Glass House Brands (GLASF) Q4 2025 earnings summary

Executive summary

• Achieved $181.98M in FY 2025 revenue, a 9% decrease from FY 2024, with $76.96M gross profit and $11.93M net income, reversing a net loss in FY 2024.

• Retail revenue grew 10% year-over-year, while wholesale segments saw declines; Allswell became California's top-selling flower brand by volume.

• Achieved strong operational execution in 1H 2025, with record biomass production and cash flow yield, despite significant challenges in 2H due to federal raids, staffing disruptions, and planned production reductions.

• Adjusted EBITDA for FY 2025 was $16.97M, down from $40.26M in FY 2024.

• Achieved six consecutive quarters of same-store sales growth and began expansion with the largest acreage in company history.

Financial highlights

• FY 2025 revenue was $182M, down from $201M in 2024; Q4 2025 revenue was $39M, down from $53M YoY.

• FY 2025 gross margin was 42%, down from 48% in 2024; Q4 gross margin was 34–35%.

• Adjusted EBITDA for FY 2025 was $17M (9% margin); Q4 adjusted EBITDA was -$3.3M.

• FY 2025 operating cash flow was $11.4M; year-end cash and restricted cash was $23.4M.

• Q4 2025 cost per pound was $129 (up from $110 YoY); full year cost was $111/lb, above the $95/lb target.

Outlook and guidance

• 2026 revenue forecasted at $235M–$245M, with a $300M annualized run rate in 2H.

• Full year 2026 gross margin projected at 48%; adjusted EBITDA expected in the high $40M range.

• Wholesale biomass production forecasted at ~1M lbs (up 48–50% YoY); cost of production expected to drop to ~$100/lb.

• Initial hemp harvest and sales expected in Q3 2026, with favorable pricing anticipated.

• Ending 2026 cash projected to exceed $50M, with $20M CapEx planned for greenhouse expansions.