Revenue slightly below consensus and gross margin contraction signal ongoing pricing headwinds. Watch for updates on Virginia adult-use preparations and any financing announcements to support cultivation expansion, as cash burn and debt levels remain elevated.
Price Chart
Executive Summary
Jushi Holdings reported Q3 2026 revenue of $70.5M, up 7% YoY, slightly below the $70.7M consensus. Net loss narrowed to $12.5M from $23.7M a year ago, driven by improved operating income and a favorable swing in derivative fair value. Wholesale revenue hit a record $9.7M (+40% YoY), but gross margin contracted 80 bps to 45.9% due to pricing pressure, and operating cash flow fell to $3.5M from $6.1M.
Key Financial Metrics
Key Facts
- Revenue of $70.5M, up 7% YoY from $65.7M, vs consensus of $70.7M
- Net loss of $12.5M, improved from $23.7M loss in Q3 2025
- Adjusted EBITDA of $13.6M, up from $12.8M; margin flat at 19.3% vs 19.5%
- Wholesale revenue record $9.7M, up 40% YoY
- Gross margin declined to 45.9% from 46.7% due to pricing pressure
- Operating cash flow $3.5M vs $6.1M in Q3 2025
- Cash and restricted cash $30.9M at quarter end; total gross debt $215.6M
- Virginia adult-use sales scheduled to begin July 1, 2027
Financial Impact
Revenue $70.5M vs $70.7M consensus (slight miss); net loss improved $11.2M YoY; operating income up $1.2M to $3.5M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Retail | $60.8M | +3.5% |
| Wholesale | $9.7M | +40.0% |
Risk Factors
- Gross margin compression from competitive pricing and promotional activity
- Operating cash flow declining YoY despite revenue growth
- High debt load of $215.6M with $32.4M current portion due within 12 months
- Dependence on Virginia adult-use transition (July 2027) for near-term growth catalyst
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-006909 |
| Document: f8k_102826.htm | 0001171843-26-006909 |
| Document: 0001171843-26-006909-index-headers.html | 0001171843-26-006909 |
| Document: 0001171843-26-006909-index.html | 0001171843-26-006909 |
| Document: 0001171843-26-006909.txt | 0001171843-26-006909 |
| 8-K Data (Synthetic) | 0001171843-26-006909 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | $0.5111 | awaiting T+1 | awaiting T+1 | $0.5000 (−2.17%) |
Sep 14, 2026 6w ago | Insider Cluster | $0.6150 $0.6080 | ▼ −1.14% | ▼ −0.70% | $0.5000 (−18.70%) |
Sep 2, 2026 8w ago | Insider Cluster | $0.5950 $0.6400 | ▲ +7.56% | ▲ +7.95% | $0.5000 (−15.97%) |
Sep 2, 2026 8w ago | Insider Cluster | $0.5950 $0.6400 | ▲ +7.56% | ▲ +7.95% | $0.5000 (−15.97%) |
Aug 28, 2026 8w ago | Insider Cluster | $0.5200 $0.5271 | ▲ +1.37% | ▲ +2.05% | $0.5000 (−3.85%) |
Aug 28, 2026 8w ago | Insider Cluster | $0.5200 $0.5271 | ▲ +1.37% | ▲ +2.05% | $0.5000 (−3.85%) |
US Market Status
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