STAMFORD, Conn. — Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, reported its financial and operating results for the second quarter ended June 30, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars unless otherwise indicated.
Boris Jordan, Chairman and CEO of Curaleaf, stated, “Second quarter revenue was $315 million, up 1.5% compared to the first quarter, consistent with our guidance. Adjusted gross margin of 49% increased 120 basis points compared to the prior year period. We generated $66 million in adjusted EBITDA resulting in a 21% AEBITDA margin. Our international segment delivered another solid quarter of 62% year-over-year growth. We ended Q2 with $102 million in cash, after making $47 million in interest and debt payments.”
Jordan continued, “Over the past decade, we’ve scaled Curaleaf into a global cannabis leader, now operating in 17 U.S. states plus 15 countries worldwide. Today, I’m proud to announce another key milestone: we have been awarded a license to operate in Turkey, a country of 87 million people, further expanding our international footprint. We also strengthened our leadership team with four senior executive appointments that deepen our commercial expertise and position us for our next phase of growth. With our infrastructure built and asset base set, we’re now sharpening our focus on product quality, customer service, and supply chain excellence—positioning Curaleaf to thrive in a volatile environment and capitalize on emerging opportunities. Global consumer demand for cannabis is strong and accelerating, and with the right team, strategy, and foundation in place, we are uniquely positioned to lead the next wave of industry growth.”
Second Quarter 2025 Financial Highlights
- Net Revenue of $314.5 million, a year-over-year decrease of 8% compared to Q2 2024 revenue of $342.3 million. Sequentially, net revenue increased 1.5% compared to Q1 2025 revenue of $310.0 million
- Gross profit of $152.6 million and gross margin of 49%, an increase of 160 basis points year-over-year
- Adjusted gross profit of $153.5 million and adjusted gross margin(1) of 49%, an increase of 120 basis points year-over-year
- Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $50.6 million or net loss per share from continuing operations of $0.07
- Adjusted net loss from continuing operations of $47.8 million or adjusted net loss per share from continuing operations of $0.06
- Adjusted EBITDA of $65.5 million and adjusted EBITDA margin of 21%, a 40 basis point decrease year-over-year
- Cash at quarter end totaled $102.3 million
Six Months Ended June 30, 2025 Financial Highlights
- Net revenue of $624.5 million, a decrease of 8% year-over-year
- International revenue of $75.8 million, an increase of 67% compared to 2024 revenue of $45.3 million
- Gross profit of $307.7 million and gross margin of 49%
- Adjusted gross profit of $309.0 million and adjusted gross margin of 50%
- Operating cash flow from continuing operations of $51.1 million and free cash flow from continuing operations of $19.8 million
- Net loss from continuing operations of $105.4 million or net loss per share from continuing operations of $0.14
- Adjusted net loss from continuing operations of $95.5 million or adjusted net loss per share from continuing operations of $0.13
- Adjusted EBITDA of $130.7 million and adjusted EBITDA margin of 21%
Second Quarter 2025 Operational Highlights
- Opened the Company’s 66th retail location in Florida, in Winter Park, as well as the 3rd location in Ohio in Lima, bringing the nationwide store count to 153 locations
- Opened the first fully dedicated hemp retail storefront in West Palm Beach, FL
- Launched Anthem, our new cylindrical style pre-roll brand rooted in American innovation, in New York, New Jersey, Illinois, Massachusetts, Arizona, and Florida with more states to come
- Launched Select ACE, an ultra-clear, ultra-pure oil utilizing our proprietary Aqueous Cannabis Extraction production method in New York
- Achieved EU-MDR certification for the world’s first medically certified liquid cannabis inhalation device with plans to launch in the UK and other key European and Australian markets as regulations evolve.
- Hired four senior executives to bolster management team; Rahul Pinto, President; Scott Crawford, SVP Merchandising; Justin Miller, SVP Brand Marketing; and Helen Chen, SVP Digital
Post Second Quarter 2025 Operational Highlights
- Completed the buyout of minority partner of international business and now own 100% of Curaleaf International allowing for increased operational flexibility and a simplified structure
- Awarded a license to operate in Turkey’s nascent medical cannabis program anticipated to launch in 2026
- On August 1st opened the Company’s 67th medical dispensary in Florida, in St. Augustine, bringing the nationwide count to 154 locations
Balance Sheet and Cash Flow
As of June 30, 2025, the Company had $102.3 million of cash and $561.0 million of outstanding debt net of unamortized debt discounts.
During the six months ended June 30, 2025, Curaleaf invested $31.3 million in capital expenditures, focused on facility upgrades, automation, and selective retail expansion in strategic markets.
Shares Outstanding
For the second quarter of 2025 and 2024, the Company’s weighted average Subordinate Voting Shares plus Multiple Voting Shares outstanding amounted to 757,270,633 and 740,787,287 shares, respectively.
For the six months ended June 30, 2025 and 2024, the Company’s weighted average Subordinate Voting Shares plus Multiple Voting Shares outstanding amounted to 755,737,314 and 738,467,477 shares, respectively.
Gross profit from continuing operations was $152.6 million in the second quarter of 2025, compared with $160.5 million in the prior year period. Adjusted gross profit from continuing operations for the second quarter of 2025 was $153.5 million compared with $163.1 million in the second quarter of 2024. Adjusted gross profit margin from continuing operations for the second quarter of 2025 was 49%, an increase of 120 basis points compared with the second quarter of 2024. The year-over-year increase in adjusted gross profit margin was due to improved efficiencies in the Company’s cultivation and manufacturing operations.
Gross profit from continuing operations was $307.7 million in the six months ended June 30, 2025, compared with $321.4 million in the six months ended June 30, 2024. Adjusted gross profit from continuing operations for the six months ended June 30, 2025 was $309.0 million compared with $324.5 million in the six months ended June 30, 2024. Adjusted gross profit margin from continuing operations for the six months ended June 30, 2025 was 50%, an increase of 190 basis points compared with the six months ended June 30, 2024.
Adjusted EBITDA was $65.5 million for the second quarter of 2025, compared to $72.5 million for the second quarter of 2024, and Adjusted EBITDA margin decreased to 20.8%.
Adjusted EBITDA was $130.7 million in the six months ended June 30, 2025, compared with $149.2 million in the prior year period, and Adjusted EBITDA margin declined to 21%.
About Curaleaf Holdings
Curaleaf Holdings Inc. is a leading international provider of consumer products in cannabis. The Company’s brands include Curaleaf, Select, Grassroots, Find, Anthem and The Hemp Company.
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