year-over-year, with loyalty program membership reaching 820,000 and accounting for 77% of transactions.

Financial highlights

• Gross profit for Q3 was $170 million, with a gross margin of 59% and adjusted EBITDA margin of 36%.

• Adjusted SG&A expense declined to 30% of revenue; operating expenses decreased 26% year-over-year to $128 million.

• Free cash flow for the quarter was $64 million, with year-to-date free cash flow at $173 million.

• Inventory increased by $1.8 million in Q3, attributed to new store openings and product launches.

• Cash at quarter end was $458 million.

Outlook and guidance

• Q4 2025 revenue expected to increase by low single digits compared to Q3.

• Full-year gross margin anticipated to be comparable to 2024.

• Projecting at least $250 million in cash from operations for the full year; CapEx guidance raised to $45 million.

• Management expects continued strong cash generation and operational flexibility.

• Forward-looking statements emphasize growth opportunities and positioning for future expansion.