Curaleaf Reports $310M in Q1 Revenue, $35M in International Revenue

[PRESS RELEASE] – STAMFORD, Conn., May 8, 2025 – Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, reported its financial and operating results for the first quarter ended March 31, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars, unless otherwise indicated.

“First quarter revenue was $310 million, with an adjusted gross profit of $155 million, resulting in a 50% adjusted gross margin, an increase of 250 basis points compared to the prior year period” Curaleaf Chairman and CEO Boris Jordan said. “We ended Q1 with $122 million in cash, with operating and free cash flow from continuing operations of $42 million and $26 million, respectively. Additionally, we paid down $20 million in acquisition-related debt.

“International revenue grew by 74% year–over-year—marking the fourth consecutive quarter of 70% plus growth—and we are encouraged by prospects for new market openings that could materialize over the next year. I’m happy to report that we’ve completed much of the heavy lifting needed to reposition the business for long-term success, including streamlining operations, improving key manufacturing metrics, and sharpening our focus on flower quality. This was evident through several recent successful national product launches, including our hemp THC energy drink, Select FormulaX, our new innovation in the vape category, Select ACE, and the launch of our new pre-roll brand, Anthem. I remain positive that we’re positioning the business to remain resilient and agile in a dynamic environment.”

First Quarter 2025 Financial Highlights

• Net revenue of $310 million, a year-over-year decrease of 9% compared to Q1 2024 revenue of $338.9 million. Sequentially, net revenue decreased 6% compared to Q4 2024 revenue of $331.1 million
• Gross profit of $155.2 million and gross margin of 50%, an increase of 260 basis points year-over-year
• Adjusted gross profit⁽¹⁾ of $155.4 million and adjusted gross margin⁽¹⁾ of 50%, an increase of 250 basis points year-over-year
• Net loss attributable to Curaleaf Holdings Inc. from continuing operations of $54.8 million or net loss per share from continuing operations of $0.07
• Adjusted EBITDA⁽¹⁾ of $65.2 million and adjusted EBITDA margin⁽¹⁾ of 21%, a 180-basis-point decrease year-over-year
• Cash at quarter end totaled $121.9 million

First Quarter 2025 Operational Highlights

• Launched Reef, a high-quality flower brand in Florida
• Relocated one store in Sedona, Ariz., ending the quarter with a total of 149 retail locations
• Expanded Select Zero Proof Hemp Seltzer line with launch of 2.5-milligram dose option and new flavors
• Began selling Select hemp-derived THC beverages to over 100 Total Wine stores across the U.S.
• Launched Select FormulaX, a new line of hemp THC energy drinks with the added boost of caffeine

Post First Quarter 2025 Operational Highlights

• Opened the company’s 66th retail location in Florida in Winter Park, bringing the nationwide store count to 151 locations
• Opened the first fully dedicated hemp retail storefront in West Palm Beach, Fla.
• Launched Anthem, our new pre-roll brand rooted in American innovation, in New York, New Jersey, Illinois, Massachusetts, Arizona and Florida, with more states to come
• Launched Select ACE utilizing an exclusive proprietary Aqueous Cannabis Extraction production method in New York, Massachusetts and Florida

Balance Sheet and Cash Flow

As of March 31, 2025, the company had $121.9 million of cash and $561.2 million of outstanding debt net of unamortized debt discounts.

During the three months ended March 31, 2025, Curaleaf invested $16.3 million in capital expenditures, focused on facility upgrades, automation, and selective retail expansion in strategic markets.

Shares Outstanding

For the first quarter of 2025 and 2024, the company’s weighted average subordinate voting shares plus multiple voting shares outstanding amounted to 744,898,937 and 736,147,618 shares, respectively.

Non-GAAP Financial and Performance Measures

Curaleaf reports its financial results in accordance with GAAP and uses a number of financial measures and ratios when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. Curaleaf refers to certain non-GAAP financial measures and ratios, such as “adjusted gross profit”, “adjusted gross margin”, “adjusted net income (loss)”, “adjusted EBITDA”, “adjusted EBITDA margin” and “Free cash flow from operations”. These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. “Adjusted gross profit” is defined by Curaleaf as gross profit net of cost of goods sold and related other add-backs. “Adjusted gross margin” is defined by Curaleaf as adjusted gross profit divided by total revenues. “Adjusted net income (loss)” is defined by Curaleaf as net income (loss) net of (gain) loss on impairments and related other add-backs. “Adjusted net income (loss) per share” is defined by Curaleaf as adjusted net income (loss) divided by the weighted average common shares outstanding. “Adjusted EBITDA” is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and other add-backs related to business development, acquisition, financing and reorganization costs. “Adjusted EBITDA margin” is defined by Curaleaf as adjusted EBITDA divided by total revenue. “Free cash flow from operations” is defined by Curaleaf as net cash provided by operating activities from continuing operations less the purchases of property, plant and equipment (i.e. net capital expenditures). Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. Curaleaf believes the adjusted results presented provide relevant and useful information for investors, because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported GAAP financial results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of Non-GAAP measures to the most directly comparable GAAP measures.