Trulieve Reports Second Quarter 2024 Results Exceeding Quarterly Guidance
- Second quarter performance of $303 million in revenue, up 2% sequentially and 8% year over year, and 60% gross margin
- Launched Adult Use Sales in Ohio today at three locations
- Major milestones include opening of 200th retail location and 8-year anniversary of first sale
TALLAHASSEE, Fla., Aug. 6, 2024 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended June 30, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q2 2024 Financial and Operational Highlights*
- Revenue of $303 million increased 2% sequentially and 8% year over year, with 95% of revenue from retail sales. Strong second quarter sales were driven by higher retail traffic and increased wholesale revenue.
- Achieved gross margin of 60%, with GAAP gross profit of $182 million.
Reported net loss of $12 million, an improvement of 48% sequentially. Adjusted net income of $0.2 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations. - Achieved EBITDA of $88 million*, or 29% of revenue and adjusted EBITDA of $107 million*, or 35% of revenue, up 1% sequentially and 36% year over year.
- Generated cash flow from operations of $71 million and free cash flow of $45 million*.
- Cash at quarter end was $356 million, inclusive of an additional $2.0 million in tax refunds received during the second quarter, from amended returns, related to our tax challenge of 280E.
- Opened three new dispensaries in Brooksville, North Palm Beach, and Stuart, Florida.
- Acquired two dispensaries in Beavercreek and Columbus, Ohio.
- Ended the quarter with 32% of retail locations outside of the state of Florida.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Launched adult use sales today in Ohio at three locations: Beavercreek, Columbus, and Westerville.
- Rolled out #YesOn3 product line to support Smart and Safe Florida adult use campaign.
- Opened six new retail locations in Gulf Breeze, Homosassa, Madison, Ocala, and Panama City, Florida, and Wilkes-Barre, Pennsylvania.
- Currently operate 206 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“Today marks another milestone, as Trulieve completed our first recreational sale in the state of Ohio with the successful conversion of our three locations to adult use. Second quarter results demonstrated strength in our core business with our third consecutive quarter of revenue growth and margin expansion,” said Kim Rivers, Trulieve CEO. “All of the effort and investment over the past two years to set a solid foundation for long term success is paying dividends. Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts.”
