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, significantly improved from 2023; adjusted net loss was $19 million, excluding non-recurring items.

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

• Retail network expanded to 229 locations by year-end, with 29% outside Florida, and new branded product launches including a premium THC beverage line.

Financial highlights

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

• Full year GAAP gross profit was $716 million (60% margin), up from $589 million (52% margin) in 2023.

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

• Ended year with $300 million in cash and investments, $480 million in debt 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.

• Full year 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 three, and refresh or remodel up to 45 dispensaries in 2025.

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

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