Jushi Holdings Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Jushi Holdings (OTCQX: JUSHF) has released its Q4 and full-year 2024 financial results, showing mixed performance. The company reported a full-year net loss of $48.8 million, an improvement from the $65.1 million loss in 2023. Full-year revenue decreased to $257.5 million, with Q4 revenue at $65.9 million.
Key financial metrics include:
- Q4 gross profit margin of 38.6% and full-year margin of 45.9%
- Adjusted EBITDA of $46.2 million for 2024, up from $40.8 million in 2023
- Operating cash flow improved to $21.6 million for the year
- Cash position of $21.3 million at quarter-end
The company expanded its retail presence with five new dispensaries since Q3 2024 and plans three more by summer 2025. Jushi-branded product sales represented 55% of total retail revenue across five vertical markets. The company recently launched new brands including 'Uncommon Kind' edibles and 'Flower Foundry' premium flower.
Jushi Holdings (OTCQX: JUSHF) ha pubblicato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. L'azienda ha registrato una perdita netta annuale di 48,8 milioni di dollari, un miglioramento rispetto alla perdita di 65,1 milioni di dollari nel 2023. I ricavi annuali sono diminuiti a 257,5 milioni di dollari, con ricavi nel quarto trimestre pari a 65,9 milioni di dollari.
I principali indicatori finanziari includono:
- Margine di profitto lordo del quarto trimestre del 38,6% e margine annuale del 45,9%
- EBITDA rettificato di 46,2 milioni di dollari per il 2024, in aumento rispetto ai 40,8 milioni di dollari nel 2023
- Flusso di cassa operativo migliorato a 21,6 milioni di dollari per l'anno
- Posizione di cassa di 21,3 milioni di dollari alla fine del trimestre
L'azienda ha ampliato la sua presenza al dettaglio con cinque nuovi dispensari dal terzo trimestre del 2024 e prevede di aprirne altri tre entro l'estate del 2025. Le vendite di prodotti a marchio Jushi hanno rappresentato il 55% dei ricavi totali al dettaglio in cinque mercati verticali. L'azienda ha recentemente lanciato nuovi marchi, tra cui i prodotti edibili 'Uncommon Kind' e il fiore premium 'Flower Foundry'.
Jushi Holdings (OTCQX: JUSHF) ha publicado sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un rendimiento mixto. La compañía reportó una pérdida neta anual de 48.8 millones de dólares, una mejora respecto a la pérdida de 65.1 millones de dólares en 2023. Los ingresos anuales disminuyeron a 257.5 millones de dólares, con ingresos del cuarto trimestre de 65.9 millones de dólares.
Los principales indicadores financieros incluyen:
- Margen de utilidad bruta del cuarto trimestre del 38.6% y margen anual del 45.9%
- EBITDA ajustado de 46.2 millones de dólares para 2024, un aumento respecto a los 40.8 millones de dólares en 2023
- Flujo de caja operativo mejorado a 21.6 millones de dólares para el año
- Posición de efectivo de 21.3 millones de dólares al final del trimestre
La compañía ha ampliado su presencia minorista con cinco nuevos dispensarios desde el tercer trimestre de 2024 y planea abrir tres más para el verano de 2025. Las ventas de productos de marca Jushi representaron el 55% de los ingresos totales minoristas en cinco mercados verticales. La compañía lanzó recientemente nuevas marcas, incluyendo los comestibles 'Uncommon Kind' y la flor premium 'Flower Foundry'.
Jushi Holdings (OTCQX: JUSHF)는 2024년 4분기 및 연간 재무 결과를 발표했으며, 혼합된 성과를 보여주었습니다. 회사는 연간 순손실 4,880만 달러를 기록했으며, 이는 2023년 6,510만 달러의 손실에서 개선된 수치입니다. 연간 매출은 2억 5,750만 달러로 감소했으며, 4분기 매출은 6,590만 달러입니다.
주요 재무 지표는 다음과 같습니다:
- 4분기 총 이익률 38.6% 및 연간 이익률 45.9%
- 2024년 조정 EBITDA는 4,620만 달러로, 2023년 4,080만 달러에서 증가했습니다.
- 연간 운영 현금 흐름은 2,160만 달러로 개선되었습니다.
- 분기 말 현금 보유액은 2,130만 달러입니다.
회사는 2024년 3분기 이후 5개의 새로운 약국을 추가하여 소매 존재감을 확대했으며, 2025년 여름까지 3개를 더 열 계획입니다. Jushi 브랜드 제품 판매는 5개 수직 시장에서 전체 소매 수익의 55%를 차지했습니다. 회사는 최근 'Uncommon Kind' 식품 및 'Flower Foundry' 프리미엄 꽃을 포함한 새로운 브랜드를 출시했습니다.
Jushi Holdings (OTCQX: JUSHF) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, montrant une performance mitigée. L'entreprise a enregistré une perte nette annuelle de 48,8 millions de dollars, une amélioration par rapport à la perte de 65,1 millions de dollars en 2023. Les revenus annuels ont diminué à 257,5 millions de dollars, avec des revenus du quatrième trimestre s'élevant à 65,9 millions de dollars.
Les principaux indicateurs financiers incluent:
- Marge brute du quatrième trimestre de 38,6% et marge annuelle de 45,9%
- EBITDA ajusté de 46,2 millions de dollars pour 2024, en hausse par rapport à 40,8 millions de dollars en 2023
- Flux de trésorerie opérationnel amélioré à 21,6 millions de dollars pour l'année
- Position de trésorerie de 21,3 millions de dollars à la fin du trimestre
L'entreprise a élargi sa présence au détail avec Cinq nouveaux dispensaires depuis le troisième trimestre 2024 et prévoit d'en ouvrir trois autres d'ici l'été 2025. Les ventes de produits de marque Jushi ont représenté 55% des revenus totaux au détail dans cinq marchés verticaux. L'entreprise a récemment lancé de nouvelles marques, y compris les comestibles 'Uncommon Kind' et la fleur premium 'Flower Foundry'.
Jushi Holdings (OTCQX: JUSHF) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Das Unternehmen berichtete von einem Jahresverlust von 48,8 Millionen Dollar, was eine Verbesserung gegenüber dem Verlust von 65,1 Millionen Dollar im Jahr 2023 darstellt. Der Jahresumsatz sank auf 257,5 Millionen Dollar, mit einem Umsatz im vierten Quartal von 65,9 Millionen Dollar.
Wichtige Finanzkennzahlen umfassen:
- Bruttogewinnmarge im vierten Quartal von 38,6% und eine Jahresmarge von 45,9%
- Bereinigtes EBITDA von 46,2 Millionen Dollar für 2024, ein Anstieg von 40,8 Millionen Dollar im Jahr 2023
- Operativer Cashflow verbesserte sich auf 21,6 Millionen Dollar für das Jahr
- Bargeldposition von 21,3 Millionen Dollar zum Quartalsende
Das Unternehmen hat seine Einzelhandelspräsenz mit fünf neuen Apotheken seit dem dritten Quartal 2024 erweitert und plant, bis zum Sommer 2025 drei weitere zu eröffnen. Der Verkauf von Jushi-Markenprodukten machte 55% des gesamten Einzelhandelsumsatzes in fünf vertikalen Märkten aus. Das Unternehmen hat kürzlich neue Marken eingeführt, darunter die 'Uncommon Kind'-Esswaren und die 'Flower Foundry'-Premiumblüten.
- Improved net loss from $65.1M in 2023 to $48.8M in 2024
- Increased Adjusted EBITDA to $46.2M from $40.8M YoY
- Operating cash flow grew to $21.6M for the year
- Jushi-branded product sales increased to 55% of retail revenue
- Retail expansion with 5 new dispensaries and 3 more planned
- Revenue declined to $257.5M from previous year
- Q4 gross profit margin decreased to 38.6% from 40.2% YoY
- Wholesale revenue decreased due to production challenges
- Retail revenue decreased in most states except Virginia and Ohio
- High debt level of $201.5M in total principal amount
Full Year 2024 Net Loss of
Full Year 2024 Adjusted EBITDA of
Increased Quarterly and Annual Operational Cash Flow Compared to Prior Periods to
Five New Dispensaries Open Since the End of Q3 2024 and Three More Planned by Summer 2025
BOCA RATON, Fla., March 06, 2025 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, is pleased to announce its financial results for the fourth quarter (“Q4 2024”) and full year ended December 31, 2024 (“FY 2024”). All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (“GAAP”).
Financial Highlights
Q4 2024
- Total revenue of
$65.9 million - Gross profit and gross profit margin of
$25.4 million and38.6% , respectively, - Net loss of
$12.5 million - Adjusted EBITDA1 and Adjusted EBITDA1 margin of
$8.0 million and12.2% , respectively - Cash, cash equivalents and restricted cash were
$21.3 million as of quarter end - Net cash flows provided by operations of
$7.2 million
FY 2024
- Total revenue of
$257.5 million - Gross profit and gross profit margin of
$118.3 million and45.9% , respectively - Net loss of
$48.8 million - Adjusted EBITDA1 and Adjusted EBITDA1 margin of
$46.2 million and17.9% , respectively - Net cash flows provided by operations of
$21.6 million
1 See “Use of Non-GAAP Financial Information” and “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” below.
Fourth Quarter 2024 Company Highlights
- Achieved strong Jushi-branded product sales representing approximately
55% of total retail revenue in Q4 2024 across the Company’s five vertical markets. - Advanced the Company’s retail-first expansion strategy by entering into management service agreements with two operating dispensaries in Oxford and Toledo, Ohio and two provisionally licensed dispensaries sited in Warren and Mansfield, Ohio, and opened our fifth Illinois Beyond Hello™ dispensary in Peoria.
- Introduced 415 new unique SKUs throughout the Company’s five vertical markets across a variety of formats, including flower, pre-rolls, edibles, and concentrates.
- Launched a new edibles brand, "Uncommon Kind", in Massachusetts, Pennsylvania, and Virginia. The new offering features high-quality chews crafted with RSO, live resin, or live rosin concentrates.
Post Quarter-End Developments
- Debuted our latest premium flower brand, "Flower Foundry", in Virginia. Since its launch in mid-February, the brand has quickly secured its position as the top-selling Jushi-branded SKU in the state.
- Strengthened the balance sheet through the factoring of approximately
$6.0 million of employee retention credit ("ERC") claims for approximately$5.1 million in net cash proceeds. The Company is also entitled to receive a portion of any interest paid on the respective ERC claims. - On February 21, 2025, following receipt of regulatory approvals, closed on the acquisition of the two operating dispensaries in Oxford and Toledo, Ohio that previously had been operated under the management services agreements.
- On February 22, 2025, opened a new Beyond Hello™ location in Warren, Ohio, marking the fourth operating Beyond Hello™ dispensary in the state that we are operating under a management service agreement.
- On February 25, 2025, issued
12% second lien notes due in 2026 in the principal amount of approximately US$5.1 million , from which the Company received net cash proceeds of US$4.6 million . - On February 25, 2025, opened a relocated dispensary in Linwood, Pennsylvania, marking our 18th Beyond Hello™ dispensary in the state.
Management Commentary
“I am pleased with the progress we made in 2024 to strengthen our platform, particularly in reducing debt, enhancing our balance sheet, and improving cash flows from operations – efforts that we believe have positioned us well for our next phase of growth,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “As we moved into the second half of 2024, our focus transitioned from debt reduction and capital optimization to driving growth and advancing our retail-first growth strategy through the expansion of our flagship retail banner, Beyond Hello™, which has established a strong reputation across our footprint.”
Mr. Cacioppo continued, “Looking ahead to 2025, we remain committed to building upon this momentum by expanding our retail network across our core footprint with our 7 and 7 initiative, which is our plan to expand our retail presence by
Financial Results for Q4 2024 and FY 2024
($ in millions)
| Quarter Ended December 31, 2024 | Quarter Ended December 31, 2023 | $ Change | % Change | Year Ended December 31, 2024 | Year Ended December 31, 2023 | $ Change | % Change | |||||||||||||||||
| Revenue, net | $ | 65.9 | $ | 67.8 | $ | (1.9 | ) | (2.8 | )% | $ | 257.5 | $ | 269.4 | $ | (11.9 | ) | (4.4 | )% | ||||||
| Gross profit | $ | 25.4 | $ | 27.2 | $ | (1.8 | ) | (6.6 | )% | $ | 118.3 | $ | 116.2 | $ | 2.1 | 1.8 | % | |||||||
| Operating expenses | $ | 27.2 | $ | 33.8 | $ | (6.6 | ) | (19.5 | )% | $ | 107.4 | $ | 119.0 | $ | (11.6 | ) | (9.7 | )% | ||||||
| Other income (expense) | $ | (7.0 | ) | $ | (6.4 | ) | $ | (0.6 | ) | (9.4 | )% | $ | (28.0 | ) | $ | (30.5 | ) | $ | 2.5 | 8.2 | % | |||
| Net loss | $ | (12.5 | ) | $ | (18.0 | ) | $ | 5.5 | 30.6 | % | $ | (48.8 | ) | $ | (65.1 | ) | $ | 16.3 | 25.0 | % | ||||
| Adjusted EBITDA1 | $ | 8.0 | $ | 11.3 | $ | (3.3 | ) | (29.2 | )% | $ | 46.2 | $ | 40.8 | $ | 5.4 | 13.2 | % | |||||||
Revenue for Q4 2024 decreased by
Retail revenue for Q4 2024 decreased
Wholesale revenue for Q4 2024 decreased
Gross profit margin decreased to
Jushi branded product sales across the Company's five vertical markets as a percentage of total retail revenue improved to
Operating expenses for Q4 2024 were
Other expense, net, for Q4 2024 included interest expense of
Net loss for Q4 2024 was
Adjusted EBITDA1 in Q4 2024 was
1See “Use of Non-GAAP Financial Information” and “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” below.
Balance Sheet and Liquidity
As of December 31, 2024, the Company had approximately
As of February 28, 2025, the Company’s issued and outstanding shares were 196,696,597 and its fully diluted shares outstanding were 302,852,551.
Use of Non-GAAP Financial Information
The Company believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” section of this press release.
Conference Call and Webcast Information
The Company will host a conference call to discuss its financial results for the fourth quarter and full year ended December 31, 2024 at 4:30 p.m. ET today, Thursday, March 6, 2025.
| Event: | Fourth Quarter and Full Year 2024 Financial Results Conference Call |
| Date: | Thursday, March 6, 2025 |
| Time: | 4:30 p.m. Eastern Time |
| Live Call: | 1-844-826-3033 (U.S. & Canada Toll-Free) |
| Conference ID: | 10196242 |
| Webcast: | Register |
For interested individuals unable to join the conference call, a webcast of the call will be available for one month following the conference call and can be accessed via webcast on Jushi’s Investor Relations website.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels, Instagram, Facebook, X and LinkedIn.
Forward-Looking Information and Statements
This press release may contain “forward-looking statements” and “forward‐looking information” within the meaning of applicable securities laws, including Canadian securities legislation and United States (“U.S.”) securities legislation (collectively, “forward-looking information”) which are based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. All information, other than statements of historical facts, included in this report that address activities, events or developments that Jushi expects or anticipates will or may occur in the future constitutes forward‐looking information. Forward‐looking information is often identified by the words, “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, information regarding: future business strategy, competitive strengths, goals, expansion and growth of Jushi’s business, operations and plans, including new revenue streams, roll out of new operations, the implementation by Jushi of certain product lines, implementation of certain research and development, the application for additional licenses and the grant of licenses that will be or have been applied for, the expansion or construction of certain facilities, the expansion into additional U.S. markets, any potential future legalization of adult use and/or medical marijuana under U.S. federal law; expectations of market size and growth in the U.S. and the states in which Jushi operates; expectations for other economic, business, regulatory and/or competitive factors related to Jushi or the cannabis industry generally; and other events or conditions that may occur in the future.
Readers are cautioned that forward‐looking information is not based on historical facts but instead is based on reasonable assumptions and estimates of the management of Jushi at the time they were provided or made and such information involves known and unknown risks, uncertainties, including our ability to continue as a going concern, and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking information. Such factors include, among others: risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti‐money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to the economy generally; risks related to inflation, the rising cost of capital, and stock market instability; risks relating to pandemics and forces of nature; risks related to contracts with third party service providers; risks related to the enforceability of contracts; the limited operating history of Jushi; Jushi's history of operating losses and negative operating cash flows; reliance on the expertise and judgment of senior management of Jushi; risks inherent in an agricultural business; risks related to co‐investment with parties with different interests to Jushi; risks related to proprietary intellectual property and potential infringement by third parties; risks relating to the management of growth; costs associated with Jushi being a publicly-traded company and a U.S. and Canadian filer; increasing competition in the industry; risks associated with cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; reliance on manufacturers and contractors; risks of supply shortages or supply chain disruptions; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcing judgments and effecting service outside of Canada; risks related to completed, pending or future acquisitions or dispositions, including potential future impairment of goodwill or intangibles acquired and/or post-closing disputes; sales of a significant amount of shares by existing shareholders; the limited market for securities of the Company; risks related to the continued performance of existing operations in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania, and Virginia; risks related to the anticipated openings of additional dispensaries or relocation of existing dispensaries; risks relating to the expansion and optimization of the cultivation and/or processing facilities in Massachusetts, Nevada, Ohio, Pennsylvania and Virginia; risks related to opening new facilities, which is subject to licensing approval; limited research and data relating to cannabis; risks related to challenges from governmental authorities with respect to the Company's tax credits; potential changes in federal policy and at regulatory agencies as a result of the United States 2024 presidential election; and risks related to the Company’s critical accounting policies and estimates. Refer to Part I - Item 1A. Risk Factors in the Company's most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission for more information.
Although Jushi has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward‐looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on the forward‐looking information contained in this press release or other forward-looking statements made by Jushi. Forward‐looking information is provided and made as of the date of this press release and Jushi does not undertake any obligation to revise or update any forward‐looking information or statements other than as required by applicable law.
Unless the context requires otherwise, references in this press release to “Jushi,” “Company,” “we,” “us” and “our” refer to Jushi Holdings Inc. and our subsidiaries.
For further information, please contact:
Investor Relations
561-617-9100
investors@jushico.com
| JUSHI HOLDINGS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands of U.S. dollars, except share and per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| REVENUE, NET | $ | 65,860 | $ | 67,770 | $ | 257,525 | $ | 269,445 | |||||||
| COST OF GOODS SOLD | (40,452 | ) | (40,551 | ) | (139,222 | ) | (153,217 | ) | |||||||
| GROSS PROFIT | 25,408 | 27,219 | 118,303 | 116,228 | |||||||||||
| OPERATING EXPENSES | |||||||||||||||
| Selling, general and administrative | 27,248 | 25,178 | 107,008 | 110,472 | |||||||||||
| Asset impairments | — | 8,574 | 432 | 8,574 | |||||||||||
| Total operating expenses | 27,248 | 33,752 | 107,440 | 119,046 | |||||||||||
| INCOME (LOSS) FROM OPERATIONS | (1,840 | ) | (6,533 | ) | 10,863 | (2,818 | ) | ||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest expense, net | (9,428 | ) | (9,311 | ) | (37,425 | ) | (36,966 | ) | |||||||
| Fair value gain on derivatives | 3,435 | 7,929 | 6,275 | 9,589 | |||||||||||
| Other, net | (1,046 | ) | (4,988 | ) | 3,140 | (3,101 | ) | ||||||||
| Total other income (expense), net | (7,039 | ) | (6,370 | ) | (28,010 | ) | (30,478 | ) | |||||||
| LOSS BEFORE INCOME TAX | (8,879 | ) | (12,903 | ) | (17,147 | ) | (33,296 | ) | |||||||
| Income tax expense | (3,589 | ) | (5,101 | ) | (31,630 | ) | (31,806 | ) | |||||||
| NET LOSS | (12,468 | ) | (18,004 | ) | (48,777 | ) | (65,102 | ) | |||||||
| LOSS PER SHARE - BASIC AND DILUTED | $ | (0.06 | ) | $ | (0.09 | ) | $ | (0.25 | ) | $ | (0.33 | ) | |||
| Weighted average shares outstanding - basic and diluted | 195,196,597 | 195,129,737 | 195,158,282 | 194,770,212 | |||||||||||
| JUSHI HOLDINGS INC. CONSOLIDATED BALANCE SHEETS (in thousands of U.S. dollars, except share amounts) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 19,521 | $ | 26,027 | |||
| Restricted cash - current | — | 3,128 | |||||
| Accounts receivable, net | 1,461 | 3,380 | |||||
| Inventories, net | 36,138 | 33,586 | |||||
| Prepaid expenses and other current assets | 15,030 | 15,514 | |||||
| Total current assets | 72,150 | 81,635 | |||||
| NON-CURRENT ASSETS: | |||||||
| Property, plant and equipment, net | 144,063 | 159,268 | |||||
| Right-of-use assets - finance leases | 60,627 | 63,107 | |||||
| Other intangible assets, net | 100,472 | 95,967 | |||||
| Goodwill | 30,910 | 30,910 | |||||
| Other non-current assets | 30,273 | 30,358 | |||||
| Restricted cash - non-current | 1,825 | 2,150 | |||||
| Total non-current assets | 368,170 | 381,760 | |||||
| Total assets | $ | 440,320 | $ | 463,395 | |||
| LIABILITIES AND EQUITY (DEFICIT) | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable | $ | 21,459 | $ | 15,383 | |||
| Accrued expenses and other current liabilities | 32,786 | 44,070 | |||||
| Income tax payable | 2,299 | 5,190 | |||||
| Debt, net - current portion (including related party principal amounts of | 2,758 | 86,514 | |||||
| Finance lease obligations - current | 9,593 | 8,885 | |||||
| Derivative liabilities - current | — | 2,418 | |||||
| Total current liabilities | 68,895 | 162,460 | |||||
| NON-CURRENT LIABILITIES: | |||||||
| Debt, net - non-current (including related party principal amounts of | 183,449 | 126,041 | |||||
| Finance lease obligations - non-current | 52,742 | 52,839 | |||||
| Derivative liabilities - non-current | 3,128 | 220 | |||||
| Unrecognized tax benefits | 143,688 | 100,343 | |||||
| Other liabilities - non-current | 38,653 | 29,111 | |||||
| Total non-current liabilities | 421,660 | 308,554 | |||||
| Total liabilities | 490,555 | 471,014 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| EQUITY (DEFICIT): | |||||||
| Common stock, no par value; authorized shares - unlimited; issued and outstanding shares - 196,696,597 and 196,631,598 Subordinate Voting Shares as of December 31, 2024 and 2023, respectively | — | — | |||||
| Paid-in capital | 508,386 | 503,612 | |||||
| Accumulated deficit | (558,621 | ) | (509,844 | ) | |||
| Total Jushi shareholders' equity (deficit) | (50,235 | ) | (6,232 | ) | |||
| Non-controlling interests | — | (1,387 | ) | ||||
| Total deficit | (50,235 | ) | (7,619 | ) | |||
| Total liabilities and equity (deficit) | $ | 440,320 | $ | 463,395 | |||
| JUSHI HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of U.S. dollars) (Unaudited) | |||||||
| Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Net cash flows provided by (used in) operating activities | $ | 21,569 | $ | (3,318 | ) | ||
| Net cash flows used in investing activities | (7,067 | ) | (6,392 | ) | |||
| Net cash flows (used in) provided by financing activities | (24,461 | ) | 13,869 | ||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (9,959 | ) | 4,159 | ||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 31,305 | 27,146 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ | 21,346 | $ | 31,305 | |||
| JUSHI HOLDINGS INC. UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA and CALCULATION OF ADJUSTED EBITDA MARGIN (in thousands of U.S. dollars) |
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
In addition to providing financial measurements based on GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP. We use non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. These non-GAAP financial measures are EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin (each as defined below). We believe that these non-GAAP financial measures reflect our ongoing business by excluding the effects of expenses that are not reflective of our operating business performance and allow for meaningful comparisons and analysis of trends in our business. These non-GAAP financial measures also facilitate comparing financial results across accounting periods and to those of peer companies. As there are no standardized methods of calculating these non-GAAP measures, our methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not defined under GAAP. We define EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before: (i) non-cash share-based compensation expense; (ii) inventory-related adjustments; (iii) fair value changes in derivatives; (iv) other (income)/expense items; (v) transaction costs; (vi) asset impairment; (vii) gain/loss on debt extinguishment; and (viii) start-up costs. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. These financial measures are metrics that have been adjusted from the GAAP net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. Other companies in our industry may calculate this measure differently, limiting their usefulness as comparative measures.
| Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA (In thousands of U.S. Dollars, unless otherwise stated) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| NET LOSS | $ | (12,468 | ) | $ | (18,004 | ) | $ | (48,777 | ) | $ | (65,102 | ) | |||
| Income tax expense | 3,589 | 5,101 | 31,630 | 31,806 | |||||||||||
| Interest expense, net | 9,428 | 9,311 | 37,425 | 36,966 | |||||||||||
| Depreciation and amortization(1) | 7,908 | 6,808 | 29,889 | 26,588 | |||||||||||
| EBITDA (Non-GAAP) | 8,457 | 3,216 | 50,167 | 30,258 | |||||||||||
| Non-cash share-based compensation | 1,269 | 2,362 | 4,222 | 8,092 | |||||||||||
| Fair value changes in derivatives | (3,435 | ) | (7,929 | ) | (6,275 | ) | (9,589 | ) | |||||||
| Indefinite-lived intangible asset impairment | — | 845 | — | 845 | |||||||||||
| Goodwill impairment | — | 7,329 | — | 7,329 | |||||||||||
| Tangible long-lived asset impairment | — | 400 | 432 | 400 | |||||||||||
| Gain on debt extinguishments | — | — | 362 | — | |||||||||||
| Other (income) expense, net(2)(3) | 1,714 | 5,081 | (2,731 | ) | 3,129 | ||||||||||
| Inventory-related adjustments(4) | — | 34 | — | 285 | |||||||||||
| Transaction costs | — | — | — | 19 | |||||||||||
| Adjusted EBITDA (Non-GAAP)(3) | $ | 8,005 | $ | 11,338 | $ | 46,177 | $ | 40,768 | |||||||
| (1) | Includes amounts that are included in cost of goods sold and in operating expenses. |
| (2) | Includes: (i) remeasurement of contingent consideration related to acquisitions; (ii) losses (gains) on legal settlements; (iii) losses (gains) on lease terminations; (iv) losses (gains) on asset disposals; (v) foreign exchange losses (gains); (vi) indemnification asset adjustments related to acquisitions; (vii) severance costs; and (viii) gain on deconsolidation of Jushi Europe. |
| (3) | The sum of the four quarters in 2023 will not add to the year to date amounts due to an overstatement of |
| (4) | Includes inventory recall write-offs. |
| Calculation of Adjusted EBITDA Margin (In thousands of U.S. Dollars, unless otherwise stated) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total revenue, net | $ | 65,860 | $ | 67,770 | $ | 257,525 | $ | 269,445 | |||||||
| Adjusted EBITDA (Non-GAAP) | $ | 8,005 | $ | 11,338 | $ | 46,177 | $ | 40,768 | |||||||
| Adjusted EBITDA Margin (Non-GAAP) | 12.2 | % | 16.7 | % | 17.9 | % | 15.1 | % | |||||||
FAQ
What was Jushi Holdings (JUSHF) revenue and net loss for full year 2024?
How many new dispensaries did JUSHF open recently and what are their expansion plans?
What was JUSHF's cash position and operating cash flow in Q4 2024?
What percentage of JUSHF's retail revenue came from Jushi-branded products in 2024?
