Revenue Growth
Total Q1 2026 revenue of $324 million, up 6% year-over-year and above guidance; company expects Q2 revenue to rise 2%–3% sequentially (~$333M at midpoint).
International Outperformance
Curaleaf International revenue grew 35% year-over-year, outpacing domestic growth and beating internal plans; management cites momentum in Germany and the U.K.
Profitability Turnaround
Net income from continuing operations of $70 million, or $0.09 per share, versus a net loss of $50 million (−$0.09) in the year-ago period, reflecting a material swing to profitability.
Strong Adjusted EBITDA and Gross Margin
Adjusted EBITDA of $63 million representing a 20% margin; gross profit of $157 million and a 49% gross margin for the quarter.
Wholesale and Retail Execution
Domestic wholesale grew 19% year-over-year; Florida retail transaction count increased ~15% year-over-year following product and assortment changes, offsetting price compression in that market.
Balance Sheet and Financing Improvements
Ended quarter with $106 million cash; reduced acquisition-related debt by $9 million; refinanced a $475M senior secured note with an oversubscribed $500M three-year facility, signaling investor demand.
Strategic International Consolidation
Completed buyout of remaining 45% minority interest in German subsidiary Four 20 Pharma, bringing Curaleaf International to 100% ownership; implied Curaleaf International value ~ $1 billion based on a comparable transaction.
Regulatory Tailwinds — Rescheduling
Federal rescheduling of medical cannabis from Schedule I to Schedule III announced; potential material benefits include retroactive 280E tax relief (60% of business is medical), ability to apply for DEA licenses (company filed applications), expanded research, and improved banking/credit access.
Operational and Product Initiatives
Launched BRIC 2 and Dark Heart (ultra-premium flower) and began rolling Built for Growth playbook across markets (customer centricity, operational excellence, brand building), helping stabilize pricing and drive units/traffic.
Audit and Governance Upgrade
Transitioned independent audit partner to BDO to strengthen transparency and oversight ahead of potential U.S. exchange uplisting.