Trulieve Reports Second Quarter 2025 Results Highlighting Progress on 2025 Plan
- Second quarter revenue of $302 million, with 61% gross margin
- Cash flow from operations of $137 million and free cash flow of $108 million* in the first half of 2025
- Sold over 12.5 million branded products in the second quarter, up 9% compared to last year
TALLAHASSEE, Fla., Aug. 6, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended June 30, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q2 2025 Financial and Operational Highlights*
- Revenue of $302 million was comparable to last year, with 94% of revenue from retail sales.
- Achieved gross margin of 61% versus 60% last year, with GAAP gross profit of $183 million.
- Reported net loss attributable to common shareholders of $14 million. Adjusted net loss of $8 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $111 million*, or 37% of revenue, up 3% year over year.
- Generated cash flow from operations of $86 million and free cash flow of $75 million*.
- Cash at quarter end was $401 million.
- Rewards program members reached over 725,000 members as of June 30, 2025. Loyalty members accounted for 71% of transactions during the second quarter.
- Opened three dispensaries in Oakland Park and St. Petersburg, Florida; and Lorain, Ohio.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Launched purpose-led brand Redemption Cannabis products in West Virginia.
- Supported Mission [Green], a national initiative powered by The Weldon Project to support individuals disproportionately impacted by cannabis prohibition with a “Roll-Up for Justice” register campaign in several markets.
- Expanded distribution of Onward premium THC beverages in Florida and Illinois and launched new Upward THC energy drinks.
- Currently operate 231 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“The team has made tremendous progress on our 2025 plan, focusing on customers, distribution, branded products and reform,” said Kim Rivers, Trulieve CEO. “With strong margins and cash flow, scaled operations, and flexibility across our platform, Trulieve is uniquely positioned as an industry leader.”
