TCNNF · Trulieve Cannabis Corp.

Trulieve's first quarter 2026 results reflect a return to profitability, with net income of $2 million compared to a net loss of $33 million in the same quarter last year. Revenue declined 4% year-over-year to $287 million, primarily due to lower retail sales, but gross margin remained robust at 59%, supported by a favorable product mix and cost controls. Operating expenses decreased 10% year-over-year to $134 million, driven by lower selling, general, and administrative costs. Adjusted EBITDA of $100 million represented a 35% margin, slightly down from 37% a year ago. The company generated $56 million in operating cash flow and $42 million in free cash flow, ending the quarter with $353 million in cash. Management highlighted the positive impact of the rescheduling of medical marijuana to Schedule III, which enabled the company to file DEA registration applications for 206 retail locations. Looking ahead, Trulieve expects second quarter revenue to be up low single-digits sequentially and targets 2026 cash flow from operations of at least $250 million with capital expenditures up to $85 million. The company also closed a $60 million private placement of senior secured notes due 2030 at a 10.5% interest rate, strengthening its balance sheet.