Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q1 2025 Earnings Presentation
18 slides from Trulieve Cannabis's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Investor Presentation
CSE: TRUL OTCQX: TCNNF First Quarter 2025 Investor Presentation May 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the meaning of the U.S. Pri
Slide 3: Management's Use of Non-GAAP Financial Measures
Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, EB
Slide 4: Agenda
Agenda • First Quarter 2025 Financial and Operational Highlights • Retail Highlights • Recent Developments • Tax Position • 2025 Focus Areas • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: First Quarter 2025 Financial and Operational Highlights
First Quarter 2025 Financial and Operational Highlights* • Revenue of $298 million, increased slightly year over year, with 95% of revenue from retail sales • GAAP gross profit of $183 million and 62% gross margin • Net loss attributable to common shareholders of $33 million • Adjusted net loss of $
Slide 6: Retail Highlights
Retail Highlights • Retail revenue of $282 million, down 1% compared to last year and sequentially • Traffic up 7% versus last year and down 1% sequentially • Sold over 12 million branded products • Up 7% year over year and down 6% sequentially • Customer retention 66% companywide and 75% medical on
Slide 7: Recent Developments
Recent Developments • 4/20 holiday season units sold and traffic increased 20% and 9%, respectively, versus last year • Opened one new retail location in St. Petersburg, Florida • Closed one dispensary in Lady Lake, Florida • Currently operate 229 retail dispensaries and over 4 million square feet o
Slide 8: Tax Position
Tax Position • In Q4 2023, Trulieve filed amended tax returns for 2019, 2020, and 2021 claiming refunds of $143 million for federal returns and $31 million for state returns • Amended returns were supported by legal interpretations that challenge the tax liability under Section 280E of the Internal
Slide 9: 2025 Focus Areas
2025 Focus Areas Customer • Attract and Retain Customers • Deliver Exceptional Customer Experiences • Build and Reinforce Brand Loyalty Distribution • Expand Retail Network • Refresh, Remodel and Relocate Dispensaries As Needed • Strengthen and Expand Wholesale Partnerships Branded Products • Manage
Slide 10: Financials
Financials
Slide 11: Financial Targets
Financial Targets Financial Targets: • Anticipate second quarter revenue will be flat to up low single digits compared to the first quarter • 2025 cash flow from operations of at least $250 million expected • 2025 capital expenditures up to $40 million expected Financial Position as of March 31, 202
Slide 12: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q1:25 Q4:24 Q3:24 Q2:24 Q1:24 Q4:23 Q3:23 Q2:23 Q1:23 2024 2023 Revenue 297.8 301.1 284.3 303.4 297.6 287.0 275.2 281.8 285.2 1,186.5 1,129.2 Gross profit 183.2 187.0 173.3 181.6 173.8 153.9 142.9 141.6 150.2 715
Slide 13: Financial Highlights
Financial Highlights SHARE COUNT ESTIMATE (millions as of March 31, 2025 on as if converted basis) Subordinate Voting Shares 167.9 Multiple Voting Shares* 0.2 Total Shares Outstanding 191.1 *converted at 100 subordinate shares per 1 multiple voting share Employee Stock Options/RSUs 3.2 excludes 2.9
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2024 Net loss attributable to common shareholders $ (32.9) $ (23.1) $ (59.8) Add (deduct)
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Diluted Share For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2024 Net loss attributable to common sha
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2024 Cash flow from operating activities $ 50.7 $ 139.2 $ 30.7 Payments for propert
Slide 17: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 17
Slide 18: THANK YOU
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com