Trulieve Cannabis (CSE: TRUL) has posted its Q2 2025 earnings, with revenue essentially flat at $302 million from last year’s $303 million.
Gross margin grew to 61%, but gross profit was still relatively the same at $183 million from last year’s $182 million.
However, rising tax drag kept the bottom line in the red: net loss widened 15% to $13.8 million (or $0.07 loss per share) from Q2 2024’s $12.0 million loss (or $0.04 loss per share). Adjusted net loss came in at $7.7 million versus breakeven last year, underscoring that one-off add-backs are no longer masking operating pressures.
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Adjusted EBITDA increased 3% YoY to $111 million from $107 million last year, lifting margin two points to 37%. Yet the $14 million in campaign contributions, deal costs, share-based pay, and other items excluded from the metric outstrips the entire $1.3 million rise in gross profit by more than tenfold.
Operating cash flow rose 21% YoY to $86 million. With capex falling 56% to $11.6 million, this translated into $74.5 million in free cash flow, a 66% improvement.
Cash and equivalents surged to $401 million—but only because Trulieve liquidated its $60 million short-term investment portfolio.
Operationally, retail remained dominant at 94% of revenue. Management added three dispensaries and pushed branded-product unit sales past 12.5 million, yet flat top-line growth suggests market share gains are offsetting price compression rather than expanding the pie. Loyalty members reached 725,000, accounting for 71% of transactions.
Trulieve Cannabis last traded at $7.30 on the CSE.
Information for this briefing was found via the sources and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
