• Q4 2025 net income of $333 million
• Q4 2025 international revenue: $51 million;
• Q4 2025 Gross Margin 49%
• Full year operating and free cash flows from continuing operations
• $152 million and $89 million, respectively

STAMFORD, Conn., Feb. 26, 2026 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international supplier of consumer cannabis products, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2025. All financial information is presented in accordance with US generally accepted accounting principles” or “USGAAP” and “other USGAAP principles” are indicated.

Curaleaf President and CEO Boris Jordan said: “We closed 2025 with clear momentum, delivering fourth-quarter revenue of $333 million. Revenue increased 5% sequentially and 2% year-over-year, driven by a broad-based return to growth in nearly all of our domestic markets, despite our robust international $1 closed environment. Fourth-quarter revenue, representing 10% sequential growth and 65% year-over-year revenue growth, expanded to 49%, up 20 basis points year-over-year, as benefits from increased productivity at our growing facilities outweighed price compression.

For the year, revenue came in at $1.27 billion, with adjusted gross margin of 50% and adjusted EBITDA of $275 million, or 22% of revenue. We generated $152 million in operating cash flow and $89 million in free cash flow from continuing operations, while ending the year with $102 million in cash on the balance sheet. These results were achieved despite double-digit price compression for the third year in a row, highlighting the strength, discipline and flexibility of our operating model and the success of our Back to Our Roots programme.”

Mr. Jordan continued. “With our $500 million debt offering and Back to Our Roots plan now complete, we have re-founded our business and are transitioning from stabilization to acceleration with our Built for Growth strategy. Using the platform, we have enhanced: improved processing economy, more stringent commercial position, innovation discipline, to improve the brand. sustained organic growth augmented by opportunistic acquisitions”.

Financial highlights for the fourth quarter of 2025

Net income was $333.1 million, up 2% year over year from $327.9 million in Q4 2024. Subsequently, net income increased by 5% in 2025. compared to the third quarter: 317.9 million dollars.
Gross profit was $161.8 million and gross profit margin was 49%, up 60 basis points year-over-year.
Adjusted gross profit¹ of $161.9 million and adjusted gross profit margin¹ of 49%, up 20 basis points year over year
Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $49.3 million, or $0.06 per share from continuing operations.
Adjusted net loss¹ from continuing operations of $39.5 million or adjusted net loss¹ from continuing operations of $0.05 per share
Adjusted EBITDA¹ of $69.0 million and Adjusted EBITDA margin¹ of 20.7%, down 250 basis points year over year.
Cash at the end of the quarter was $101.6 million
Operating and free cash flows were $42 million and $25 million, respectively

Financial highlights for the full year 2025

Net income: $1,268.1 million
International revenue is $172.5 million, up 63 percent from 2024’s $105.6 million.
Gross profit $631.0 million and gross margin 50%
Adjusted gross profit¹ $632.5 million and adjusted gross profit margin¹ 50%
Operating cash flow from continuing operations of $152.0 million and free cash flow from continuing operations of $89.3 million.
Net loss from continuing operations was $201.9 million, or $0.26 per share.
Adjusted net loss¹ from continuing operations of $175.9 million, or adjusted net loss per share of $0.23 from continuing operations
Adjusted EBITDA¹ of $274.7 million and adjusted EBITDA margin of 21.7%

_{¹Adjusted EBITDA, adjusted net income (loss), adjusted gross profit and free cash flow are non-GAAP financial measures, and adjusted EBITDA margin, adjusted net income (loss) per share and adjusted gross profit margin are non-GAAP financial ratios, which in each case may not be used by US GAAP and other standards. See “Non-GAAP Financial Performance Measures” below for definitions and additional information regarding Curaleaf’s use of non-GAAP financial measures and non-GAAP financial ratios. See “Reconciliation of Non-GAAP Financial Measures” below for a reconciliation of each non-GAAP financial measure used in this press release to the most directly comparable US GAAP financial measure.}

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not automated in any way. Got a secret news tip? Get in touch.

You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.

friends,

While the US is getting a lot of attention from cannabis investors, the industry faces many challenges in America. It’s been more than 12 years since Colorado shops opened their doors to adults beyond medical patients, and since then many states have embraced medical cannabis and adult cannabis. Although legal cannabis has expanded significantly, it remains a state-regulated market, and each state differs greatly in terms of rules and regulations. Cannabis remains illegal federally, and the industry continues to struggle 280E tax.

Cannabis markets outside the US continue to grow. Canada revised its federal medical cannabis program in 2013, with the MMPR replacing the MMAR, and the current Access to Cannabis for Public Purposes Regulations (ACMPR) replaced the MMPR in 2016. Justin Trudeau, who was elected Prime Minister in late 2015, became the first agenda item to legalize cannabis. implement adult use legalization in 2018. The program has its challenges, but the industry has grown as it has matured. StatsCan will release December sales data tomorrow, and it looks like cannabis sales are up about 4% for 2025.

Other countries have developed their own medical cannabis, including Australia, Germany and Israel, with Germany legalizing it for adult use. The Netherlands is holding trials in coffee shops. Uruguay, a small country, began legalizing cannabis sales to adults in 2017, and Germany began a program in 2024 to legalize cannabis for adults, although sales are through social clubs. While this program has not directly created commercial opportunities, it has boosted the market for medical cannabis. Unlike Canada, where cannabis is sold by the provinces, in Germany cannabis is sold in traditional pharmacies. A significant amount of medical cannabis sold in Germany is imported from Canada. David Brown of StratCann suggested this six months ago Almost 50% of German hemp imports in Q2 came from Canada.

The Global Hemp Stock Index, last recalculated at year-end, has 7 Canadian LPs, and these NASDAQ-listed companies tend to be active in international markets. Most MSOs in the US operate exclusively there, but one, Curaleaf, has international operations. Curaleaf trades on the TSX in Canada, but it trades in the US. The company reported total revenue of $320 million in its third quarter, with international operations (Canada, Germany, Portugal, Spain and the UK) accounting for just 14.4%. Year-to-date, it has registered just 12.9% as it has grown while domestic revenues have declined.

Canadian LPs in the index are Aurora Cannabis, Canopy Growth, Cronos Group, Organigram, SNDL, Tilray Brands and Village Farms. SNDL, which is more of an alcohol than cannabis retailer, has no international cannabis sales. The remaining six are active and active. This week, Organigram announced the acquisition of the rest of the German cannabis company, and it was already active in other markets. Cronos Group has announced the acquisition of CanAdelaar, a deal that is expected to close soon and will give it access to the Netherlands. Canopy Growth is acquiring MTL Cannabis, and increased exports of medical cannabis was a benefit he pointed to.

In: warned about Canadian LPs here at the end of November and I am now more optimistic about this part of the cannabis market. At the time I had 5 of the 7 GCSI members on my Focus List at 420 Investor, but I added Aurora Cannabis when they reported their financial Q3 and fell. Here’s how all 7 have performed since the end of November.

My 420 Investor model portfolio includes a small position in Tilray Brands, a large position in Aurora Cannabis, and a very large position in Organigram. These three positions represent 31.9% of the portfolio, while the GCSI has 27.4% exposure.

The Canadian LP market has certainly been cheaper than it is now, but it seems cheap enough. Balance sheets have improved dramatically, and some of these large companies are trading below tangible book value. NASDAQ listings are superior to the OTC listings that MSOs have. The Canadian market may improve, although I don’t expect it to, and international expansion may continue to help federally legal Canadian LPs export more or expand to other countries. These international operations also involve risks. I see a big international opportunity for Canadian LPs, and investors don’t seem very excited at the moment.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Major cannabis companies are set to report Q4 financials

M&A:

Organigram Global to buy Sanity Group

Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El

On February 20, 2026 at 07:25 AM

Published by NCV Newswire