Highlights;
- Q2 2025: $314.5M revenue (-8% YoY, +1.5% QoQ), 49% gross margin, $65.5M adjusted EBITDA (21% margin).
- International revenue grew 67% YoY.
- Expanded in Turkey, opened new dispensaries, launched products (Anthem, Select ACE).
- Hired executives, completed buyout of Curaleaf International.
- $102M cash, $561M debt; $31M CapEx.
[PRESS RELEASE] – STAMFORD, Conn., Aug. 6, 2025 –
Curaleaf Holdings Inc., a leading global provider of cannabis consumer products, has announced its financial and operating results for the second quarter ended June 30, 2025. All financial figures are presented in accordance with U.S. GAAP and are in U.S. dollars unless otherwise stated.
Boris Jordan, Chairman and CEO of Curaleaf, commented on the company’s performance:
“Our second quarter revenue of $315 million represents a 1.5% increase compared to the first quarter, aligning with our previous guidance. We achieved an adjusted gross margin of 49%, which is a 120 basis point improvement year-over-year. Additionally, we generated $66 million in adjusted EBITDA, resulting in a 21% adjusted EBITDA margin. Our international segment delivered another strong quarter, growing 62% year-over-year. We ended the quarter with $102 million in cash after making $47 million in interest and debt payments.”
Jordan continued:
“Over the past ten years, Curaleaf has grown into a global cannabis leader, now operating in 17 U.S. states and 15 countries worldwide. Today, we are excited to announce another significant milestone: we have been awarded a license to operate in Turkey, a country with a population of 87 million, further expanding our international reach. We have also strengthened our leadership team with four key executive appointments, enhancing our commercial expertise and positioning us for our next phase of growth. With our infrastructure in place, we are now focusing on product quality, customer service, and supply chain excellence to position Curaleaf for success in a dynamic market and to capitalize on emerging opportunities. The global demand for cannabis is growing rapidly, and with the right team, strategy, and foundation, we are well-positioned to lead the industry’s next wave of growth.”
Second Quarter 2025 Financial Highlights
- Net Revenue: $314.5 million, representing an 8% year-over-year decrease compared to Q2 2024 ($342.3 million) and a 1.5% sequential increase from Q1 2025 ($310 million).
- Gross Profit: $152.6 million with a gross margin of 49%, reflecting a 160 basis point improvement year-over-year.
- Adjusted Gross Profit: $153.5 million with an adjusted gross margin of 49%, up 120 basis points year-over-year.
- Net Loss: $50.6 million, or a net loss per share of $0.07 from continuing operations.
- Adjusted Net Loss: $47.8 million, or an adjusted net loss per share of $0.06 from continuing operations.
- Adjusted EBITDA: $65.5 million with an adjusted EBITDA margin of 21%, a 40 basis point decrease year-over-year.
- Cash on Hand: $102.3 million at quarter end.
Six Months Ended June 30, 2025, Financial Highlights
- Net Revenue: $624.5 million, down 8% year-over-year.
- International Revenue: $75.8 million, a 67% increase compared to the prior year ($45.3 million).
- Gross Profit: $307.7 million with a gross margin of 49%.
- Adjusted Gross Profit: $309 million with an adjusted gross margin of 50%.
- Operating Cash Flow: $51.1 million from continuing operations, with free cash flow of $19.8 million.
- Net Loss: $105.4 million, or a net loss per share of $0.14 from continuing operations.
- Adjusted Net Loss: $95.5 million, or an adjusted net loss per share of $0.13 from continuing operations.
- Adjusted EBITDA: $130.7 million with an adjusted EBITDA margin of 21%.
Second Quarter 2025 Operational Highlights
- Retail Expansion: Opened the 66th retail location in Florida (Winter Park) and the third location in Ohio (Lima), bringing the nationwide store count to 153.
- Hemp Retail Storefront: Launched the first fully dedicated hemp retail storefront in West Palm Beach, Florida.
- New Product Launches: Introduced Anthem, a cylindrical pre-roll brand, in New York, New Jersey, Illinois, Massachusetts, Arizona, and Florida, with plans for further expansion. Additionally, launched Select ACE, an ultra-pure oil using proprietary Aqueous Cannabis Extraction, in New York.
- EU-MDR Certification: Achieved certification for the world’s first medically certified liquid cannabis inhalation device, with plans to launch in the U.K., Europe, and Australia as regulations allow.
- Leadership Strengthening: Appointed four senior executives: Rahul Pinto (President), Scott Crawford (SVP of Merchandising), Justin Miller (SVP of Brand Marketing), and Helen Chen (SVP of Digital).
Post Second Quarter 2025 Operational Highlights
- International Expansion: Completed the buyout of a minority partner in the international business, now owning 100% of Curaleaf International.
- License in Turkey: Awarded a license to operate in Turkey’s emerging medical cannabis program, expected to launch in 2026.
- New Dispensary Opening: Opened the 67th medical dispensary in Florida (St. Augustine), bringing the nationwide count to 154 locations.
Balance Sheet and Cash Flow
As of June 30, 2025, Curaleaf had $102.3 million in cash and $561 million in outstanding debt, net of unamortized debt discounts. During the first six months of 2025, the company invested $31.3 million in capital expenditures, focusing on facility upgrades, automation, and strategic retail expansion.
Shares Outstanding
For the second quarter of 2025, the weighted average subordinate and multiple voting shares outstanding were 757,270,633, compared to 740,787,287 shares in Q2 2024. For the six months ended June 30, 2025, the weighted average shares outstanding were 755,737,314, up from 738,467,477 in the prior year.
For a detailed line-by-line balance sheet breakdown, visit here.
