TALLAHASSEE, Fla. — Trulieve Cannabis Corp., a leading and top-performing cannabis company in the U.S., announced its results for the quarter ended September 30, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2024 Financial and Operational Highlights
- Revenue of $284 million increased 3% year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 61%, with GAAP gross profit of $173 million.
- Reported net loss attributable to common shareholders of $60 million. Adjusted net loss of $12 million* excludes $48 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $96 million*, or 34% of revenue, up 24% year over year.
- Generated cash flow from operations of $30 million and free cash flow of $(7) million, both of which were impacted by $48 million in campaign support.
- Cash and short term investments at quarter end totaled $319 million.
- Launched adult use sales at three Ohio locations: Beavercreek, Columbus, and Westerville.
- Rolled out #YesOn3 product line to support Smart and Safe Florida adult-use campaign.
- Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida, and Georgia.
- Opened 15 new dispensaries in Florida and Pennsylvania.
- Ended the quarter with 30% of retail locations outside of the state of Florida.
Recent Developments
- Opened five new retail locations in Bonita Springs, Hallandale, Lake Placid, Orlando, and St. Augustine, Florida.
- Currently operate 220 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use,” said Kim Rivers, Trulieve CEO. “With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring.”
Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin %, adjusted net (loss) income, adjusted net (loss) income per diluted share, and free cash flow. The Company calculates EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted EBITDA margin as adjusted EBITDA as % of revenue, adjusted net (loss) income as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net (loss) income divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. The company is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
