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Jushi Holdings Inc. (OTCQX:JUSHF) (CSE:JUSH) released its financial results for the second quarter ended June 30, 2023, revealing revenue of $66.4 million, a decrease of 8.7% compared to $72.8 million in Q2 2022.
Q2 2023 Financial Highlights
Gross profit was $30.6 million compared to $26.7 million in Q2 2022, an increase of $3.9 million or 14.6% year-over-year.
Gross profit margin was 46.0%, compared to 36.7% in Q2 2022 and 42.9% in Q1 2023.
Net loss of $14.0 million, compared to net income of $12.1 million in Q2 2022 and net loss of $12.4 million in Q1 2023
Adjusted EBITDA in Q2 2023 was $12.6 million compared to $500,000 in Q2 2022 and $7.6 million in Q1 2023, representing an improvement of $12.1 million year-over-year and $5.0 million quarter-over-quarter.
As of June 30, 2023, the company had approximately $32.1 million of cash, cash equivalents and restricted cash, and approximately $229.4 million in principal amount of total debt, excluding leases and property, plant, and equipment financing obligations
“I am pleased to report the continued improvement in our profitability as we aggressively execute our cost savings and optimization initiatives across our national footprint, driving a meaningful reduction in operating expenses year-over-year,” stated Jim Cacioppo, CEO, chairman, and founder of Jushi. “The significant enhancements we have made in our grower-processor facilities in Pennsylvania and Virginia have enabled us to operate more efficiently on a larger scale with increased capacity, resulting in expanded margins and wholesale revenue growth. Additionally, we have seen meaningful product quality improvements across our portfolio of brands. Jushi-branded product sell-through has remained steady across our vertical markets, representing nearly half of total retail sales. Sales are expected to increase with the Woodbridge, Virginia store opening and two Pennsylvania stores reopening as well as the launch of new, competitive, higher margin products, such as the anticipated introduction of our Hijinks brand in multiple states in the second half of the year.”
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