Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF) reported a mixed bag of results for its fourth quarter and full year 2024 financials on Thursday, beating revenue projections while highlighting its retail expansion and improved cash position.
The company reported fourth-quarter revenue of $65.9 million, exceeding analyst estimates of $63.5 million despite declining 2.8% from the same period last year. Full-year 2024 revenue reached $257.5 million, slightly above analyst expectations of $255.1 million but down 4.4% from $269.4 million in 2023.
Jushi reported a fourth-quarter net loss of $12.5 million, an improvement from the $18 million loss recorded in the same period of 2023. For the full year, the company posted a net loss of $48.8 million, which was better than the $65.1 million loss it reported for 2023.
“I am pleased with the progress we made in 2024 to strengthen our platform, particularly in reducing debt, enhancing our balance sheet, and improving cash flows from operations – efforts that we believe have positioned us well for our next phase of growth,” Chairman and CEO Jim Cacioppo said in a statement.
The company’s fourth-quarter profit margin fell to 38.6% from 40.2% in the same period last year, which the company blamed on production challenges. However, the full-year profit margin increased to 45.9% from 43.1% in 2023, driven by operating efficiencies at its growing facilities.
Cash flow from operations reached $7.2 million in the fourth quarter and $21.6 million for the full year 2024, versus negative cash flow in the previous year.
The company highlighted plans to expand its retail presence by 40% by mid-2026, beginning with seven new dispensaries by mid-2025. Jushi noted it has already opened five new dispensaries since the third quarter of 2024 with three more planned by the end of this year’s third quarter.
“Looking ahead to 2025, we remain committed to building upon this momentum by expanding our retail network across our core footprint,” Cacioppo said. “We believe this expansion is poised to drive both revenue and profitability, while enhancing operational efficiency and margin expansion.”
The company ended the year with approximately $21.3 million in cash and restricted cash, and reported spending $4.7 million on capital improvements for 2024.
Jushi-branded products represented approximately 55% of total retail revenue in the fourth quarter of 2024, up from 53% in the year-ago period. The company said it launched 415 new products throughout its five markets during the quarter.
The company operates 38 dispensaries across seven states as of the end of 2024, versus 34 dispensaries at the end of 2023. After the quarter ended, Jushi opened a new location in Warren, Ohio, and relocated a dispensary in Linwood, Pennsylvania.
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