Cresco Labs Reports $164M in Q2 Revenue

[PRESS RELEASE] – CHICAGO, Aug. 7, 2025 – Cresco Labs Inc., the industry leader in branded cannabis products with a portfolio of America’s most popular brands and the operator of Sunnyside dispensaries, released its financial and operating results for the second quarter ended June 30, 2025. All financial information presented in this release is reported in accordance with U.S. generally accepted accounting principles (GAAP) and in U.S. dollars, unless otherwise indicated, and is available on the company’s investor website, here.

Second Quarter 2025 Highlights

• Second quarter revenue of $164 million. Second quarter operating cash flow of $9 million.
• Gross profit of $83 million. Adjusted gross profit¹ of $83 million; and an adjusted gross margin¹ of 50.6% of revenue.
• SG&A of $51 million or 31.4% of revenue.
• Net loss of $14 million, which includes non-cash impairment charges of $9 million related to California assets being considered held for sale.
• Second quarter adjusted EBITDA¹ of $41 million and adjusted EBITDA margin¹ of 25%.
• Retained the No. 1 share position in multiple billion-dollar markets.²

Management Commentary

"In Q2, we delivered solid performance in line with guidance, maintained our market share in a highly competitive environment, and continued to drive cash flow through operational discipline. Crucially, we signed a commitment letter to refinance our debt with a new $325 million term loan. This milestone reinforces our balance sheet, preserves our equity value and creates financial flexibility for years to come. The improved structure and terms give us a stronger foundation to execute against both near-term priorities and long-term growth opportunities.

"The cannabis industry is entering a new phase, defined by consolidation and rationalization. We’re seeing more opportunities for M&A in very productive states that will be incremental for Cresco. As previously stated, we’re going to be opportunistic while staying patient and disciplined so we can invest in sustainable growth when the right opportunities arise. With our proven operating model, focused and productive footprint, and clean capital structure, we’re built for this moment and are well-positioned to be a partner of choice as the industry consolidates.”

Balance Sheet, Liquidity, and Other Financial Information

• As of June 30, 2025, current assets were $315 million, including cash and cash equivalents of $147 million. The company had senior secured term loan debt, net of discount and issuance costs, of $354 million and a mortgage loan, net of discount and issuance costs, of $18 million.
• Total shares on a fully converted basis to subordinate voting shares were 483,444,948 as of June 30, 2025.

A line-by-line breakdown of the company’s balance sheet is available here.