Trulieve Reports Q2 2024 Financial Results
LOS ANGELES- Trulieve announced its financial results for the second quarter ending June 30, 2024. The results, reported in U.S. dollars and following U.S. Generally Accepted Accounting Principles (GAAP), reflect continued growth and operational expansion.
Revenue and Sales Performance
Trulieve achieved a revenue of $303 million, showing a 2% increase from the previous quarter and an 8% rise year over year. Retail sales contributed to 95% of the total revenue, driven by higher foot traffic and an increase in wholesale revenue.
Profitability Metrics
The company reported a gross margin of 60%, translating to a GAAP gross profit of $182 million. The net loss for the quarter was $12 million, an improvement of 48% compared to the previous quarter. Adjusted net income, which excludes non-recurring charges, asset impairments, disposals, and discontinued operations, was reported at $0.2 million.
EBITDA and Cash Flow
Trulieve reported an EBITDA of $88 million, representing 29% of the revenue. The adjusted EBITDA was $107 million, or 35% of the revenue, marking a 1% sequential increase and a 36% increase year over year. Cash flow from operations totaled $71 million, with free cash flow amounting to $45 million.
Cash Reserves and Tax Refunds
The company’s cash reserves at the end of the quarter stood at $356 million, inclusive of an additional $2 million received as tax refunds related to amended returns from its tax challenge of 280E.
Operational Expansion
Trulieve continues to expand its footprint, having opened three new dispensaries in Brooksville, North Palm Beach, and Stuart, Florida. Additionally, the company acquired two dispensaries in Beavercreek and Columbus, Ohio. As a result, 32% of its retail locations are now situated outside Florida.
Recent Developments
- Ohio Market Entry: Trulieve commenced adult-use sales in Ohio at three locations: Beavercreek, Columbus, and Westerville.
- Support for Florida Campaign: The company introduced the #YesOn3 product line to support the Smart and Safe Florida adult-use campaign.
- New Retail Locations: Six new retail locations were opened in Gulf Breeze, Homosassa, Madison, Ocala, and Panama City, Florida, and Wilkes-Barre, Pennsylvania.
- Operational Scale: Trulieve now operates 206 retail dispensaries and maintains over four million square feet of cultivation and processing capacity across the United States.
For detailed financial information and a reconciliation to GAAP metrics, refer to the “Non-GAAP Financial Measures” section in Trulieve’s official report.