Jushi Holdings Slashes Net Loss, Adds 300+ Weed Products And Refinances Facility Debt All In Q2 2024
Jushi Holdings Inc. (OTC: JUSHF) has announced its financial results for the second quarter ended June 30, 2024, showcasing significant operational improvements and strategic developments.
The company reported a net loss of $1.9 million, a considerable improvement from a $14.0 million loss in Q2 2023.
“Our second quarter performance underscores our efforts to strengthen our asset base while maintaining prudent cost-saving measures, ” stated Jim Cacioppo, CEO, chairman and founder of Jushi. “Our organization-wide operational improvement plan is yielding promising results, with gross margin reaching 50.4% and Adjusted EBITDA further improving to 22.4% of revenue for the quarter. These successes were driven by efficiencies achieved mainly at our Virginia grower-processor facility.”
Key Financial Indicators
Net Loss: Jushi’s net loss decreased to $1.9 million from $14.0 million in the same quarter the previous year.
Revenue: Total revenue stood at $64.6 million.
Gross Profit and Margin: Gross profit reached $32.6 million with a gross margin of 50.4%.
Adjusted EBITDA: Adjusted EBITDA was $14.5 million with a margin of 22.4%.
Cash Position: Cash and …