Third quarter 2025 net revenue of $320 million
Third quarter 2025 International revenue of $46 million
Third quarter 2025 adjusted gross profit margin(1) of 50%
Year-to-date operating and free cash flow from continuing operations of
$104 million and $57 million, respectively
Nov. 5, 2025 — 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 third quarter ended September 30, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP” or “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.”
Mr. Jordan continued, “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 $160.0 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 September 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 $104.0 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 $200.0 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 September 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 UK 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” 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 U.S. GAAP financial measure. |
Post Third Quarter 2025 Operational Highlights
- Curaleaf upsized its revolving line of credit from $40.0 million to $100.0 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 December 15, 2026
- Curaleaf made a final $25.0 million cash and 5.7 million share payment to the former owners of the Tryke companies completing its payment obligations in connection with the Tryke acquisition
- In October, Curaleaf partnered with the Baldwin Fund to raise funds for breast cancer research
|
Revenues, net by Segment |
|||||
|
($ thousands) |
|||||
|
Three Months Ended |
|||||
|
September 30, 2025 |
June 30, 2025 |
September 30, 2024 |
|||
|
Domestic: |
|||||
|
Retail revenue |
$ 211,626 |
$ 216,538 |
$ 243,253 |
||
|
Wholesale revenue |
62,381 |
56,987 |
57,199 |
||
|
Management fee income |
245 |
86 |
504 |
||
|
Total revenues, net – Domestic |
$ 274,252 |
$ 273,611 |
$ 300,956 |
||
|
Three Months Ended |
|||||
|
September 30, 2025 |
June 30, 2025 |
September 30, 2024 |
|||
|
International: |
|||||
|
Retail revenue |
$ 14,152 |
$ 12,929 |
$ 9,997 |
||
|
Wholesale revenue |
27,762 |
25,970 |
18,484 |
||
|
Management fee income |
4,078 |
2,010 |
1,093 |
||
|
Total revenues, net – International |
$ 45,992 |
$ 40,909 |
$ 29,574 |
||
|
Nine Months Ended September 30, |
|||
|
2025 |
2024 |
||
|
Domestic: |
|||
|
Retail revenue |
$ 647,808 |
$ 759,021 |
|
|
Wholesale revenue |
174,574 |
176,541 |
|
|
Management fee income |
568 |
1,310 |
|
|
Total revenues, net – Domestic |
$ 822,950 |
$ 936,872 |
|
|
Nine Months Ended September 30, |
|||
|
2025 |
2024 |
||
|
International: |
|||
|
Retail revenue |
$ 38,139 |
$ 26,343 |
|
|
Wholesale revenue |
76,189 |
45,443 |
|
|
Management fee income |
7,493 |
3,090 |
|
|
Total revenues, net – International |
$ 121,821 |
$ 74,876 |
|
Balance Sheet and Cash Flow
As of September 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 September 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 was 764,825,622 and 742,535,355 for the third quarter of 2025 and 2024, respectively.
The Company’s weighted average shares outstanding was 758,809,812 and 739,833,334 for the nine months ended September 30, 2025 and 2024, respectively.
Conference Call Information
The Company will host a conference call and audio webcast for investors and analysts on Wednesday, November 5, 2025 at 5:00 P.M. ET to discuss Q3 2025 earnings results. The call can be accessed by dialing 1-844-512-2926 in the U.S., Canada 1-416-639-5883, or internationally from 1-412-317-6300. The conference pin # is 5064695.
A replay of the conference call can be accessed at 1-877-344-7529 in the U.S., Canada 1-855-669-9658, or internationally from 1-412-317-0088, using the replay pin # 8603366.
A webcast of the call can be accessed on the investor relations section of the Curaleaf website at ir.curaleaf.com. The teleconference will be available for replay starting at approximately 7:00 P.M. ET on Wednesday, November 5, 2025 and will end at 11:59 P.M. ET on November 12, 2025.
Non-GAAP Financial and Performance Measures
Curaleaf reports its financial results in accordance with U.S. GAAP and also uses certain non-GAAP financial measures and ratios to evaluate performance. These measures, which include “adjusted gross profit,” “adjusted gross profit margin,” “adjusted net income (loss),” “adjusted EBITDA,” “adjusted EBITDA margin,” and “free cash flow from operations,” do not have standardized definitions under U.S. GAAP and may not be comparable to similar measures used by other issuers.
Curaleaf defines these non-GAAP measures as follows:
- Adjusted gross profit: gross profit net of related add-backs.
- Adjusted gross profit margin: adjusted gross profit divided by total revenues, net.
- Adjusted net income (loss): net income (loss) net of impairment losses (recoveries) and related add-backs.
- Adjusted net income (loss) per share: adjusted net income (loss) divided by the weighted average common shares outstanding.
- Adjusted EBITDA: income (loss) before interest, taxes, depreciation and amortization, net of impairment losses (recoveries), share-based compensation expense and related add-backs.
- Adjusted EBITDA margin: adjusted EBITDA divided by total revenues, net.
- Free cash flow from operations: net cash provided by operating activities from continuing operations, net of purchases and disposals of property, plant and equipment.
Management believes these measures (i) provide investors with additional insight into the Company’s financial strength and underlying performance, (ii) align external reporting with how management evaluates results and (iii) facilitate comparisons with other issuers. These measures should not be considered in isolation from, or as a substitute for, U.S. GAAP results nor should they be considered as indicators of the Company’s future performance. Reconciliations to the most directly comparable U.S. GAAP measures are provided in the accompanying tables.
|
Reconciliation of Non-GAAP financial measures |
|||||
|
Adjusted Gross Profit from Continuing Operations |
|||||
|
($ thousands) |
|||||
|
Three Months Ended |
|||||
|
September 30, 2025 |
June 30, 2025 |
September 30, |
|||
|
Gross profit from continuing operations |
$ 159,741 |
$ 152,553 |
$ 160,516 |
||
|
Other add-backs(1) |
216 |
980 |
772 |
||
|
Adjusted gross profit from continuing operations(2) |
$ 159,957 |
$ 153,533 |
$ 161,288 |
||
|
Adjusted gross profit margin from continuing operations(2) |
49.9 % |
48.8 % |
48.8 % |
||
|
(1) For the third quarter of 2025, Other add-backs primarily consisted of non-cash inventory adjustments that impacted cost of goods sold and |
|||||
|
(2) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release for |
|||||
Gross profit from continuing operations was $159.7 million in the third quarter of 2025, compared with $160.5 million in the prior-year period. On an adjusted basis, gross profit from continuing operations was $160.0 million compared with $161.3 million in the prior-year period, and adjusted gross profit margin from continuing operations was 49.9%, compared with 48.8% in the prior-year period, an increase of 115 basis points.
|
Nine Months Ended September 30, |
|||
|
2025 |
2024 |
||
|
Gross profit from continuing operations |
$ 467,468 |
$ 481,885 |
|
|
Other add-backs(1) |
1,461 |
3,945 |
|
|
Adjusted gross profit from continuing operations(2) |
$ 468,929 |
$ 485,830 |
|
|
Adjusted gross profit margin from continuing operations(2) |
49.6 % |
48.0 % |
|
|
(1) For the nine months ended September 30, 2025, Other add-backs primarily consisted of non-cash inventory adjustments that impacted cost of |
|||
|
(2) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release for |
|||
Gross profit from continuing operations was $467.5 million in the nine months ended September 30, 2025, compared with $481.9 million in the prior-year period. On an adjusted basis, gross profit from continuing operations was $468.9 million, compared with $485.8 million in the prior-year period, and adjusted gross profit margin from continuing operations was 49.6%, compared with 48.0% in the prior-year period, an increase of 160 basis points.
|
Adjusted Net Loss from Continuing Operations |
|||||
|
($ thousands) |
|||||
|
Three Months Ended |
|||||
|
September 30, 2025 |
June 30, 2025 |
September 30, 2024 |
|||
|
Net loss from continuing operations |
$ (54,546) |
$ (50,602) |
$ (44,348) |
||
|
Loss (gain) on impairments |
848 |
(1,209) |
642 |
||
|
Other add-backs(1) |
5,500 |
4,014 |
5,435 |
||
|
Adjusted net loss from continuing operations(2) |
$ (48,198) |
$ (47,797) |
$ (38,271) |
||
|
Adjusted net loss per share from continuing operations(2) |
$ (0.06) |
$ (0.06) |
$ (0.05) |
||
|
Weighted average common shares outstanding |
764,825,622 |
757,270,633 |
742,535,355 |
||
|
(1) For the third quarter of 2025, Other add-backs primarily consisted of costs related to license fees and excise taxes, rent and other facility costs |
|||||
|
(2) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release for |
|||||
|
Nine months ended |
|||
|
September 30, 2025 |
September 30, 2024 |
||
|
Net loss from continuing operations |
$ (159,943) |
$ (144,444) |
|
|
Loss (gain) on impairment |
3,334 |
(1,543) |
|
|
Other add-backs(1) |
12,877 |
16,809 |
|
|
Adjusted net loss from continuing operations(2) |
$ (143,732) |
$ (129,178) |
|
|
Adjusted net loss per share from continuing operations(2) |
$ (0.19) |
$ (0.17) |
|
|
Weighted average common shares outstanding – basic and diluted |
758,809,812 |
739,833,334 |
|
|
(1) For the nine months ended September 30, 2025, Other add-backs primarily consisted of costs related to legal fees, non-routine severance, rent |
|||
|
(2) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release for |
|||
|
Adjusted EBITDA |
|||||
|
($ thousands) |
|||||
|
Three Months Ended |
|||||
|
September 30, 2025 |
June 30, 2025 |
September 30, 2024 |
|||
|
Net loss |
$ (56,684) |
$ (53,606) |
$ (42,728) |
||
|
Net (loss) income from discontinued |
(2,138) |
(3,004) |
1,620 |
||
|
Net loss from continuing operations |
(54,546) |
(50,602) |
(44,348) |
||
|
Interest expense, net |
25,214 |
25,554 |
25,097 |
||
|
Provision for income taxes |
30,238 |
31,381 |
32,566 |
||
|
Depreciation and amortization(1) |
49,466 |
49,724 |
54,612 |
||
|
Share-based compensation |
10,294 |
8,477 |
6,017 |
||
|
Loss (gain) on impairment |
848 |
(1,209) |
642 |
||
|
Total other expense (income), net |
2,277 |
(1,839) |
(4,728) |
||
|
Other add-backs(2) |
5,500 |
4,014 |
5,435 |
||
|
Adjusted EBITDA(3) |
$ 69,291 |
$ 65,500 |
$ 75,293 |
||
|
Adjusted EBITDA Margin(3) |
21.6 % |
20.8 % |
22.8 % |
||
|
(1) Depreciation and amortization includes amounts charged to Cost of goods sold on the Statement of Operations. |
|||||
|
(2) For the third quarter of 2025, Other add-backs primarily consisted of costs related to license fees and excise taxes, rent and other facility costs |
|||||
|
(3) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release for |
|||||
Adjusted EBITDA was $69.3 million for the third quarter of 2025, compared to $75.3 million for the third quarter of 2024, and Adjusted EBITDA margin decreased to 21.6%.
|
Nine Months Ended September 30, |
|||
|
2025 |
2024 |
||
|
Net loss |
$ (170,536) |
$ (143,534) |
|
|
Net (loss) income from discontinued operations |
(10,593) |
910 |
|
|
Net loss from continuing operations |
(159,943) |
(144,444) |
|
|
Interest expense, net |
75,842 |
75,669 |
|
|
Provision for income taxes |
98,474 |
104,046 |
|
|
Depreciation and amortization(1) |
148,548 |
158,343 |
|
|
Share-based compensation |
23,395 |
20,369 |
|
|
Loss (gain) on impairment |
3,334 |
(1,543) |
|
|
Total other income, net |
(2,565) |
(4,250) |
|
|
Other add-backs(2) |
12,877 |
16,809 |
|
|
Adjusted EBITDA(3) |
$ 199,962 |
$ 224,999 |
|
|
Adjusted EBITDA Margin(3) |
21.2 % |
22.2 % |
|
|
(1) Depreciation and amortization includes amounts charged to Cost of goods sold on the Statement of Operations. |
|||
|
(2) For the nine months ended September 30, 2025, Other add-backs primarily consisted of costs related to legal fees, non-routine severance, rent |
|||
|
(3) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release for |
|||
Adjusted EBITDA was $200.0 million in the nine months ended September 30, 2025, compared with $225.0 million in the prior-year period, and Adjusted EBITDA margin decreased to 21.2%.
|
Free Cash Flow |
|
|
($ thousands) |
|
|
Nine Months Ended |
|
|
September 30, 2025 |
|
|
Net cash provided by operating activities from continuing operations |
$ 103,990 |
|
Less: Purchases of property, plant and equipment, net of disposals |
(47,165) |
|
Free cash flow from continuing operations(1) |
$ 56,825 |
|
(1) Represents a Non-GAAP measure or Non-GAAP ratio. See “Non-GAAP Financial and Performance Measures” section of this press release |
|
|
Condensed Interim Consolidated Balance Sheets |
|||
|
($ thousands) |
|||
|
As of |
|||
|
September 30, 2025 |
December 31, 2024 |
||
|
Unaudited |
Audited |
||
|
Assets |
|||
|
Cash and cash equivalents (including restricted cash and cash |
$ 107,488 |
$ 107,226 |
|
|
Other current assets |
332,560 |
322,455 |
|
|
Property, plant and equipment, net |
529,452 |
546,426 |
|
|
Right-of-use assets, finance lease, net |
100,291 |
105,168 |
|
|
Right-of-use assets, operating lease, net |
112,839 |
116,519 |
|
|
Intangible assets, net |
1,033,428 |
1,085,397 |
|
|
Goodwill |
634,995 |
628,884 |
|
|
Other long-term assets |
32,251 |
37,461 |
|
|
Total assets |
$ 2,883,304 |
$ 2,949,536 |
|
|
Liabilities, Temporary equity and Shareholders’ equity |
|||
|
Total current liabilities |
$ 299,034 |
$ 387,925 |
|
|
Total long-term liabilities |
1,698,040 |
1,568,218 |
|
|
Redeemable non-controlling interest contingency |
71,406 |
132,179 |
|
|
Total shareholders’ equity |
814,824 |
861,214 |
|
|
Total liabilities, temporary equity and shareholders’ equity |
$ 2,883,304 |
$ 2,949,536 |
|
|
Condensed Interim Consolidated Statements of Operations (Unaudited) |
|||||||
|
($ thousands, except for share and per share amounts) |
|||||||
|
Three Months Ended |
Nine Months Ended |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
Revenues, net: |
|||||||
|
Retail and wholesale revenues |
$ 315,921 |
$ 328,933 |
$ 936,710 |
$ 1,007,348 |
|||
|
Management fee income |
4,323 |
1,597 |
8,061 |
4,400 |
|||
|
Total revenues, net |
320,244 |
330,530 |
944,771 |
1,011,748 |
|||
|
Cost of goods sold |
160,503 |
170,014 |
477,303 |
529,863 |
|||
|
Gross profit |
159,741 |
160,516 |
467,468 |
481,885 |
|||
|
Operating expenses: |
|||||||
|
Selling, general and administrative |
110,177 |
106,297 |
322,678 |
320,196 |
|||
|
Share-based compensation |
10,294 |
6,017 |
23,395 |
20,369 |
|||
|
Depreciation and amortization |
35,239 |
38,973 |
106,253 |
111,842 |
|||
|
Total operating expenses |
155,710 |
151,287 |
452,326 |
452,407 |
|||
|
Income from continuing operations |
4,031 |
9,229 |
15,142 |
29,478 |
|||
|
Other income (expense): |
|||||||
|
Interest income |
151 |
274 |
489 |
601 |
|||
|
Interest expense |
(14,376) |
(15,085) |
(43,184) |
(45,240) |
|||
|
Interest expense related to lease liabilities and |
(10,989) |
(10,286) |
(33,147) |
(31,030) |
|||
|
Impairment (loss) recovery |
(848) |
(642) |
(3,334) |
1,543 |
|||
|
Other (expense) income, net |
(2,277) |
4,728 |
2,565 |
4,250 |
|||
|
Total other expense, net |
(28,339) |
(21,011) |
(76,611) |
(69,876) |
|||
|
Loss before provision for income taxes |
(24,308) |
(11,782) |
(61,469) |
(40,398) |
|||
|
Provision for income taxes |
(30,238) |
(32,566) |
(98,474) |
(104,046) |
|||
|
Net loss from continuing operations |
(54,546) |
(44,348) |
(159,943) |
(144,444) |
|||
|
Net (loss) income from discontinued operations |
(2,138) |
1,620 |
(10,593) |
910 |
|||
|
Net loss |
(56,684) |
(42,728) |
(170,536) |
(143,534) |
|||
|
Less: Net income (loss) attributable to non- |
345 |
(2,032) |
717 |
(5,674) |
|||
|
Net loss attributable to Curaleaf Holdings, Inc. |
$ (57,029) |
$ (40,696) |
$ (171,253) |
$ (137,860) |
|||
|
Per share – basic and diluted: |
|||||||
|
Net loss per share from continuing operations – |
$ (0.07) |
$ (0.06) |
$ (0.21) |
$ (0.20) |
|||
|
Weighted average common shares outstanding – |
764,825,622 |
742,535,355 |
758,809,812 |
739,833,334 |
|||
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, Find, Anthem and The Hemp Company, provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
