[PRESS RELEASE] – TALLAHASSEE, Fla., Feb. 27, 2025 – Trulieve Hashish Corp., a number one and top-performing hashish corporate within the U.S., introduced its effects for the fourth quarter and complete yr ended Dec. 31, 2024. Effects are reported in U.S. bucks and in accordance with U.S. most often authorized accounting ideas (GAAP) until differently indicated. Numbers would possibly not sum completely because of rounding.
2024 Complete 12 months Monetary and Operational Highlights
- Income of $1.2 billion larger 5% yr over yr, with 95% of earnings from retail gross sales.
- Accomplished gross margin of 60%, with GAAP gross benefit of $716 million.
- Reported internet loss as a result of commonplace shareholders of $155 million. Adjusted internet lack of $19 million* excludes non-recurring fees, asset impairments, disposals and discontinued operations.
- Accomplished report adjusted EBITDA of $420 million*, or 35% of earnings, up $98 million or 30% from 2023.
- Generated report money float from operations of $271 million and loose money float of $150 million*.
- Money and momentary investments at yr finish totaled $300 million.
- Introduced adult-use gross sales at 3 Ohio places: Beavercreek, Columbus, and Westerville.
- Added 33 dispensaries in 2024, expanding retail footprint to 225 retail places national at yr finish.
*See “Non-GAAP Monetary Measures” beneath for additional info and a reconciliation to GAAP for all non-GAAP metrics.
This autumn 2024 Monetary and Operational Highlights
- Income of $301 million larger 5% yr over yr, with 95% of earnings from retail gross sales.
- Accomplished gross margin of 62%, with GAAP gross benefit of $187 million.
- Reported internet loss as a result of commonplace shareholders of $60 million. Adjusted internet source of revenue of $3 million* excludes $55 million in marketing campaign enhance and different non-recurring fees, asset impairments, disposals and discontinued operations.
- Accomplished adjusted EBITDA of $111 million*, or 37% of earnings, up 27% yr over yr.
- Generated money float from operations of $31 million and loose money float of $(12) million*, either one of which have been impacted via $55 million in marketing campaign enhance.
- Opened 10 new dispensaries in Florida and Georgia.
*See “Non-GAAP Monetary Measures” beneath for additional info and a reconciliation to GAAP for all Non-GAAP metrics.
Fresh Trends
- Appointed Jason Pernell as president of Trulieve. Pernell has over 20 years of enjoy as an entrepreneur and hashish operator, co-founding Trulieve along Chairman and CEO Kim Rivers in 2015.
- Introduced Onward, a top class, non-alcoholic THC beverage in the stores via customers 21 years and older at DrinkOnward.com for cargo to 36 states. Sparsely crafted with a focal point on style, consistency, and high quality, Onward drinks are available numerous scrumptious flavors together with Blueberry Mojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt Margarita with product doses at 3, 5 and 10 milligrams.
- Opened 5 new retail places in Maricopa, Ariz.; Middleburg and Palm Coast, Fla.; and Columbus and Zanesville, Ohio. Relocated one retailer to Lancaster, Pa.
- Recently function 229 retail dispensaries and over 4 million sq. ft of cultivation and processing capability in america.
Control Remark
“The group set the bar for operational excellence, handing over industry-leading margins and report money float,” Trulieve CEO Kim Rivers mentioned. “With our scaled operations, monetary energy, and dependable buyer base, Trulieve stands proud as an {industry} chief with a differentiated technique.”
A line-by-line breakdown of the fourth quarter and full-year 2024 monetary highlights is viewable right here.
*Non-GAAP Monetary Measures (Unaudited)
In addition to our effects made up our minds in response to GAAP, we complement our effects with non-GAAP monetary measures, together with EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted internet source of revenue (loss), adjusted internet source of revenue (loss) according to diluted percentage, and loose money float.
The corporate calculates EBITDA as internet source of revenue (loss) earlier than internet passion expense, passion source of revenue, source of revenue tax expense, depreciation and amortization; adjusted EBITDA as internet source of revenue (loss) earlier than internet passion expense, passion source of revenue, source of revenue tax expense, depreciation and amortization and in addition excludes positive atypical pieces; EBITDA margin as EBITDA as % of earnings; adjusted EBITDA margin as adjusted EBITDA as % of earnings; adjusted internet source of revenue (loss) as internet source of revenue (loss) much less positive atypical pieces; adjusted EPS as adjusted internet source of revenue (loss) divided via elementary and diluted stocks remarkable; and loose money float as money float from operations much less capital expenditures.
Our control makes use of those non-GAAP monetary measures along with GAAP monetary measures to guage our working effects and monetary efficiency. We imagine those measures are helpful to traders as they’re extensively used measures of efficiency and will facilitate comparability to different corporations. Those non-GAAP monetary measures don’t seem to be, and must no longer be regarded as as, measures of liquidity. Those non-GAAP monetary measures have obstacles as analytical gear in that they don’t mirror all the quantities related to our result of operations as made up our minds in response to GAAP. On account of those obstacles, those non-GAAP monetary measures must be regarded as together with GAAP monetary efficiency measures. The presentation of those non-GAAP monetary measures isn’t supposed to be regarded as in isolation or as a change for, or awesome to, monetary data ready and offered in accordance with GAAP. Traders are inspired to check the reconciliation of those non-GAAP monetary measures to their maximum immediately related GAAP monetary measures. A reconciliation of the non-GAAP monetary measures to such GAAP measures can also be discovered beneath. Those non-GAAP monetary measures must be regarded as supplemental to, and no longer an alternative to, our reported monetary effects ready in response to GAAP.
