Trulieve Cannabis Corp. reported third‑quarter 2025 revenue of $288.2 million, a 1% increase year‑over‑year from $284.5 million in Q3 2024. The figure represents a modest sequential decline from $302 million in Q2 2025, reflecting a shift in product mix toward lower‑margin legacy items that offset a 7% year‑over‑year rise in branded product sales.
Gross profit for the quarter was $170 million, giving a gross margin of 59% versus 61% in Q2 2025. The 2‑percentage‑point contraction stems from higher cost of goods sold driven by rising raw‑material costs and a greater proportion of lower‑margin products, while pricing power in the branded segment helped mitigate the impact.
Operating expenses fell 26% year‑over‑year to $128 million, largely due to a $30 million reduction in selling, general and administrative costs, including marketing and store‑expansion outlays. The disciplined expense profile supports the company’s strong cash‑flow generation.
Net loss for the quarter was $27 million, compared with a $14 million loss in Q2 2025 and a $60.2 million loss in Q3 2024. The loss was driven by higher interest expense on debt and one‑time restructuring charges, yet operating cash flow remained robust.
Adjusted EBITDA rose 7% year‑over‑year to $103 million, reflecting improved operating leverage and cost controls. Adjusted earnings per share of –$0.07 beat consensus estimates of –$0.09, a beat of $0.02 per share.
Operating cash flow reached $76.8 million, up 7% year‑over‑year from $71.5 million in Q3 2024 and down from $86 million in Q2 2025. The cash‑flow strength underpins the company’s ability to fund retail expansion and repay $368 million of senior notes due in 2026.
Management emphasized continued focus on cost discipline, strategic investment in high‑margin branded products, and disciplined debt management. The CEO noted pricing pressure in the retail environment but expressed confidence in long‑term profitability.
The company did not issue new guidance, but its strong cash position and debt‑repayment plan suggest a stable platform for growth. Analysts expect revenue to remain flat in 2025 with modest margin improvement as cost controls mature.
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