Jushi Q1 2026 Earnings: Revenue And Margins Improve, But Net Loss Widens

Jushi Holdings reported higher first-quarter 2026 revenue and improved operational profitability as wholesale growth and retail expansion supported margin expansion. However, the company still posted a sizable net loss amid high interest expense and refinancing-related costs.

Key Financial Metrics

Revenue

• Revenue: $66.4 million
• Growth: +4% YoY

Growth was driven by:

• stronger wholesale distribution
• increased production volumes
• Ohio retail expansion
• continued strength in Virginia.

Gross Profit & Margins

• Gross profit: $29.9 million
• Gross margin: 45.0%
• Prior-year gross margin: 40.4%

The 460-basis-point margin expansion reflected:

• operational improvements
• higher production efficiency
• stronger grower-processor performance
• increased branded product penetration.

Net Income / Net Loss

• Net loss: $19.8 million
• Prior-year net loss: $17.0 million

Despite operational improvements, bottom-line losses widened due to:

• high interest expense
• refinancing-related charges
• income tax expense.

Adjusted EBITDA

• Adjusted EBITDA: $11.4 million
• Adjusted EBITDA margin: 17.2%
• Prior-year adjusted EBITDA: $9.8 million

Adjusted EBITDA improved as operational efficiency and production volumes increased across several markets.

Operating Cash Flow

• Operating cash flow: +$8.6 million
• Prior-year operating cash flow: +$7.5 million

Positive operating cash flow remained one of the stronger aspects of the quarter, supported by improved operating performance.

Balance Sheet & Liquidity

• Cash and restricted cash: $42.3 million
• Total debt: $222.1 million
• Total liabilities: $569.9 million
• Accumulated deficit: $647.1 million

During the quarter, Jushi completed a refinancing transaction that extended maturities and increased liquidity flexibility, though leverage remains elevated.

Operational Highlights

Jushi highlighted:

• New dispensary openings in Ohio
• Wholesale expansion in Massachusetts
• Increased production capacity
• Growing penetration of Jushi-branded products.

Branded products represented:

• 58% of retail revenue
• Up from 56% in the prior-year period.

Schedule III Impact

Management also pointed to the recent federal rescheduling of state-licensed medical marijuana to Schedule III as a potential long-term tailwind.

Medical cannabis represented approximately:

• 60% of total company revenue in 2025

The company expects the removal of 280E tax burdens on medical operations to positively impact future tax expenses.

Investor Takeaway

Jushi’s quarter showed:

• Improving operational performance
• Stronger margins
• Positive operating cash flow
• Growing branded product penetration.

However, investors will likely continue watching:

• Persistent net losses
• Elevated debt levels
• Refinancing costs
• Ongoing pricing pressure across cannabis markets.