Curaleaf Q3 Revenue Falls 3%

STAMFORD, Conn., Nov. 5, 2025 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the third quarter ended September 30, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) and is provided in U.S. dollars unless otherwise indicated.

Boris Jordan, Chairman and CEO of Curaleaf, stated, “We generated third quarter revenue of $320 million, up 2% sequentially. Price compression continued to be a headwind, yet our domestic segment remained stable and achieved modest growth. Our international segment continued its strong trajectory, delivering 12% sequential growth and 56% year-over-year growth. Adjusted gross margin improved to 50%, an increase of 115 basis points both sequentially and versus the prior year. Adjusted EBITDA was $69 million, representing a 22% margin, inclusive of a 200 basis point drag from our international and hemp businesses. We ended the quarter with $107 million in cash, after paying $28 million in principal and interest debt obligations. We generated $53 million in operating cash flow from continuing operations and $37 million in free cash flow from continuing operations during the third quarter. Subsequent to quarter-end, we made $30 million in acquisition-related debt payments, leaving approximately $70 million payable over the next two years. We also closed on an upsized $100 million revolving line of credit with Needham Bank, giving us greater flexibility to manage our business and pay down more expensive debt.”

Mr. Jordan continued, “The ‘Return to Our Roots’ plan we initiated 12 months ago – which is focused on enhancing product quality, driving growth, expanding margins, and optimizing cash flow – is delivering tangible results. Over the past year, we have completed significant foundational work to reset the business — leveraging our Dark Heart genetics program, investing in our supply chain, and realigning our retail operations. These actions have positioned our domestic business for renewed growth while supporting rapid international expansion. I’m encouraged to report that we’re seeing positive momentum across the organization, despite ongoing macro pressures.”

Third Quarter 2025 Financial Highlights

Original press release