Trulieve Cannabis (TRUL) Q4 2024 earnings summary

Executive summary

• Full-year 2024 revenue reached $1.2 billion, up 5% year-over-year, with 95% from retail sales and strong profitability driven by customer focus and operational improvements.

• Adjusted EBITDA grew 30% to $420 million (35% of revenue), with Q4 Adjusted EBITDA at $111 million (37% margin).

• Net loss for 2024 was $155 million; adjusted net loss was $19 million, excluding non-recurring charges.

• Record cash flow from operations of $271 million and free cash flow of $150 million.

• Retail footprint expanded to 225 locations by year-end, with 33 new dispensaries added in 2024 and 29% of locations outside Florida.

Financial highlights

• Q4 2024 revenue was $301 million, up 5% year-over-year and 6% sequentially; GAAP gross profit $187 million with a 62% margin.

• Full-year gross margin improved to 60%, up from 52% in 2023.

• Q4 adjusted net income was $3 million, excluding $55 million in non-recurring charges.

• Cash and short-term investments totaled $300 million at year-end; debt was $480 million at 7.9% interest.

• Share count as of December 31, 2024: 191 million outstanding, 194.7 million pro forma.

Outlook and guidance

• Q1 2025 revenue expected to decline low single digits sequentially due to seasonality.

• 2025 cash flow from operations projected at least $250 million; capital expenditures up to $40 million.

• Plan to open 10 new stores, relocate up to 3, and refresh or remodel up to 45 dispensaries in 2025.

• Gross margin expected to remain around 60% for 2025.

• Focus on expanding branded retail, investing in cornerstone markets, and preparing for growth catalysts.