Jushi Holdings Inc. reported its financial results for the three and nine months ended September 30, 2024, reflecting a mixed performance amid challenging market conditions. For the third quarter, the company generated revenue of $61.6 million, a decrease of 6% from $65.4 million in the same period of 2023. For the nine-month period, revenue totaled $191.7 million, down 5% from $201.7 million year-over-year. The decline in retail revenue was attributed to decreased sales across several states, particularly in Illinois, Pennsylvania, and Nevada, although growth was noted in Virginia and Ohio due to new store openings and market transitions.

Despite the revenue decline, Jushi's gross profit for the third quarter was $28.0 million, slightly down from $28.5 million, with a gross profit margin increase to 45% from 44%. For the nine months, gross profit rose to $92.9 million, up 4% from $89.0 million, driven by operational efficiencies. Operating expenses increased by 8% in the third quarter, totaling $27.8 million, while for the nine months, they decreased by 6% to $80.2 million.

The company reported a net loss of $16.0 million for the third quarter, an improvement from a loss of $20.6 million in the prior year, and a net loss of $36.3 million for the nine months, down from $47.1 million. Loss per share for the third quarter improved to $(0.08) from $(0.11) in 2023. Adjusted EBITDA for the third quarter increased by 7% to $10.3 million, while for the nine months, it rose by 28% to $38.2 million, attributed to improved operational efficiencies and reduced payroll costs.

As of September 30, 2024, Jushi's total assets were $442.3 million, down from $463.4 million at the end of 2023. Total liabilities increased to $481.0 million, primarily due to a rise in non-current debt, which reached $183.7 million. The company reported a total shareholders' deficit of $(38.7) million, compared to $(6.2) million at the end of 2023.

Strategically, Jushi has been active in asset management, including the sale of a grower processor facility in Nevada and a previously written-off business license in California, contributing to operational gains. The company also secured $48.5 million in term loans in July 2024, which were used to repay existing debt, and issued warrants to key stakeholders as part of the financing arrangement. Additionally, Jushi announced the appointment of Jon Barack as Chief Revenue Officer, effective November 5, 2024, to enhance its commercial strategy.

Overall, Jushi Holdings Inc. continues to navigate a competitive landscape while focusing on operational improvements and strategic growth initiatives.