Jushi (JUSH) Q2 2026 earnings summary

Executive summary

• Second quarter revenue rose 10% year-over-year to $71.3 million, driven by record wholesale revenue and strong retail growth in Ohio and Virginia.

• Wholesale revenue hit a record $9.4 million, up 68% year-over-year, with Massachusetts, Ohio, Pennsylvania, and Virginia leading growth.

• Retail revenue increased 4% year-over-year to $61.9 million, with Ohio and Virginia as key contributors and retail units sold up 11.4%.

• Federal rescheduling of medical cannabis to Schedule III eliminated Section 280E tax limitations, resulting in a $6.4 million one-time tax benefit and a total income tax benefit of $976,000 for the quarter.

• Virginia adult use legislation enacted, with adult use sales set to begin July 1, 2027, positioning for significant future growth.

Financial highlights

• Gross profit was $31.5 million (44.2% margin), up from $28.9 million (44.5% margin) year-over-year.

• Adjusted EBITDA was $13.3 million (18.7% margin), compared to $13.7 million (21.1%) in the prior year, with the prior year including $4 million in non-recurring employee retention credit income.

• Net loss narrowed to $7.3 million from $12.3 million year-over-year.

• Cash flows from operations for the first six months of 2026 were $9.4 million, up from $5.6 million in the prior year period.

• Ended the quarter with $35.5 million in cash and equivalents and $219.8 million in debt (excluding disputed notes and leases).

Outlook and guidance

• Expect full-year maintenance and growth capital expenditures of $10–$13 million, excluding planned Virginia expansion.

• Virginia cultivation expansion underway, with additional indoor flowering rooms and greenhouse capacity planned to support adult use launch in 2027.

• Monitoring potential retrospective tax relief from the U.S. Treasury, which could further reduce tax liabilities.

• Anticipate strong growth in Virginia and Pennsylvania as adult use markets develop.

• Focus remains on expanding distribution, optimizing the retail portfolio, maintaining liquidity, and deploying capital for long-term returns.