Company: JUSHF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023749
Chunk: 66

Company: Jushi Holdings Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 66
---
 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 March 31, 2025 and 2024, was $9,827 and $13,349, respectively, a decrease of $3,522 or 26%. The decrease in Adjusted EBITDA was primarily due to overall lower sales and margin,  which was partially offset by payments received from the IRS in relation to employee retention credit claims.

26

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 March 31,20252024NET LOSS$(17,015)$(18,355)Income tax expense 8,978 9,747 Interest expense, net10,000 9,544 Depreciation and amortization (1)8,035 6,836 EBITDA (Non-GAAP)9,998 7,772 Non-cash share-based compensation(307)1,524 Fair value changes in derivatives(637)5,100 Other (income) expense, net (2)773 (648)Gain on debt extinguishment— (399)Adjusted EBITDA (Non-GAAP)$9,827 $