Trulieve Cannabis (TRUL) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $298 million, up slightly year-over-year, with 95% from retail sales and a gross margin of 62%, up from 58% last year.

• Adjusted EBITDA was $109 million (37% of revenue), up 3% year-over-year; adjusted net loss was $3 million, excluding non-recurring charges.

• Net loss attributable to common shareholders was $33 million; loss per share was $0.17 GAAP, $0.02 adjusted.

• Cash flow from operations was $51 million, with free cash flow of $34 million and quarter-end cash of $329 million.

• Opened six new dispensaries and launched the Onward THC beverage, expanding product offerings and retail footprint.

Financial highlights

• Gross margin improved to 62% from 58% year-over-year, attributed to lower production costs and disciplined promotions.

• Retail revenue was $282 million, down 1% year-over-year; wholesale revenue grew 25%, driven by Maryland and Pennsylvania.

• SG&A expenses rose to $119 million (40% of revenue), reflecting investments in new stores and infrastructure.

• Adjusted EBITDA margin was 37%, up from 35.5% in Q1 2024.

• Cash and cash equivalents at quarter-end were $329 million; debt was $480 million at 7.9% interest.

Outlook and guidance

• Q2 2025 revenue expected to be flat to up low single digits sequentially.

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

• Full year cash flow from operations projected at least $250 million; capital expenditures up to $40 million.

• Management expects existing cash balances to be sufficient for at least the next 12 months.

• Focus remains on growth opportunities, retail expansion, and product innovation.