1. Curaleaf's Q1 2025 revenue reached $310 million, a 9% decrease year-over-year. 2. Adjusted gross margin improved to 50%, up 250 basis points from last year. 3. International revenue grew 74% year-over-year, showing strong international market potential. 4. Curaleaf ended the quarter with $122 million in cash and positive cash flow. 5. Exited Q1 with a $54.8 million net loss, indicating ongoing challenges.
Despite a year-over-year revenue drop, margin improvements and international growth indicate future potential.
The data reflects key financial metrics, impacting investor sentiments positively regarding future growth.
The international expansion and product innovation suggest sustained growth opportunities ahead.
First quarter 2025 total revenue of $310 million
First quarter 2025 International revenue of $35 million
First quarter 2025 adjusted gross margin(1) of 50%
First quarter 2025 operating cash flow from continuing operations of $42 million and free cash flow from continuing operations of $26 million
STAMFORD, Conn., May 8, 2025 /PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the first quarter ended March 31, 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, "First quarter revenue was $310 million, with an adjusted gross profit of $155 million, resulting in a 50% adjusted gross margin, an increase of 250 basis points compared to the prior year period. We ended Q1 with $122 million in cash, with operating and free cash flow from continuing operations of $42 million and $26 million, respectively. Additionally, we paid down $20 million in acquisition-related debt. International revenue grew by 74% year–over-year — marking the fourth consecutive quarter of 70% plus growth — and we are encouraged by prospects for new market openings that could materialize over the next year. I'm happy to report that we've completed much of the heavy lifting needed to reposition the business for long-term success, including streamlining operations, improving key manufacturing metrics, and sharpening our focus on flower quality. This was evident through several recent successful national product launches, including our hemp THC energy drink, Select FormulaX, our new innovation in the vape category, Select ACE, and the launch of our new pre-roll brand, Anthem. I remain positive that we're positioning the business to remain resilient and agile in a dynamic environment."
(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 margin are non-GAAP financial ratios, in each case without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Performance Measures" below 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" below for a reconciliation of each non-GAAP financial measure used in this press release from the most directly comparable GAAP financial measure.
| Three Months Ended | March 31, 2025 | December 31, 2024 | March 31, 2024 |
|---|---|---|---|
| Domestic revenues: | $219,644 | $235,698 | $260,569 |
| Wholesale revenue | 55,207 | 64,322 | 57,886 |
| Management fee income | 236 | 361 | 414 |
| Total domestic revenues | $275,087 | $300,381 | $318,869 |
As of March 31, 2025, the Company had $121.9 million of cash and $561.2 million of outstanding debt net of unamortized debt discounts.
During the three months ended March 31, 2025, Curaleaf invested $16.3 million in capital expenditures, focused on facility upgrades, automation, and selective retail expansion in strategic markets.
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
ir@curaleaf.com
Curaleaf Holdings, Inc.
Jordon Rahmil, VP Public Relations
media@curaleaf.com
Disclaimer: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and U.S. securities laws. See full disclaimer on the Company’s website.