Trulieve Reports Fourth Quarter and Full Year 2024 Results Highlighting Margins and Cash Flow
- Fourth quarter revenue of $301 million, up 5% year over year, exceeding guidance
- Gross margin of 62%, compared to 54% during the fourth quarter of 2023
- Record 2024 cash flow from operations of $271 million and free cash flow of $150 million*
TALLAHASSEE, Fla., Feb. 27, 2025 /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 fourth quarter and full year ended December 31, 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.
2024 Full Year Financial and Operational Highlights*
- Revenue of $1.2 billion increased 5% year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 60%, with GAAP gross profit of $716 million.
- Reported net loss attributable to common shareholders of $155 million. Adjusted net loss of $19 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved record adjusted EBITDA of $420 million*, or 35% of revenue, up $98 million or 30% from 2023.
- Generated record cash flow from operations of $271 million and free cash flow of $150 million*.
- Cash and short term investments at year end totaled $300 million.
- Launched adult-use sales at three Ohio locations: Beavercreek, Columbus, and Westerville.
- Added 33 dispensaries in 2024, increasing retail footprint to 225 retail locations nationwide at year end.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2024 Financial and Operational Highlights*
- Revenue of $301 million increased 5% year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 62%, with GAAP gross profit of $187 million.
- Reported net loss attributable to common shareholders of $60 million. Adjusted net income of $3 million* excludes $55 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $111 million*, or 37% of revenue, up 27% year over year.
- Generated cash flow from operations of $31 million and free cash flow of $(12) million*, both of which were impacted by $55 million in campaign support.
- Opened 10 new dispensaries in Florida and Georgia.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Appointed Jason Pernell as President of Trulieve. Mr. Pernell has over two decades of experience as an entrepreneur and cannabis operator, co-founding Trulieve alongside Chairman and Chief Executive Officer Kim Rivers in 2015.
- Launched Onward, a premium, non-alcoholic THC beverage available for purchase by consumers 21 years and older at DrinkOnward.com for shipment to 36 states. Carefully crafted with a focus on taste, consistency, and quality, Onward beverages come in a variety of delicious flavors including Blueberry Mojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt Margarita with product doses at 3 mg, 5 mg, and 10 mg.
- Opened five new retail locations in Maricopa, Arizona; Middleburg and Palm Coast, Florida; and Columbus and Zanesville, Ohio. Relocated one store to Lancaster, Pennsylvania.
- Currently operate 229 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“The team set the bar for operational excellence, delivering industry leading margins and record cash flow,” said Kim Rivers, Trulieve CEO. “With our scaled operations, financial strength, and loyal customer base, Trulieve stands out as an industry leader with a differentiated strategy.”
