Curaleaf Q1 Revenue Falls 9%

Curaleaf Reports First Quarter 2025 Results

First quarter 2025 total revenue of $310 million
First quarter 2025 International revenue of $35 million
First quarter 2025 adjusted gross margin(1) of 50%
First quarter 2025 operating cash flow from continuing operations of $42 million and free cash flow from continuing operations of $26 million

STAMFORD, Conn., May 8, 2025 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the first quarter ended March 31, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars, unless otherwise indicated.

Boris Jordan, Chairman and CEO of Curaleaf, stated, “First quarter revenue was $310 million, with an adjusted gross profit of $155 million, resulting in a 50% adjusted gross margin, an increase of 250 basis points compared to the prior year period. We ended Q1 with $122 million in cash, with operating and free cash flow from continuing operations of $42 million and $26 million, respectively. Additionally, we paid down $20 million in acquisition-related debt. International revenue grew by 74% year–over-year — marking the fourth consecutive quarter of 70% plus growth — and we are encouraged by prospects for new market openings that could materialize over the next year. I’m happy to report that we’ve completed much of the heavy lifting needed to reposition the business for long-term success, including streamlining operations, improving key manufacturing metrics, and sharpening our focus on flower quality. This was evident through several recent successful national product launches, including our hemp THC energy drink, Select FormulaX, our new innovation in the vape category, Select ACE, and the launch of our new pre-roll brand, Anthem. I remain positive that we’re positioning the business to remain resilient and agile in a dynamic environment.”

First Quarter 2025 Financial Highlights

Net Revenue of $310.0 million, a year-over-year decrease of 9% compared to Q1 2024 revenue of $338.9 million. Sequentially, net revenue decreased 6% compared to Q4 2024 revenue of $331.1 million.
Gross profit of $155.2 million and gross margin of 50%, an increase of 260 basis points year-over-year.
Adjusted gross profit(1) of $155.4 million and adjusted gross margin(1) of 50%, an increase of 250 basis points year-over-year.
Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $54.8 million or net loss per share from continuing operations of $0.07.
Adjusted EBITDA(1) of $65.2 million and adjusted EBITDA margin(1) of 21%, a 180 basis point decrease year-over-year.
Cash at quarter end totaled $121.9 million.

First Quarter 2025 Operational Highlights

Launched Reef, a high-quality flower brand in Florida
Relocated one store in Sedona, Arizona, ending the quarter with a total of 149 retail locations
Expanded Select Zero Proof Hemp Seltzer line with launch of 2.5mg dose option and new flavors
Began selling Select hemp-derived THC beverages to over 100 Total Wine stores across the U.S.
Launched Select FormulaX, a new line of hemp THC energy drinks with the added boost of caffeine

Post First Quarter 2025 Operational Highlights

Opened the Company’s 66th retail location in Florida in Winter Park, bringing the nationwide store count to 151 locations
Opened the first fully dedicated hemp retail storefront in West Palm Beach, Florida
Launched Anthem, our new pre-roll brand rooted in American innovation, in New York, New Jersey, Illinois, Massachusetts, Arizona, and Florida, with more states to come
Launched Select ACE utilizing an exclusive proprietary Aqueous Cannabis Extraction production method in New York, Massachusetts, and Florida

Original press release

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