Curaleaf Reports Q3 2025 Financial Results

STAMFORD – Curaleaf Holdings Inc. unveiled its third-quarter financials, revealing a revenue figure that edged past analyst forecasts while underscoring the company’s deepening reliance on global markets to counter domestic challenges.

The Cannabis MSO recorded net revenue of $320 million for the three months ended September 30, surpassing expectations by a slim margin and climbing 2% from the prior quarter’s $315 million, though down 3% from $331 million a year earlier. Overseas operations fueled the uptick, generating $46 million [up 12% sequentially and 56% annually] as European demand bolstered the bottom line. At home, sales stabilized at $274.3 million, but retail revenue slipped to $211.6 million from $243.3 million last year, squeezed by ongoing price erosion in mature states.

Profitability metrics offered brighter spots. Adjusted gross margin rose to 50%, a 115 basis-point improvement year over year, driven by supply chain efficiencies and product refinements. Adjusted EBITDA clocked in at $69.3 million, for a 21.6% margin, tempered slightly by outlays in international and hemp ventures. The quarter closed with a net loss of $54.5 million, or 7 cents per share [narrower than anticipated] from continuing operations.

Year to date through nine months, revenue totaled $944.8 million, off 7% from 2024, with international contributions soaring 63% to $121.8 million. Cash from operations hit $104 million, and free cash flow reached $56.8 million. Balance sheet strength persisted, with $107.5 million in cash against $543.7 million in net debt.

On the ground, Curaleaf added dispensaries in Ohio, Florida, and Maine, lifting its U.S. footprint to 158 stores. Product launches included Anthem Bold Infused Pre-Rolls across four states, and the firm secured 100% control of its European arm via a minority stake buyout. Curaleaf International rolled out the QMID, a certified liquid inhaler, in the U.K. and Germany.

After quarter’s end, it boosted its credit facility to $100 million with Needham Bank and wrapped up Tryke acquisition payments. Moreover, Curaleaf burst into the S&P/TSX Composite Index – a hard-won badge of credibility that spotlights its Toronto-listed shares to a wider pool of institutional buyers.

Chairman and Chief Executive Boris Jordan credited the “Return to Our Roots” initiative, a year in the making, with steadying operations:

“These actions have positioned our domestic business for renewed growth while supporting rapid international expansion,” he noted. “I’m encouraged to report that we’re seeing positive momentum across the organization, despite ongoing macro pressures.”

Generally, Curaleaf’s financials highlight a pragmatic shift: leveraging abroad to weather U.S. pricing woes and regulatory uncertainty. With debt paydowns advancing and liquidity intact, the focus now turns to whether domestic stabilization can accelerate; especially if federal reforms materialize to ease wholesale bottlenecks. Investors may eye [hopefully] upcoming U.S. policy shifts for catalysts that could unlock fuller potential.