Evolus (EOLS) Investor presentation summary

Operating legacy and market presence

• Ten-year track record built on quality, consistency, and culture, originating in Southern Oregon and expanding to Michigan, New Jersey, Minnesota, and Illinois.

• Facilities in Oregon, Michigan, and New Jersey, with expansions underway in Minnesota and Illinois, totaling significant indoor and outdoor canopy.

• Proven ability to replicate performance and maintain quality control and cost efficiencies across markets.

Financial performance and growth

• 2025 revenue reached $32.4M, with Adjusted EBITDA of $5.4M; New Jersey contributed $11.3M revenue and $6.0M Adjusted EBITDA.

• Net debt as of 2025 was $1.2M, with a market cap of ~$78M based on March 2026 share price.

• Long-term targets include 25% annual revenue growth and 35% Adjusted EBITDA growth, aiming for $50–$58M revenue and $14–$18M Adjusted EBITDA in 2027.

Industry landscape and strategy

• Cannabis remains federally illegal, with state-by-state regulations and no interstate commerce; federal rescheduling could reduce tax friction but timing is uncertain.

• The U.S. cannabis market is highly fragmented, with efficiency and local execution as key success factors.

• Industry faces price compression and over-leverage, rewarding low-cost, efficient operators as markets mature.