[PRESS RELEASE] – STAMFORD, Conn., Nov. 5, 2025 – Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, reported its financial and operating results for the third quarter ended Sept. 30, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars unless otherwise indicated.
Boris Jordan, chairman and CEO of Curaleaf, stated, "We generated third quarter revenue of $320 million, up 2% sequentially. Price compression continued to be a headwind, yet our domestic segment remained stable and achieved modest growth. Our international segment continued its strong trajectory, delivering 12% sequential growth and 56% year-over-year growth. Adjusted gross margin improved to 50%, an increase of 115 basis points both sequentially and versus the prior year. Adjusted EBITDA was $69 million, representing a 22% margin, inclusive of a 200-basis-point drag from our international and hemp businesses.
“We ended the quarter with $107 million in cash, after paying $28 million in principal and interest debt obligations. We generated $53 million in operating cash flow from continuing operations and $37 million in free cash flow from continuing operations during the third quarter. Subsequent to quarter-end, we made $30 million in acquisition-related debt payments, leaving approximately $70 million payable over the next two years. We also closed on an upsized $100 million revolving line of credit with Needham Bank, giving us greater flexibility to manage our business and pay down more expensive debt.
"The 'Return to Our Roots' plan we initiated 12 months ago – which is focused on enhancing product quality, driving growth, expanding margins, and optimizing cash flow – is delivering tangible results. Over the past year, we have completed significant foundational work to reset the business – leveraging our Dark Heart genetics program, investing in our supply chain, and realigning our retail operations. These actions have positioned our domestic business for renewed growth while supporting rapid international expansion. I'm encouraged to report that we're seeing positive momentum across the organization, despite ongoing macro pressures."
Third Quarter 2025 Financial Highlights
- Net revenue of $320.2 million, a year-over-year decrease of 3% compared to Q3 2024 net revenue of $330.5 million. Sequentially, net revenue increased 2% compared to Q2 2025 net revenue of $314.5 million
- Gross profit of $159.7 million and gross profit margin of 50%, an increase of 130 basis points year-over-year
- Adjusted gross profit(1) of $160 million and adjusted gross profit margin(1) of 50%, an increase of 115 basis points year-over-year
- Net loss attributable to Curaleaf Holdings Inc. from continuing operations of $54.5 million, or net loss per share from continuing operations of $0.07
- Adjusted net loss(1) from continuing operations of $48.2 million or adjusted net loss(1) per share from continuing operations of $0.06
- Adjusted EBITDA(1) of $69.3 million and adjusted EBITDA margin([1]) of 21.6%, a 115 basis point decrease year-over-year
- Cash at quarter end totaled $107.5 million
Nine Months Ended Sept. 30, 2025, Financial Highlights
- Net revenue of $944.8 million, a decrease of 7% year-over-year
- International revenue of $121.8 million, an increase of 63% compared to 2024 revenue of $74.9 million
- Gross profit of $467.5 million and gross margin of 49%
- Adjusted gross profit(1) of $468.9 million and adjusted gross profit margin(1) of 50%
- Operating cash flow from continuing operations of $104 million and free cash flow from continuing operations of $56.8 million
- Net loss from continuing operations of $159.9 million or net loss per share from continuing operations of $0.21
- Adjusted net loss(1) from continuing operations of $143.7 million or adjusted net loss per share from continuing operations of $0.19
- Adjusted EBITDA(1) of $200 million and adjusted EBITDA margin of 21.2%
Third Quarter 2025 Operational Highlights
- Expanded domestic retail footprint to five in Ohio with the opening of a Curaleaf dispensary in Girard and a Curaleaf-branded dispensary in New Albany
- Strengthened retail presence in Florida with the opening of one dispensary in St. Augustine and one in Apopka, resulting in 69 retail locations in the state.
- Entered into an MSA with a retail operator in Maine, bringing the store count to five in the state; total dispensary count at quarter end was 158 stores across the country
- In September, Curaleaf expanded Anthem's brand portfolio with the launch of Anthem Bold Infused Pre-Rolls in New York, New Jersey, Illinois and Arizona
- Curaleaf was added to the S&P/TSX Composite Index on Sept. 22, 2025
- Curaleaf announced the buyout of its minority partner in Curaleaf International, bringing the ownership stake in its European holding company to 100%
- Curaleaf International launched the first medically certified liquid inhalation device, the QMID, in the U.K. and Germany
| (1) | Adjusted EBITDA, adjusted net income (loss), adjusted gross profit and free cash flow are non-GAAP financial measures, and adjusted EBITDA margin, adjusted net income (loss) per share and adjusted gross profit margin are non-GAAP financial ratios, in each case without a standardized definition under U.S. GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Performance Measures" in the company’s press release for definitions and more information regarding Curaleaf's use of non-GAAP financial measures and non-GAAP financial ratios. See "Reconciliation of Non-GAAP financial measures" for a reconciliation of each non-GAAP financial measure used in this press release from the most directly comparable U.S. GAAP financial measure. |
Post Third Quarter 2025 Operational Highlights
- Curaleaf upsized its revolving line of credit from $40 million to $100 million with Needham Bank at a 7.99% interest rate, increasing to 8.99% upon a refinancing of its outstanding senior secured bonds maturing on Dec. 15, 2026
- Curaleaf made a final $25 million cash and 5.7 million share payment to the former owners of the Tryke companies, completing its payment obligations in connection with the Tryke acquisition
- In October, Curaleaf partnered with the Baldwin Fund to raise funds for breast cancer research
Balance Sheet and Cash Flow
As of Sept. 30, 2025, the company had $107.5 million of cash and $543.7 million of outstanding debt, net of unamortized debt discounts and deferred financing fees.
During the nine months ended Sept. 30, 2025, Curaleaf invested $47.9 million in capital expenditures, focused on facility upgrades, automation and selective retail expansion in strategic markets.
Shares Outstanding
The company's weighted average shares outstanding were 764,825,622 and 742,535,355 for the third quarter of 2025 and 2024, respectively.
The company's weighted average shares outstanding were 758,809,812 and 739,833,334 for the nine months ended Sept. 30, 2025, and 2024, respectively.
