Fourth Quarter Revenue Growth
Q4 revenue of $333 million, up 5% sequentially and 2% year-over-year, marking the company's strongest quarterly performance in six quarters.
Full-Year Revenue and Margins
Full-year 2025 revenue of $1.27 billion with adjusted gross margin of 50% and adjusted EBITDA of $275 million (22% of revenue).
International Revenue Surge
Curaleaf International Q4 revenue of $51 million (10% sequential growth and 65% year-over-year) and full-year international revenue of $172 million, up ~63% versus 2024; international business on a >$200 million annual run rate.
Margin Expansion Driven by Cultivation Productivity
Adjusted gross margin expanded to 49% in Q4 (up 20 basis points YoY) and to 50% for the full year (up 150 basis points YoY), driven by doubled yields, productivity gains in cultivation and higher average flower potency (31%, a company record).
Strong Cash Generation and Liquidity Management
Q4 operating cash flow from continuing operations of $42 million and free cash flow of $25 million. Full-year operating cash flow of $152 million and free cash flow of $89 million; cash balance of $102 million at year-end.
Brand and Product Momentum
Anthem pre-roll launches became a top 5 national pre-roll brand in four launch markets; Select maintained #1 vape share and Curaleaf captured #1 overall market share per Hoodie Analytics; launch of Briq 2.0 vape platform and Dark Heart premium expansion planned.
Wholesale Growth and Retail Expansion
Wholesale revenue increased 15% year-over-year to $91 million, representing 27% of total revenue. Company opened 9 new dispensaries in 2025 (5 Florida, 3 Ohio, 1 Maine).
Debt Refinancing and Strategic Financial Moves
Completed refinancing of prior senior secured notes with a new $500 million senior secured note (11.5% coupon) maturing Feb 18, 2029, extending maturities, reducing short-term refinancing risk, and demonstrating strong investor demand. Acquisition debt reduced by $57 million during the year.