Curaleaf Holdings, Inc.

Total revenue was $324 million, up 6% year over year and down 3% sequentially. Gross profit was $157 million and gross margin was 49%, down 220 basis points year over year. Adjusted EBITDA was $63 million, or 20% margin, down 4% year over year and down 200 basis points in margin terms. Net income from continuing operations was $70 million, or $0.09 per share, versus a net loss of $50 million, or negative $0.09 per share, in the prior-year period. Domestic revenue grew 2% year over year; international revenue grew 35%; domestic wholesale grew 19%; wholesale overall was $90 million, or 28% of total revenue. Cash and cash equivalents were $106 million, capex was $17 million, and 2026 capex is expected to be roughly $80 million. For Q2, revenue is expected to increase 2% to 3% sequentially from Q1, which implies about $333 million at the midpoint. Management also said it expects operating cash to build as the year progresses.

Boris Jordan framed the quarter as evidence that Curaleaf’s strategy and the industry backdrop are turning more favorable. He emphasized the company’s ‘Built for Growth’ framework, saying customer centricity, brand building, and operational excellence are translating into better P&L performance, and he highlighted international as a key differentiator. His tone was highly optimistic on regulation, pointing to Schedule III rescheduling, potential 280E relief, banking access, DEA licenses, and import/export opportunities as major catalysts.

Ed Kremer focused on the financial bridge from revenue growth to margin and cash generation. He said Q1 gross margin was 49%, down 220 basis points from last year due mainly to price compression and discounts, though domestic gross margin held at 50% and price compression is starting to decelerate. He also noted SG&A was $113 million, core SG&A was $108 million, cash was $106 million, inventories rose $16 million on planned builds, and capex was $17 million with roughly $80 million expected for 2026. He added that the company completed a routine tax review that allowed a release of some tax reserves and expects additional 280E benefits in future periods.

Analysts focused on international growth, U.S. exports, transaction trends, banking, price compression, hemp-ban timing, and post-rescheduling industry structure. Management said international growth is likely around 25% to 30% this year, with acceleration expected in 2027, and suggested U.S.-to-international exports could start only after DEA/state permit processes, likely not until later in the year. On banking, Boris Jordan said SAFE Banking could pass in the Senate, perhaps in the third quarter or before year-end, but that many institutions would still want legislation rather than just agency guidance. He also said price compression is easing in some states, hemp product destocking is beginning to help the regulated market, and rescheduling could drive more consolidation and M&A.