Filing Flows › Trulieve Cannabis (TRLV) › Q1 2025
Trulieve Cannabis (TRLV) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Trulieve Cannabis (TRLV) reported revenue of $298M for the first quarter 2025 (Q1 2025), 0% from a year earlier and -1% from the quarter before. Operating margin was 11.2%, net loss $33.8M (11.3% of revenue).
Trulieve Cannabis, Q1 2025: revenue $298M (0% year over year), operating margin 11.2%, net loss $33.8M, operating cash flow $51.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $298M | -1% | 0% |
| Operating profit | $33.3M | — | — |
| Net earnings | −$33.8M | — | — |
| Operating cash flow | $51.1M | +67% | -63% |
| Free cash flow | $34.2M | — | -72% |
What changed
Revenue was $297.8M in Q1 2025, roughly flat year over year and down 1% from the previous quarter. Retail was the largest line at 95% of revenue. Wholesale and other added $3.2M year over year (up 25%), 2243% of the total change. Retail declined 1%.
Gross margin was 61.5%, up 3.1 points from a year earlier. Operating profit was $33.3M, a 11.2% margin (down 4.3 points year over year). Operating profit fell $12.8M even though revenue rose $141K versus a year earlier, so costs grew faster than sales. Operating expenses grew 17% against flat revenue. The fastest-growing cost line was Other operating costs (+18%). The quarter ended with a net loss of $33.8M, narrower than the previous quarter's $61.6M loss. Minority interests bore $889K of it: to shareholders the quarter was a loss of $32.9M.
Operating cash flow was $51.1M (down 63% year over year). Non-cash charges added back $29.3M of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items added $51.6M. After payments for property and equipment ($16.9M), free cash flow as the company reports it was $34.2M.
Questions
What was Trulieve Cannabis' revenue in the first quarter 2025?
Trulieve Cannabis (TRLV) reported revenue of $298M for the first quarter 2025 (Q1 2025), 0% from a year earlier and -1% from the quarter before.
Was Trulieve Cannabis profitable in the first quarter 2025?
Operating profit was $33.3M (11.2% of revenue) and net loss $33.8M.
Source: Trulieve Cannabis 10-Q on SEC EDGAR.