Jushi Holdings Inc. JUSH JUSHF reported its financial results for the third quarter of 2023 late Tuesday. Jim Cacioppo, Jushi’s CEO, chairman, and founder emphasized the company’s commitment to disciplined cost management and efficiency, leading to the success of Jushi-branded product sales, which contributed to over half of the retail revenue. Additionally, he highlighted the positive customer response to newly launched SKUs, indicating growing competitiveness and market resonance.
Financial Performance
- In Q3 2023, Jushi reported a total revenue of $65.4 million, representing a significant growth. The company’s gross profit margin remained stable at 43.6%, demonstrating resilience and sustained growth in Jushi-branded product sales.
- Jushi achieved a notable improvement in its net loss, reducing it by 62.3% year-over-year to $20.6 million.
- The company also reported a robust adjusted EBITDA of $9.7 million, indicating a substantial year-over-year growth of $9.1 million, with an adjusted EBITDA margin of 14.9%.
Operational Highlights: New SKUs
The successful launch of new premium brands like Hijinks in Pennsylvania and Massachusetts, combined with Jushi’s strategic expansion, product diversification, and introduction of 10 new SKUs, collectively contributed to the company’s growth and strengthened its market presence.
Price Action
At the time of writing, Jushi’s shares were trading 0.76% higher at $0.87 per share.
Photo by Matthew Sichkaruk on Unsplash.
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