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Jushi Holdings Inc. (OTCQX:JUSHF) (CSE:JUSH) released its unaudited preliminary financial results for the Q4 2022 and full year ended December 31, 2022, revealing total revenue of $284.3 million in FY 2022, an increase of 35.8% year-over-year.
Q4 2022 Financial Highlights
Total revenue of $76.8 million, an increase of 16.6% year-over-year and 5.5% sequentially
Gross profit of $22.0 million, an increase of 11.4% year-over-year
Net loss of $139.9 million
Adjusted EBITDA of $6.0 million
Reduced inventory by $7.0 million versus the prior quarter
Cash, cash equivalents and restricted cash were $27.1 million
FY 2022 Financial Highlights
Total revenue of $284.3 million, an increase of 35.8% year-over-year
Gross profit of $95.5 million, an increase of 14.5% year-over-year
Net loss of $202.3 million
Adjusted EBITDA of $7.1 million
“Given the challenging macroeconomic backdrop our industry is operating under, I am pleased to report solid annual and quarterly top-line growth,” stated Jim Cacioppo, CEO, chairman and founder of Jushi. “Jushi experienced many bright spots over the course of the year, including rapidly growing our retail network across six markets and diversifying our house of brands and product suite. In addition, we made meaningful progress on the completion of our expansion projects in Pennsylvania and Virginia, were awarded a retail dispensary license establishing our fifth vertically integrated state operation in Ohio, brought on a record number of new Jushi active patients in Virginia’s budding medical market, and scaled our presence in the expanding Nevada market. In 2023, we will continue our focused efforts to realize the full value of the asset base we have built and maximize the return on investment for our shareholders.”
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