Company: JUSHF
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048797
Chunk: 80

Company: Jushi Holdings Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 8
Chunk 80
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 usefulness. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA 

EBITDA and Adjusted EBITDA are financial measures that are not defined under GAAP. We define EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before: (i) non-cash share-based compensation expense; (ii) inventory-related adjustments; (iii) fair value changes in derivatives; (iv) other (income)/expense items; (v) transaction costs; (vi) asset impairment; and (vii) gain/loss on debt extinguishment. These financial measures are metrics that have been adjusted from the GAAP net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. Other companies in our industry may calculate this measure differently, limiting their usefulness as comparative measures.

Reconciliation of EBITDA and Adjusted EBITDA (Non- GAAP Measures)

Adjusted EBITDA for the three months ended September 30, 2025 and 2024, was $12,793 and $10,345, respectively, an increase of $2,448 or 24%. The increase was due primarily to higher margin resulting from stronger performance at our grower processor facilities, and new dispensary openings.

Adjusted EBITDA for the nine months ended September 30, 2025 and 2024, was $36,335 and $38,172, respectively, a decrease of $1,837 or 5%. The decrease was primarily due to overall lower margin, which was partially offset by payments received from the IRS in relation to employee retention credit claims.

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The table below reconciles net loss to EBITDA and Adjusted EBITDA for the periods indicated. 

(Amounts expressed in thousands of U.S. dollars)

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024NET LOSS$(23,689)$(16,016)$(53,035)$(36,309)Income tax expense 8,829 8,965 27,735 28,041