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Jushi Holdings Inc. — Third Quarter 2026 Earnings Summary

JUSH

  • Financial Performance:

    • Total revenue increased 7% year-over-year to $70.5 million, compared to $65.7 million in Q3 2025.
    • Gross profit was $32.3 million with a gross profit margin of 45.9%, compared to $30.7 million and 46.7% respectively in Q3 2025.
    • Net loss was $12.5 million, an improvement from a net loss of $23.7 million in Q3 2025.
    • Adjusted EBITDA was $13.6 million with a margin of 19.3%, compared to $12.8 million and 19.5% respectively in Q3 2025.
    • Cash, cash equivalents, and restricted cash totaled $30.9 million as of September 30, 2026.
    • Total gross debt subject to scheduled repayments was $215.6 million as of September 30, 2026, excluding leases, PP&E financing, and $21.5 million in notes payable to Sammartino.
    • Cash provided by operations was $3.5 million during Q3 2026, down from $6.1 million in Q3 2025.
    • Selling, general, and administrative expenses were $28.7 million, up from $28.0 million in Q3 2025.
    • Other income (expense) resulted in a net expense of $9.3 million, compared to $17.2 million in Q3 2025, driven by a $0.2 million fair value gain on derivatives versus a $6.3 million loss in the prior year period.

  • Guidance and Future Outlook:

    • Virginia adult-use sales are scheduled to begin July 1, 2027.
    • The Company is advancing cultivation and processing projects in Virginia and preparing a retail network designed for adult use.
    • Management is exploring financing alternatives to support Virginia investments and remains focused on liquidity and disciplined capital allocation.
    • Investment decisions will be guided by regulatory timing and financing availability.

  • Business Segments and Product Lines:

    • Wholesale revenue increased 40% year-over-year to $9.7 million, marking the second consecutive quarterly record.
    • Retail revenue increased 3.5% year-over-year to $60.8 million, driven by growth in Ohio and Virginia.
    • Total units sold across the retail business increased 8.4% year-over-year.
    • Jushi-branded product sales accounted for 56% of retail revenue in Q3 2026, consistent with Q3 2025.
    • The Company introduced 665 new, unique SKUs during Q3 2026, covering flower, pre-rolls, vapes, concentrates, and edibles.
    • Virginia achieved its second consecutive quarter of record retail revenue and record home delivery sales, with all six dispensaries reporting year-over-year growth.
    • Ohio retail revenue increased $3.1 million due to the addition of two new dispensaries and the maturation of other locations.
    • The Company ended Q3 2026 with 42 dispensaries across eight states, up from 41 dispensaries in seven states at the end of Q3 2025.

  • Market and Competitive Landscape:

    • Pricing pressure and promotional activity across certain markets contributed to lower average selling prices.
    • Wholesale revenue growth was driven by expanded distribution into additional dispensaries in Massachusetts and Pennsylvania, supported by improved product quality and higher production volumes.
    • Wholesale revenue in Virginia increased due to higher demand from wholesale partners.
    • Wholesale revenue in Nevada remained relatively flat.
    • The Company is pursuing targeted dispensary relocations to improve store-level sales and profitability.

  • Risks and Challenges:

    • The Company faces risks related to the anticipated benefits of the continuance, limited operating history, and managing growth through acquisitions.
    • Risks include the performance and expansion of existing operations, capitalizing on Virginia's transition to an adult-use market, and the timing of additional dispensary openings or relocations.
    • The Company has a history of operating losses and negative operating cash flows.
    • Increasing competition in the industry and risks inherent in agricultural businesses, such as natural disasters, are noted.
    • Risks related to indebtedness, the inability to reduce or refinance debt obligations, and the need to raise additional capital through debt or equity financing are highlighted.
    • Regulatory risks include the U.S. regulatory landscape, anti-money laundering laws, and cannabis-related tax risks.

  • Management Commentary and Tone:

    • Chairman and CEO Jim Cacioppo stated that results reflect continued progress in strengthening operating performance, with revenue exceeding $70 million for the second consecutive quarter.
    • Management attributed wholesale growth to improved product quality, higher production volumes, and broader distribution.
    • Management noted that higher volumes and improved production efficiency supported gross profit growth despite pricing pressure.
    • Virginia is identified as the most significant near-term growth opportunity.

  • Other Key Points:

    • On July 30, 2026, the Company completed the continuance of its parent entity from British Columbia, Canada to Nevada, United States, following shareholder approval on June 24, 2026.
    • The Company paid approximately $2.9 million in capital expenditures during Q3 2026.
    • As of October 22, 2026, the Company had 199,708,263 issued and outstanding shares and 306,233,602 fully diluted shares outstanding.
    • The Peoria, Illinois location was excluded from operating results beginning in January 2026.
    • A conference call and audio webcast regarding these results were scheduled for October 28, 2026, at 4:30 p.m. ET.