Company: JUSHF
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048797
Chunk: 5

Company: Jushi Holdings Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 5
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)(31)%Other expenses (1)3,848 3,438 410 12 %Total operating expenses$28,326 $27,819 $507 2 %

(1)     Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and licensing fees, software and technology costs, travel, entertainment and other.

The increase is primarily driven by higher depreciation and amortization expense resulting from higher operating expenses relating to new dispensary openings and manufacturing facility build-outs, as well as an increase in professional and legal fees. These increases were partially offset by lower share-based compensation expense which reflects higher forfeitures as well as lower value of share-based compensation granted. 

Other Income (Expense)

Interest Expense, Net

Interest expense, net was $10,267 compared to $9,382, an increase of $885, or 9%. The increase in interest expense, net is primarily due to the $48,500 in secured term loans (the “Term Loans”) which were issued in July 2024, which was partially offset by the decrease in interest expense from the repayment of the Company’s previous secured credit facility (the “Acquisition Facility”) in July 2024.

Fair Value gain (loss) on Derivatives

Fair value loss on derivatives was $6,325, compared to a gain of $2,628. Fair value gain (loss) on derivatives include the fair value changes relating to the derivative warrants. The derivative warrants are required to be remeasured at fair value at each reporting period. The fair value changes in derivatives were primarily attributable to the movement in our stock price during the corresponding period. 

Other, Net

Other, net was an expense of $606, compared to $477, a change of $129. 

Income Tax Expense

Total income tax expense was $8,829 compared to $8,965 in the prior year, a decrease of $136 or 2%. 

27

Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024

(Amounts expressed in thousands of U.S. dollars, unless otherwise stated)

Revenue, Net

The following table presents revenue by type for the periods indicated:

Nine Months Ended September 30,20252024$ Change% ChangeRetail$175,058 $169,802 $5,256 3 %Wholesale19,513 21,863 (2,350)(11)%Total revenue, net