Jushi Holdings Inc. reported third‑quarter 2025 revenue of $65.7 million, a sequential increase of $0.6 million and a year‑over‑year rise of $4.1 million. The figure fell short of the consensus estimate of $66.7 million, reflecting a modest revenue miss of $1.0 million or 1.5 %. The shortfall is largely attributable to a 2.5 % decline in wholesale sales, which offset a 3.2 % lift in retail revenue driven by new store openings in Ohio and Virginia.
Gross profit reached $30.7 million, giving the company a gross margin of 46.7 %. The margin expanded by 220 basis points sequentially and 125 basis points year‑over‑year, the largest quarterly gain in the company’s history. Management attributes the improvement to higher production volumes, upgraded genetics, and facility upgrades that increased yield and potency across the grower‑processor portfolio. The margin gain was partially offset by persistent pricing pressures that limited the ability to pass higher input costs onto customers.
Segment analysis shows retail revenue of $58.8 million, up 5.3 % from $55.9 million in Q2 2025, while wholesale revenue rose to $6.9 million from $5.6 million. The retail growth is driven by the expansion of branded product lines, which now account for 56 % of total retail sales. Wholesale growth reflects a broader market recovery and the company’s focus on securing long‑term contracts with distributors.
Net loss widened to $23.7 million, translating to a loss per share of $0.12 versus the consensus estimate of $0.06. The increase in loss is driven by higher interest expense on the company’s $200 million debt load and a one‑time restructuring charge related to the closure of a small cultivation facility. Despite the loss, adjusted EBITDA rose to $12.8 million from $10.3 million, indicating stronger operating cash flow generation.
CEO Jim Cacioppo noted that the quarter was the “seasonally slowest of the year” but highlighted operational improvements and expansion plans. He announced the launch of a seventh cultivation room in Manassas in Q1 2026 and the completion of Phase 1 of a two‑phase expansion in Pennsylvania, expected to increase total cannabis capacity by approximately 35 % once all phases are complete. CFO Michelle Mosier emphasized that higher production volumes and improved product quality were the primary drivers of the gross profit increase.
Overall, Jushi’s Q3 results demonstrate a company that is tightening its operational model and expanding its footprint, yet still grappling with debt‑related costs and pricing headwinds. The margin expansion signals effective cost control and scale, while the revenue miss and widening net loss underscore the need for continued focus on pricing strategy and debt management as the company pursues its growth agenda.
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