Curaleaf sees Q4 revenue $330M vs. $327.8M last year

Q4 net revenue excluding the discontinued businesses is expected to be at least $330M, implying approximately 4% sequential growth compared to Q3 2025 net revenue of $317.8M, above the previous guidance range of low single digit growth. Q4 net revenue is expected to grow approximately 1% compared to Q4 2024 net revenue of $327.8M. Q4 adjusted gross profit margin excluding the discontinued businesses is expected to be approximately 48.5%. Comparable adjusted gross profit margin for Q4 2024 was 48.5%. Full year 2025 adjusted gross margin is expected to be approximately 50%. “Our preliminary Q4 results demonstrate that the ‘Return to Our Roots’ strategy has delivered clear impact, with solid revenue growth and sustained strong margins. We have also made the strategic decision to wind down our hemp business due to new federal regulations prohibiting hemp-derived THC products containing THC above 0.3%, and exit Missouri as a sub-scale presence in the state did not justify continued investment,” said Boris Jordan, Chairman and CEO of Curaleaf (CURLF). “Having completed this reset initiative at the end of Q4, we’re closing the year on a high note with a solid foundation in place to drive renewed momentum and performance in 2026. As we build on this progress, we remain focused on maintaining a robust balance sheet while completing the refinancing of our senior secured notes due December 2026, guided by our comprehensive capital allocation and liquidity strategy.”