Jushi Holdings Inc. JUSH JUSHF reported its financial results for Q3 2023 late Tuesday.
Jim Cacioppo, Jushi’s CEO, chairman and founder highlighted the company’s commitment to disciplined cost management and efficiency for the success of Jushi-branded product sales, which account for over half of the retail revenue.
He also noted the positive customer response to newly launched SKUs, indicating growing competitiveness and market resonance.
Financial Highlights
- In Q3 2023, Jushi reported a total revenue of $65.4 million, marking a significant stride. The company’s gross profit margin remained steady at 43.6%, showcasing resilience and sustained growth in Jushi-branded product sales.
- Notably, Jushi achieved a noteworthy improvement in its net loss, reducing it by 62.3% year-over-year to $20.6 million.
- The company also reported a robust adjusted EBITDA of $9.7 million, indicating a substantial YoY growth of $9.1 million, with an adjusted EBITDA margin of 14.9%.
Operational Highlights: New SKUs
The successful debut of new premium brands like Hijinks in Pennsylvania and Massachusetts, along with Jushi’s strategic expansion, product diversification and launch of 10 new SKUs, collectively contributed to the company’s growth and solidified its market presence.
Price Action
Jushi’s shares were trading 0.76% up at the time of writing, at $0.87 per share.
Photo by Matthew Sichkaruk on Unsplash.