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Jushi Holdings Inc. - Class B (Sub Voting) (JUSHF-2.39%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $257.5 million, a decrease from $269.4 million in the previous year. The decline is attributed to competitive pricing pressures and decreased sales in several states.
Cost of goods sold amounted to $139.2 million, resulting in a gross profit of $118.3 million. The gross profit margin increased to 46% from 43% in the prior year.
Operating expenses totaled $107.4 million, down from $119.0 million the previous year. This decrease was primarily due to lower impairment charges and reduced share-based compensation expenses.
The company reported a net loss of $48.8 million, compared to a net loss of $65.1 million in the previous year. The improvement was driven by operating efficiencies and lower operating expenses.
Interest expense, net, was $37.4 million, a slight increase from $37.0 million in the prior year.
Jushi Holdings Inc. reported an income tax expense of $31.6 million, consistent with the previous year's expense.
Cash provided by operating activities was $21.6 million, compared to cash used in operating activities of $3.3 million in the prior year.
Net cash used in investing activities was $7.1 million, primarily for property, plant, and equipment and acquisition-related payments.
Net cash used in financing activities was $24.5 million, primarily due to repayments of debt and finance lease obligations.
The company had cash and cash equivalents of $19.5 million as of December 31, 2024. Jushi Holdings Inc. believes its existing cash and cash equivalents and cash from operations will be sufficient to meet its working capital and capital expenditure needs for at least the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jushi Holdings Inc. - Class B (Sub Voting) annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.