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Green Thumb Industries Reports Second Quarter 2025 Results

CHICAGO and VANCOUVER, British Columbia, Aug. 06, 2025 (GLOBE NEWSWIRE) -- 听(鈥淕reen Thumb鈥� or the 鈥淐ompany鈥�) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of听, today reported its financial results for the quarter ended June听30, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�), and all currency is in U.S. dollars.

Highlights for the second quarter ended June听30, 2025:

• Revenue of $293.3 million, an increase of 4.7% over the prior year.
• Cash at quarter end totaled $177 million.
• GAAP net loss of $0.65 million or $0.01 per basic and diluted share. Excluding the one-time loss of $11.7 million on a sale of assets, GAAP net income would have been $11.0 million or $0.05 per basic and diluted share.
• Adjusted EBITDA of $82.7 million or 28.2% of revenue.
• Cash flow from operations of $56 million.
• Repurchased approximately 5.6 million of the Company鈥檚 Subordinate Voting Shares for $24 million.
  
  

See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Management Commentary

鈥淭he Green Thumb team continues to deliver topline growth despite persistent pricing pressure in many of our key markets. Second quarter 2025 revenue was $293 million, a 5% gain over the comparable period last year. Adjusted EBITDA was $83 million or 28% of revenue and our second quarter cash flow from operations was $56 million. In addition, we bought back 5.6 million shares at an average price of $4.28 per share throughout the quarter,鈥� said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. 鈥淲hile our stock price continues to serve as a barometer for federal action, we believe Green Thumb has created value not currently reflected by the market due to several factors, including structural issues in the industry. Despite these challenges, we will continue to work to realize that value and continue to build brands Americans love. We are deeply committed to creating long-term value for all our stakeholders; this has always been the Green Thumb story.鈥�

Green Thumb President Anthony Georgiadis added, 鈥淭he second quarter was very productive for us. We experienced strong market share gains in key states including Illinois, Pennsylvania, New Jersey, Florida, and others.听In addition, our team continued preparation for Minnesota鈥檚 imminent adult-use launch. As we look ahead, we are confident in our team, our strategy, and our financial strength to help us navigate the current market environment.鈥�

Second Quarter 2025 Financial Overview

Total revenue for the second quarter 2025 was $293.3 million, up 4.7% from the prior year period. Revenue growth in the second quarter was driven primarily by sales from the Company's Consumer Packaged Goods segment, reflecting continued expansion in the adult-use markets in New York and Ohio.

Overall retail revenue increased 0.3% versus the second quarter of 2024. Second quarter 2025 comparable sales (stores open at least 12 months) decreased 4.1% versus the prior year on a base of 91 stores. Consumer Packaged Goods gross revenue increased 8.4% versus the second quarter of 2024.

Gross profit for the second quarter 2025 was $146.3 million or 49.9% of revenue, down from $150.5 million or 53.7% of revenue over the prior year period. The decline in gross margin percentage was primarily driven by price compression.

Total selling, general and administrative expenses for the second quarter 2025 were $106.8 million or 36.4% of revenue, compared to $96.5 million or 34.4% of revenue for the second quarter 2024. The increase in total expenses was primarily attributable to increased costs associated with the opening and operation of new retail stores.

Total other expense for the second quarter was $17.1 million versus $1.2 million for the comparable period, primarily due to the loss on the sale of Green Thumb's incredibles intellectual property and hemp business to Agrify.

Net loss attributable to the Company for the second quarter was $0.65 million or $0.01 per basic and diluted share, compared to net income of $20.7 million, or $0.09 per basic and diluted share in the prior year period. Excluding the one-time charge of $11.7 million, GAAP net income would have been $11.0 million or $0.05 per basic and diluted share.

In the second quarter 2025, EBITDA was $69.1 million or 23.6% of revenue, versus $82.0 million or 29.3% of revenue for the comparable prior year period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $12.0 million and other non-operating adjustments of $1.7 million, was $82.7 million or 28.2% of revenue, down from $93.8 million or 33.5% of revenue for the second quarter 2024.

For additional information on the non-GAAP financial measures discussed above, see under 鈥淣on-GAAP Financial Information鈥� below.

Balance Sheet and Liquidity

As of June听30, 2025, current assets were $405.4 million, including cash and cash equivalents of $176.9 million. Total debt outstanding was $250.0 million.

Total basic and diluted weighted average shares outstanding for the three months ended June听30, 2025, were 235.8 million shares.

Capital Allocation

During the second quarter, the Company repurchased approximately 5.6 million Subordinate Voting Shares for $24 million, at an average price of $4.28 per share. To date, the Company has purchased a total of approximately 13.5 million Subordinate Voting Shares for $108 million, with an average purchase price of $7.96 per share. The Company's remaining authority to repurchase Shares is $15.6 million through September 22, 2025.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission.听Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

Definitions

贰叠滨罢顿础:听Earnings before interest, taxes, other income or expense and depreciation and amortization.

Adjusted 贰叠滨罢顿础:听Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.

Conference Call and Webcast

Green Thumb will host a conference call on Wednesday, August 6, 2025, at 5:00 pm Eastern Time to discuss its results for the quarter ended June听30, 2025. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb鈥檚 website at听听and will be archived for replay.

About Green Thumb Industries

Green Thumb Industries Inc. (鈥淕reen Thumb鈥�) is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon鈥檚 and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people. More information is available at .

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that we believe are, or may be considered to be, 鈥渇orward-looking statements.鈥� All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渆stimate,鈥� 鈥渇oresee,鈥� 鈥渙pportunity,鈥� 鈥減roject,鈥� 鈥減otential,鈥� 鈥渞isk,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥減lan,鈥� 鈥渇orecast,鈥� 鈥渃ontinue,鈥� 鈥渟uggests鈥� or 鈥渃ould鈥� or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the 鈥淪EC鈥�), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it conducts business; the Company faces intense competition; the Company faces competition from the illicit market as well as hemp products that are actually or purportedly compliant with the Agricultural Improvement Act of 2018 (the Farm Bill); the Company is dependent upon the popularity and consumer acceptance of its brand portfolio; the Company has limited trademark protections; as a cannabis business, the Company is subject to unfavorable tax treatment and may incur significant tax liability; as a cannabis business, the Company may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company鈥檚 business is subject to the risks inherent in agricultural operations; the Company faces an inherent risk of product liability and similar claims; the Company鈥檚 products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company may be adversely impacted by rising or volatile energy costs and availability; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company relies on the expertise of its management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect its business; the Company鈥檚 voting control is concentrated; the Company鈥檚 capital structure and voting control may cause unpredictability; and sales of substantial amounts Subordinate Voting Shares by the Company鈥檚 shareholders in the public market may have an adverse effect on the market price of the Company鈥檚 Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company鈥檚 business and financial condition and the results of operations are included in the 鈥淩isk Factors鈥� section of the Company鈥檚 most recent Annual Report on Form 10-K and elsewhere in the Company鈥檚 filings with the SEC, which are available on the SEC鈥檚 website or at听. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management鈥檚 opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Investor Contacts:

Mathew Faulkner
Chief Financial Officer

310-622-8257

Andy Grossman
EVP, Capital Markets & Investor Relations
听
310-622-8257

Media Contact:
GTI Communications

Source: Green Thumb Industries Inc.

EBITDA, and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:

(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.
(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs.

The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

This press release was published by a CLEAR庐 Verified individual.