[PRESS RELEASE] – STAMFORD, Conn., March 3, 2025 – Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, reported its financial and operating results for the fourth quarter ended Dec. 31, 2024. 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.
Curaleaf Chairman and CEO Boris Jordan, “Fourth quarter revenue was $331 million, up slightly sequentially. Adjusted gross margin was 48% and adjusted EBITDA was $76 million or 23%. We ended the fourth quarter with $107 million in cash on the balance sheet, and for the year, generated operating and free cash flow from continuing operations of $163 million and $70 million, respectively. Over the past two quarters, my primary objective has been to amplify our strengths, address key challenges, and stabilize the business. Having successfully achieved this, we are now forging ahead with our ‘Return to our ROOTS’ initiative—an ambitious strategy centered on driving organic growth, optimizing margins and cash flow, and reducing debt. With this sharp focus, I am confident that Curaleaf will not only maintain but expand its leadership position. We will build on the strong organic growth seen in our International business, Ohio, and New York, while harnessing our innovation pipeline to elevate our product offerings. As we step into 2025, there are tremendous opportunities ahead for Curaleaf.”
Fourth Quarter 2024 Financial Highlights
Net revenue of $331.1 million, a year-over-year decrease of 4% compared to Q4 2023 revenue of $345.3 million. Sequentially, net revenue was flat compared to Q3 2024. Gross profit of $157.4 million and gross margin of 48%, an increase of 230 basis points year-over-year. Adjusted gross profit(1) of $158.7 million and adjusted gross margin(1) of 48%, an increase of 150 basis points year-over-year. Net loss attributable to Curaleaf Holdings Inc. from continuing operations of $71.8 million or net loss per share from continuing operations of $0.10. Adjusted net income(1) from continuing operations of $12.4 million or adjusted net income per share from continuing operations of $0.02. Adjusted EBITDA(1) of $75.8 million and adjusted EBITDA margin(1) of 23%, a 117 basis point decrease year-over-year. Cash at quarter end totaled $107.2 million.
Full Year 2024 Financial Highlights
Net revenue of 1.34 billion, flat year-over-year International revenue of $105.6 million, an increase of 73% compared to 2023 revenue of $61 million Gross profit of $639.2 million and gross margin of 48% Adjusted gross profit(1) of $644.5 million and adjusted gross margin(1) of 48% Operating cash flow from continuing operations of $163.3 million and free cash flow from continuing operations of $70.1 million Net loss from continuing operations of $216.2 million or net loss per share from continuing operations of $0.29 Adjusted net loss(1) from continuing operations of $116.8 million or adjusted net loss per share from continuing operations of $0.16 Adjusted EBITDA(1) of $300.8 million and adjusted EBITDA margin of 22%
Fourth Quarter 2024 Operational Highlights
In Florida, opened two new dispensaries in Port St. Lucie and Miami, bringing the state total to 66 retail stores and the U.S. total to 151 U.S. retail stores Successfully introduced Curaleaf and Find flower into the German market Rebranded our three Nevada stores to Curaleaf stores Secured a $40 million revolving credit facility directly with a major commercial regional bank at a 7.99% interest rate that matures Dec. 15, 2026, a milestone for a cannabis company
Post Fourth Quarter 2024 Operational Highlights
The Hemp Co. by Curaleaf began distributing its line of hemp-derived THC seltzers in Total Wine across nine states and in over 100 stores Introduced a 2.5mg formulation of our Select Zero Proof seltzers Launched Reef flower brand in Florida
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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.
A line-by-line breakdown of the company’s financials is available here.
Balance Sheet and Cash Flow
As of Dec. 31, 2024, the company had $107.2 million of cash and $568.6 million of outstanding debt net of unamortized debt discounts.
During the year ended Dec. 31, 2024, Curaleaf invested $93.2 million in capital expenditures, focused on facility upgrades, automation, and selective retail expansion in strategic markets.
Shares Outstanding
For the fourth quarters of 2024 and 2023, the company’s weighted average Subordinate Voting Shares plus Multiple Voting Shares outstanding amounted to 748,936,695 and 733,514,919 shares, respectively.
For the years ended Dec. 31, 2024, and 2023, the company’s weighted average Subordinate Voting Shares plus Multiple Voting Shares outstanding amounted to 740,825,099 and 724,124,894 shares, respectively.
Non-GAAP Financial and Performance Measures
Curaleaf reports its financial results in accordance with GAAP and uses a number of financial measures and ratios when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. Curaleaf refers to certain non-GAAP financial measures and ratios, such as “adjusted gross profit”, “adjusted gross margin”, “adjusted net income (loss)”, “adjusted EBITDA”, “adjusted EBITDA margin” and “Free cash flow from operations”. These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. Curaleaf defines “adjusted gross profit” as gross profit net of cost of goods sold and related other add-backs. “Adjusted gross margin” is defined by Curaleaf as adjusted gross profit divided by total revenues. “Adjusted net income (loss)” is defined by Curaleaf as net income (loss) from continuing operations net of (gain) loss on impairments and other add-backs. “Adjusted EBITDA” is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and other add-backs related to business development, acquisition, financing and reorganization costs. “Adjusted EBITDA margin” is defined by Curaleaf as adjusted EBITDA divided by total revenue. “Free cash flow from operations” is defined by Curaleaf as net cash provided by operating activities from continuing operations less the purchases of property, plant and equipment (i.e. net capital expenditures). Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. Curaleaf believes the adjusted results presented provide relevant and useful information for investors, because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported GAAP financial results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of Non-GAAP measures to the most directly comparable GAAP measures.
The cannabis company also reported an operating cash flow from continuing operations of $163 million and a net loss of $216 million in 2024. Read More
