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[PRESS RELEASE] – CHICAGO and VANCOUVER, British Columbia, Aug. 6, 2025 – Green Thumb Industries Inc., a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, reported its financial results for the quarter ended June 30, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (GAAP), and all currency is in U.S. dollars.
Highlights for the second quarter ended June 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 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’s subordinate voting shares for $24 million.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“The 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,” Green Thumb founder, Chairman and CEO Ben Kovler said.
“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,” he said. “While 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.”
Green Thumb President Anthony Georgiadis said, “The second quarter was very productive for us. We experienced strong market share gains in key states, including Illinois, Pennsylvania, New Jersey, Florida and others. In addition, our team continued preparation for Minnesota’s 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.”
Second Quarter 2025 Financial Overview
Total revenue for the second quarter of 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 (SG&A) 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 million or $0.05 per basic and diluted share.
In the second quarter of 2025, EBITDA was $69.1 million or 23.6% of revenue, versus $82 million or 29.3% of revenue for the comparable prior year period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $12 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 “Non-GAAP Financial Information” below.
Balance Sheet and Liquidity
As of June 30, 2025, current assets were $405.4 million, including cash and cash equivalents of $176.9 million. Total debt outstanding was $250 million.
Total basic and diluted weighted average shares outstanding for the three months ended June 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 Sept. 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. 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
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted EBITDA: 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.
