Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q2 2025 Earnings Presentation
18 slides from Trulieve Cannabis's earnings presentation, Aug 6, 2025
Slide 1: Second Quarter 2025 Investor Presentation
CSE: TRUL OTCQX: TCNNF Second Quarter 2025 Investor Presentation August 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 • Second Quarter 2025 Financial and Operational Highlights • Revenue Highlights • Recent Developments • Tax Position • 2025 Focus Areas • Financial Targets • Financial Highlights www.trulieve.com 4
Slide 5: Second Quarter 2025 Financial and Operational Highlights
Second Quarter 2025 Financial and Operational Highlights* • Revenue of $302 million was comparable to last year, with 94% of revenue from retail sales • GAAP gross profit of $183 million and 61% gross margin • Net loss attributable to common shareholders of $14 million • Adjusted net loss of $8 mill
Slide 6: Revenue Highlights
Revenue Highlights • Retail revenue of $284 million, down 2% compared to last year and up 1% sequentially • Traffic up 8% versus last year and up 4% sequentially • Wholesale revenue increased 27% compared to last year and 11% sequentially • Sold over 12.5 million branded products • Up 9% year over y
Slide 7: Recent Developments
Recent Developments • Launched purpose-led brand Redemption Cannabis products in West Virginia • Supported Mission [Green], a national initiative powered by The Weldon Project to support individuals disproportionately impacted by cannabis prohibition with a “Roll-Up for Justice” register campaign in
Slide 8: Tax Position
Tax Position • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax liability under Sec
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 third quarter revenue will be down mid single digits compared to the second quarter • 2025 cash flow from operations of at least $250 million expected • 2025 capital expenditures up to $40 million expected Financial Position as of June 30, 2025: • $4
Slide 12: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q2:25 Q1:25 Q4.24 Q3:24 Q2:24 Q1:24 Q4:23 Q3:23 Q2:23 2024 2023 Revenue 302.1 297.8 301.1 284.3 303.4 297.6 287.0 275.2 281.8 1,186.5 1,129.2 Gross profit 182.9 183.2 187.0 173.3 181.6 173.8 153.9 142.9 141.6 715
Slide 13: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of June 30, 2025 on as if converted basis) Subordinate Voting Shares 167.9 Multiple Voting Shares* 0.2 Total Shares Outstanding 191.1 *converted a t 100 s ubordi na te s ha res per 1 mul tipl e voting s ha re Employee Stock Options/RSUs 3.4 excl
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2025 2025 2024 Net loss attributable to common shar
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 For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 20
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 For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2025 2025 2024 Cash flow from operating activ
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