Trulieve Cannabis (TRUL) Q1 2025 earnings summary

Executive summary

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

• Adjusted EBITDA was $109 million (37% of revenue), up 3% year-over-year.

• Net loss attributable to common shareholders was $33 million; adjusted net loss was $3 million, excluding non-recurring charges.

• Cash flow from operations was $51 million, with free cash flow of $34 million.

• Opened six new dispensaries and launched Onward, a premium non-alcoholic THC beverage, expanding product offerings and retail footprint.

Financial highlights

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

• Adjusted EBITDA margin was 37%, up from 35.5% year-over-year.

• SG&A expenses rose to $119 million (40% of revenue) from $101 million (34%) last year, reflecting investments in new stores and infrastructure.

• Cash at quarter end was $329 million; debt was $480 million at 7.9% interest.

• Ended Q1 with 229 retail dispensaries and over 4 million sq. ft. of cultivation/processing capacity.

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.