Jushi Holdings Inc. JUSHF, a leading multi-state cannabis operator, reported its financial outcomes Thursday for the first quarter of 2024, highlighting advancements in profitability and operational efficiency.
Jim Cacioppo, CEO of Jushi, expressed satisfaction with the company's progress, noting the increased gross profit margin and successful introduction of high-margin products. "Our commitment to operational improvements and product innovation is reflected in our improved margins and Adjusted EBITDA," Cacioppo stated.
Financial Highlights
In the first quarter, Jushi reported a total revenue of $65.5 million, underpinned by strategic brand and product expansions.
Despite the revenue, the company experienced a net loss of $18.4 million, marking an increase from the previous year's loss of $12.4 million in Q1 2023. This loss reflects ongoing investments in growth initiatives.
The gross profit for the period was $32.3 million, with a margin expanding to 49.4%. This improvement is attributed to Jushi's effective execution of its operational enhancement strategies.
Earnings Insights
The company's adjusted EBITDA was reported at $13.3 million, improving by $5.7 million year-over-year, which demonstrates a strengthened financial discipline and operational efficiency.
The adjusted EBITDA margin also saw an increase to 20.4%, signifying better profitability.
Operational Developments
Jushi has continued to innovate its product offerings, launching 443 new unique SKUs in Q1, a significant increase compared to Q4 2023. The company also opened its 17th Beyond Hello dispensary in Pennsylvania, expanding its retail footprint and consumer reach.
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