Highlights;
- Q2 2025 revenue: $293.3M (+4.7% YoY).
- Cash: $177M at quarter end.
- GAAP net loss: $0.65M ($0.01 per share). Excluding one-time loss, net income was $11M ($0.05 per share).
- Adjusted EBITDA: $82.7M (28.2% of revenue).
- Cash flow from operations: $56M.
- Share buyback: 5.6M shares for $24M.
Here is a rewritten version of the content in a more concise and natural format:
Green Thumb Industries Inc. Announces Second Quarter 2025 Financial Results
[PRESS RELEASE] – CHICAGO and VANCOUVER, British Columbia, Aug. 6, 2025 – Green Thumb Industries Inc. (Green Thumb), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, announced its financial results for the second quarter ended June 30, 2025. The company reported its financials in accordance with U.S. GAAP, with all currency in U.S. dollars.
Key Highlights for Q2 2025
- Revenue: $293.3 million, a 4.7% increase year-over-year.
- Cash on hand: $177 million.
- GAAP net loss: $0.65 million, or $0.01 per basic and diluted share. Excluding a one-time $11.7 million loss on asset sale, GAAP net income would have been $11 million, or $0.05 per basic and diluted share.
- Adjusted EBITDA: $82.7 million, representing 28.2% of revenue.
- Cash flow from operations: $56 million.
- Share buyback: Approximately 5.6 million subordinate voting shares repurchased for $24 million.
See definitions and reconciliation of non-GAAP measures below.
Management Commentary
Ben Kovler, Founder, Chairman, and CEO:
“The Green Thumb team continues to deliver top-line growth despite ongoing pricing pressures in key markets. Second quarter revenue reached $293 million, marking a 5% increase compared to the prior year. Adjusted EBITDA was $83 million, or 28% of revenue, while cash flow from operations was $56 million. We also repurchased 5.6 million shares at an average price of $4.28 per share.
While our stock price reflects broader federal developments, we believe Green Thumb’s value isn’t fully captured by the current market due to industry challenges. We remain committed to creating long-term value for our stakeholders and building brands that resonate with consumers.”
Anthony Georgiadis, President:
“The second quarter was productive, with strong market share gains in Illinois, Pennsylvania, New Jersey, Florida, and other key states. We’re also preparing for the upcoming adult-use market launch in Minnesota. Our team, strategy, and financial strength position us well to navigate the current landscape.”
Second Quarter 2025 Financial Overview
- Revenue: $293.3 million, up 4.7% year-over-year, driven by growth in consumer packaged goods, particularly in New York and Ohio’s adult-use markets.
- Retail Revenue: Increased 0.3% year-over-year, with comparable store sales (91 stores open at least 12 months) declining 4.1%.
- Consumer Packaged Goods Gross Revenue: Grew 8.4% year-over-year.
- Gross Profit: $146.3 million, or 49.9% of revenue, down from $150.5 million (53.7% of revenue) in Q2 2024 due to price compression.
- SG&A Expenses: $106.8 million, or 36.4% of revenue, up from $96.5 million (34.4% of revenue) in Q2 2024, driven by new store openings.
- Total Other Expense: $17.1 million, primarily due to the sale of Green Thumb’s incredibles intellectual property and hemp business to Agrify.
- Net Loss: $0.65 million, or $0.01 per share, compared to net income of $20.7 million, or $0.09 per share, in Q2 2024. Excluding a one-time $11.7 million charge, net income would have been $11 million, or $0.05 per share.
- EBITDA: $69.1 million, or 23.6% of revenue, compared to $82 million, or 29.3% of revenue, in Q2 2024.
- Adjusted EBITDA: $82.7 million, or 28.2% of revenue, excluding stock-based compensation and other adjustments.
Balance Sheet and Liquidity
As of June 30, 2025:
- Current assets: $405.4 million, including $176.9 million in cash and cash equivalents.
- Total debt: $250 million.
- Weighted average shares outstanding: 235.8 million.
Capital Allocation
In Q2 2025, Green Thumb repurchased 5.6 million subordinate voting shares for $24 million at an average price of $4.28 per share. To date, the company has repurchased 13.5 million shares for $108 million at an average price of $7.96 per share. Remaining share buyback authority: $15.6 million through September 22, 2025.
Non-GAAP Financial Information
This press release includes non-GAAP measures, such as EBITDA and Adjusted EBITDA, as defined by the U.S. Securities and Exchange Commission. Reconciliations to GAAP measures are provided in the attached financial schedules.
Definitions
- EBITDA: Earnings before interest, taxes, depreciation, and amortization.
- Adjusted EBITDA: EBITDA adjusted for non-cash stock-based compensation, one-time expenses, and other non-operating items.
This version retains the essential details while improving readability. Let me know if you’d like further refinements!
