Green Thumb Industries (GTII) Q3 2024 earnings summary

Executive summary

• Delivered $287 million in Q3 2024 revenue, a 4% year-over-year increase, driven by retail and CPG growth, new adult-use sales in Ohio, and four new dispensary openings, bringing the total to 98, with the 99th announced in Orlando, Florida.

• Entered a $150 million, 5-year credit facility and retired $225 million in senior secured debt, strengthening the balance sheet.

• Expanded brand partnerships, including Magnolia Bakery and Barstool, and launched new marketing initiatives.

Financial highlights

• Q3 revenue reached $287 million, up 4% year-over-year, with gross profit of $148 million (51% margin) and adjusted EBITDA of $89.2 million (31.1% margin).

• Net income was $9 million ($0.04 per share), down from $11 million ($0.05 per share) last year.

• Cash flow from operations for the first nine months was $152 million after $88 million in income taxes.

• Cash and cash equivalents at quarter end totaled $174 million.

Outlook and guidance

• Expect Q4 sequential revenue to be flat due to ongoing price erosion.

• 2024 CapEx projected at $80 million, with 2025 CapEx expected to be similar.

• Management expressed confidence in continued growth, citing operational excellence, product quality, and brand resonance as key drivers.