Data-Driven Insights Power Jushi's Product Releases And Profits, CEO Notes In Q4 & 2023 Financial Results

Jushi Holdings Inc. JUSH JUSHF maintained robust gross profit margins of 40.2% in Q4 2023 and 43.1% for the fiscal year 2023.

Jim Cacioppo, CEO, highlighted operational efficiencies and new product launches, leveraging proprietary retail data and consumer insights.

Cacioppo stated: “During the year, we launched new SKUs into the market that were developed using the proprietary retail data and consumer insights we have gathered across our footprint. Focusing on proprietary retail data and consumer insights during the development process has helped us develop products that are in demand and fit into the marketplace enabling us to add more Jushi-branded products on shelves."

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Key Financial Metrics For Q4 2023

In Q4 2023 specifically, Jushi recorded total revenue of $67.8 million, with a gross profit of $27.2 million, marking a commendable 24.0% increase year-over-year.

The net loss for the quarter amounted to $18.0 million. Adjusted EBITDA for Q4 2023 reached $11.3 million, with a margin of 16.7%.

Furthermore, during this quarter, Jushi successfully opened a new dispensary in Mount Pocono, Pennsylvania, and refinanced approximately $9.9 million of unsecured debt. Debt reduction efforts continued with a $2.4 million scheduled payment on first-lien financing.

Key Financial Metrics For 2023

For the fiscal year 2023, Jushi reported a total revenue of $269.4 million, representing a notable 21.7% year-over-year increase. The company achieved a gross profit of $116.2 million during this period. Despite these positive results, the net loss for the year amounted to $65.1 million. Adjusted EBITDA stood at $40.8 million, with a margin of 15.1%.

Throughout the fiscal year 2023, Jushi attained significant milestones, including achieving 53.4% of total retail revenue from Jushi-branded product sales in Q4 2023. Additionally, the company introduced 175 new unique SKUs and generated $2.0 million in cash from non-core asset sales.

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