Jushi FY22 Revenue Grows 35% To 284.3M, Here Are The Details

Jushi Holdings Inc. JUSHF JUSH released its unaudited preliminary financial results for the Q4 2022 and full year ended December 31, 2022, revealing total revenue of $284.3 million in FY 2022, an increase of 35.8% year-over-year.

Q4 2022 Financial Highlights

  • Total revenue of $76.8 million, an increase of 16.6% year-over-year and 5.5% sequentially

  • Gross profit of $22.0 million, an increase of 11.4% year-over-year

  • Net loss of $139.9 million

  • Adjusted EBITDA of $6.0 million

  • Reduced inventory by $7.0 million versus the prior quarter

  • Cash, cash equivalents and restricted cash were $27.1 million

FY 2022 Financial Highlights

  • Total revenue of $284.3 million, an increase of 35.8% year-over-year

  • Gross profit of $95.5 million, an increase of 14.5% year-over-year

  • Net loss of $202.3 million

  • Adjusted EBITDA of $7.1 million

“Given the challenging macroeconomic backdrop our industry is operating under, I am pleased to report solid annual and quarterly top-line growth,” stated Jim Cacioppo, CEO, chairman and founder of Jushi. “Jushi experienced many bright spots over the course of the year, including rapidly growing our retail network across six markets and diversifying our house of brands and product suite. In addition, we made meaningful progress on the completion of our expansion projects in Pennsylvania and Virginia, were awarded a retail dispensary license establishing our fifth vertically integrated state operation in Ohio, brought on a record number of new Jushi active patients in Virginia’s budding medical market, and scaled our presence in the expanding Nevada market. In 2023, we will continue our focused efforts to realize the full value of the asset base we have built and maximize the return on investment for our shareholders.”

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