<span item_type="fundamental" item_id="2842709e7a4bf49000af07f53b4cc510" counter_id="ST/US/TCNNF" env="prod"></span><span item_type="announcement" item_id="645691067320307457" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 286.75 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD 0.01.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 46.36 M.</p><p></p><h4>Segment Revenue</h4><p>Trulieve Cannabis Corp.’s total revenue decreased to $286.8 million for the three months ended March 31, 2026, from $297.8 million in the prior year <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. This decline was primarily driven by a decrease in retail revenue, which was $265.2 million in 2026, down from $282.0 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Wholesale and other revenue increased to $21.6 million in 2026, from $15.8 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Gross Profit and Margin</h4><p>Gross profit for the three months ended March 31, 2026, was $170.1 million, a decrease from $183.2 million in the prior year <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. The gross profit margin was 59.3% in 2026, down from 61.5% in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. The cost of goods sold increased to $116.7 million (40.7% of revenue) in 2026, from $114.5 million (38.5% of revenue) in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Operating Expenses</h4><p>Selling, General, and Administrative (SG&amp;A) expense decreased to $104.9 million in 2026, from $118.8 million in 2025, largely due to lower campaign and political contributions <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. As a percentage of revenue, SG&amp;A was 36.6% in 2026, down from 39.9% in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Depreciation and amortization expense increased slightly to $29.7 million in 2026, from $29.3 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. The company reported a gain of $0.3 million on disposal or impairment of assets in 2026, compared to a loss of - $1.8 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Income from Operations</h4><p>Income from operations increased to $35.7 million in 2026, up from $33.3 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Other Income (Expense)</h4><p>Net interest expense decreased to - $13.3 million in 2026, from - $16.3 million in 2025, primarily due to a reduction in overall debt <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Interest income decreased to $2.7 million in 2026, from $3.1 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Net Income (Loss)</h4><p>Income before provision for income taxes increased to $25.2 million in 2026, from $20.3 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. The provision for income taxes significantly decreased to $21.9 million in 2026, from $52.5 million in 2025, with an effective tax rate of 87% in 2026 compared to 258% in 2025, mainly due to not applying IRC Section 280E for the 2026 taxable year <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Net income from continuing operations was $3.4 million in 2026, a substantial improvement from - $32.1 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Net loss from discontinued operations was - $1.1 million in 2026, compared to - $1.6 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Net income attributable to common shareholders was $2.4 million in 2026, compared to - $32.9 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Adjusted EBITDA (Non-GAAP)</h4><p>Adjusted EBITDA was $100.4 million in 2026, a decrease of $8.8 million from $109.2 million in 2025, driven by lower revenue <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Adjusted EBITDA as a percentage of revenue was 35.0% in 2026, down from 36.7% in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Cash Flows</h4><p>Net cash provided by operating activities increased to $55.7 million in 2026, from $51.1 million in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Net cash used in investing activities was - $13.2 million in 2026, a change from $43.0 million provided in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Net cash provided by financing activities was $54.8 million in 2026, a significant change from - $4.5 million used in 2025, primarily due to proceeds from a debt issuance <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Operational Metrics and Strategic Initiatives</h4><p>As of March 31, 2026, Trulieve Cannabis Corp. operated 236 dispensaries and 15 cultivation and processing facilities across nine states, compared to 229 dispensaries as of March 31, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. The company continues to focus on its regional hub structure to optimize operations and maintain vertical integration in key markets <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Strategic plans include expanding access to regulated cannabis products, leveraging its in-house quality team and testing laboratories, and distributing branded products through its retail locations <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p><h4>Future Outlook</h4><p>On April 23, 2026, the U.S. Department of Justice (DOJ) finalized the rescheduling of medical marijuana to Schedule III, which removes certain federal tax, regulatory, and research restrictions <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. Trulieve Cannabis Corp. has applied for DEA licenses in Florida, Georgia, Pennsylvania, and West Virginia, anticipating that operations in these medical-only states will become federally legal <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>. The DOJ announcement also restarted the process for rescheduling adult-use marijuana, though adult-use cannabis operations remain federally illegal until that process is complete <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1754195/000175419526000032/tcnnf-20260331.htm"></span>.</p>

Trulieve Cannabis Corp. | 10-Q: FY2026 Q1 Revenue: USD 286.75 M