On March 6, 2025, Jushi Holdings Inc (JUSHF, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year of 2024. The company, a vertically integrated multi-state cannabis and hemp operator, reported a total revenue of $65.9 million for Q4 2024, surpassing the analyst estimate of $64.20 million. However, the net loss for the quarter was $12.5 million, translating to a loss per share of $0.06, which is below the estimated earnings per share of -$0.05.
Company Overview
Jushi Holdings Inc is engaged in retail, distribution, cultivation, and processing in both medical and adult-use cannabis markets. The company operates a diverse portfolio of branded cannabis and hemp-derived assets, including the BEYOND / HELLO retail brand, Nira CBD brand, and other product lines like The Lab: Concentrates and The Bank: Flower + Genetics. Jushi aims to maximize shareholder value by delivering premium products across the cannabis and hemp ecosystem.
Performance and Challenges
Jushi Holdings Inc's performance in Q4 2024 highlights both achievements and challenges. The company reported a gross profit of $25.4 million with a gross profit margin of 38.6%. Despite the revenue surpassing estimates, the net loss indicates ongoing challenges in achieving profitability. The decrease in wholesale revenue due to competition and production challenges, particularly in Massachusetts and Pennsylvania, underscores the competitive pressures in the cannabis industry.
Financial Achievements
For the full year 2024, Jushi Holdings Inc reported a total revenue of $257.5 million, slightly above the annual estimate of $255.66 million. The company achieved an adjusted EBITDA of $46.2 million, an improvement from $40.8 million in 2023. This growth in adjusted EBITDA is significant for a company in the cannabis industry, as it reflects operational efficiencies and cost management.
Key Financial Metrics
Important metrics from the financial statements include:
| Metric | Q4 2024 | FY 2024 |
|---|---|---|
| Total Revenue | $65.9 million | $257.5 million |
| Gross Profit | $25.4 million | $118.3 million |
| Net Loss | $12.5 million | $48.8 million |
| Adjusted EBITDA | $8.0 million | $46.2 million |
These metrics are crucial as they provide insights into the company's operational efficiency and financial health. The increase in adjusted EBITDA indicates improved cost management and operational efficiencies.
Management Commentary
“I am pleased with the progress we made in 2024 to strengthen our platform, particularly in reducing debt, enhancing our balance sheet, and improving cash flows from operations – efforts that we believe have positioned us well for our next phase of growth,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi.
Analysis and Outlook
Jushi Holdings Inc's performance in Q4 2024 reflects a mixed picture. While the company exceeded revenue expectations, the net loss highlights the ongoing challenges in achieving profitability. The company's strategic focus on expanding its retail network and product innovations, such as the launch of the Flower Foundry brand, positions it for potential growth. However, the competitive landscape and market price compression remain significant challenges.
Overall, Jushi Holdings Inc's financial results demonstrate resilience in a challenging market, with strategic initiatives aimed at driving future growth and profitability.
Explore the complete 8-K earnings release (here) from Jushi Holdings Inc for further details.
