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.
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Verano Announces Fourth Quarter and Full Year 2025 Financial Results
The company delivered sequential revenue and margin improvement within guidance in the fourth quarter; closes 2025 with the top three market share positions1 in all competing categories
The newly announced $195 million credit facility demonstrates the Company’s ability to access lower cost capital and secure some of the industry’s most favorable terms, including maturity and prepayment flexibility and an initial interest rate of 9.5% per annum.
CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).
Financial highlights for the fourth quarter and full year of 2025
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AWH Announces Fourth Quarter and Full Year 2025 Results
Q4 2025 and Q4 2025 revenue were $120.5 million and $500.6 million
Expanded adjusted EBITDA margin1 to 25.1% in 2025. in the fourth quarter and 23.4% in 2025. for the financial year.
Maintained strong liquidity with $85.7 million in cash and no significant short-term debt
The retail footprint grows to 48 locations as consolidation continues
NEW YORK, March 12, 2026. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH-U.CN) (OTCQX: AAWH), a multinational, vertically integrated cannabis operator, today reported its financial results for the quarter and year ended December 31, 2025. Financial results are presented in US dollars in all currencies and under GAAP.
Q4 & FY 2025 Business Highlights
Implemented a consolidation strategy throughout 2025, opening eight new dispensaries, expanding market presence and expanding retail footprint to 48 locations to date, including partner-owned and operated locations.
Ascend opened its first social capital partner store in Little Falls, New Jersey with Mister Jones, LLC in Q4 2025. The company has also been approved by the New Jersey Cannabis Regulatory Commission for a second Social Capital partner store, which will be located in Eatontown, New Jersey and is expected to begin operations in April 2026.
During the first quarter of 2026 (“Q1 2026”), AWH opened its sixth store in Ohio and an additional partner owned and operated in Illinois. In addition, the Company closed an unsuccessful store in Ann Arbor, Michigan.
The retail development pipeline includes 12 new sites, bringing the total number of Company-owned and partner-owned and -operated dispensaries to 60, pending regulatory approvals.
Developed and launched a record 566 SKUs in fiscal year 2025, including 146 in Q4 2025, exceeding the initial goal of 550 SKUs for the year, including;
Debut of two new brands: High Wired infused flower and Honor Roll high quality prenglers made with 100% flower.
Expanding formats, flavors and formulations across nearly all product lines, including Effin’ effects-based gummies and vapors, High Wired sugar caps and Simply Herb single-use vapors, with multiple new launches ranked among AWH’s best-selling SKUs for Q4 2025.
Ultra Limited Ozone King Edition of Ozone Liquid Diamonds and Queen Cola.
Quarter after quarter, in Q1 2026, AWH unveiled an extensive brand and quality transformation of its flagship lifestyle brand Ozone, featuring an updated visual identity, elevated product standards, innovative packaging and enhanced consumer engagement. The relaunch has begun in Illinois, Massachusetts, and New Jersey, with other major markets to follow in the coming quarters. The evolution of Ozone will see the launch of a number of new products, including the brand’s first full-spectrum gum, as well as new macrodose gum and additional flower and vapor offerings.
Retained a position among the top three brand houses by both sales and units in Illinois, Massachusetts and New Jersey3 combined through fiscal year 2025, reinforcing market leadership with an expanded portfolio of products and brands. Delivering a fully integrated e-commerce ecosystem that combines a redesigned shopping platform and app with AI-driven personalization, Ascend Pay payment functionality and an enhanced loyalty program, marking a major milestone in AWH’s customer-first strategy.
Sales through Ascend Pay increased 49.4% from the third quarter of 2025 (“Q3 2025”) to the fourth quarter of 2025, driven by a 51.5% increase in transactions and a 57.8% increase in units sold at retail locations owned and operated by Ascend and partners.
In the fourth quarter of 2025, total membership of the Ascenders Club loyalty program increased by 56%, and active members increased by 23.7% sequentially. Loyalty members accounted for 88% of retail transactions, up 16% at Ascend retail locations.
Strengthened capital structure by fully repaying the Company’s $60.0 million term loan through a $50.0 million private placement of 12.75% Senior Secured Notes4 due 2029 and $10.0 million in cash, completing its broader refinancing initiative in three quarters and with $9 million in secured assets in the 2025 quarter. competitive 8.5% interest rate maturing in September 2030 to support disciplined growth and retail expansion.
A common course issuer bid (“NCIB”) share buyback program (“Buyback Program”) has been successfully completed.
The Company has repurchased and retired approximately 15.8 million shares at an average price of $0.32 per share5 beginning in the fourth quarter of 2024, when the Purchase Program was initiated.
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Cresco Labs Delivers Q3 2025 Revenue of $162M and Sequential Margin Improvement
CHICAGO – (BUSINESS WIRE) – Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), an industry leader in branded cannabis products with a portfolio of America’s most popular brands and operator of Sunnyside dispensaries, today announced its financial and operating results for the 2nd quarter ended December 31 and year-end. In accordance with U.S. GAAP and in U.S. dollars unless otherwise noted, and is available on the Company’s investor website here.
Highlights of FY2025
Revenue: $656 million. Operating cash flow of $73 million and free cash flow¹ of $38 million.
Gross profit: $325 million. Adjusted gross profit¹ $329 million; and an adjusted gross margin of 50.2%¹.
SG&A $218 million. Adjusted SG&A¹ decreased 5.7% year-over-year to $200 million, or 30.4%.
A net loss of $140 million, which included one-time, non-cash charges of $105 million related to the Company’s intangible assets and goodwill impairment related to the impairment of the New York reporting unit and fair value adjustments to the California reporting unit related to the sale of Sonoma’s Finest.
Adjusted EBITDA¹ of $157 million and Adjusted EBITDA margin¹ of 24.0%.
It maintained the #1 equity position in multi-billion dollar markets throughout the year.²
$83 million gross profit. Adjusted gross profit¹ $84 million; and adjusted gross margin¹ of 52.2%.
SG&A of $57 million or 35.3% of revenue.
A net loss of $89 million, which included a one-time, non-cash charge of $93 million related to the write-off of the New York reporting unit.
Fourth quarter adjusted EBITDA¹ of $40 million and adjusted EBITDA margin¹ of 25.0%.
Maintained #1 stock position in multi-billion dollar markets
Management Commentary
“In the fourth quarter, we strengthened our financial foundation, expanding margins and generating significant cash flow. We delivered $162 million in revenue, $40 million in adjusted EBITDA and $27 million in operating cash flow, with consistent improvements in multiple profitability metrics. Our focused strategy continues to enhance our competitive position.”
“The cannabis industry is consolidating in real time, and Cresco Labs is operating from a strong position. we continue to show that we win where we operate. We are intentionally building an efficient money-generating platform by balancing organic expansion with selective, active acquisitions while maintaining a strong balance sheet. With leading brand name brand stock, distinctive retail stock. it is positioned to capitalize on industry consolidation and federal reform to create long-term shareholder value.”
¹See “Non-GAAP Financial Measures” at the end of this press release for additional information on the Company’s use of non-GAAP financial measures. ²According to Hoodie Analytics.
Balance sheet, liquidity and other financial information
As of December 31, 2025, current assets were $259 million, including cash, cash equivalents and $91 million of restricted cash. An additional $3 million of restricted cash was classified as a non-current asset. The Company had $311 million of secured term loan debt net of discount and issuance costs and $19 million of mortgage loan debt net of discount and issuance costs. Total shares outstanding on a fully converted basis were 491,585,556 subordinate voting shares as of December 31, 2025.
Conference call and webcast
The Company will hold a conference call and webcast to discuss its financial results on Thursday, March 5, 2026 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The conference call can be accessed via webcast or by dialing 1-833-470-1428 (US toll-free) or 1-646-844-6383 (US local) and providing access code 152399. Archived access to the webcast will be available for one year on Cresco Labs’ investor website here.
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