Green Thumb Q2 revenue $306.7M (+4.6% YoY); GAAP net income $4.9M vs loss; Normalized EBITDA $84.3M

Green Thumb Industries Inc.

Revenue $306.7M, up 4.6% YoY; GAAP net income $4.9M ($0.02/share) vs net loss of $0.6M in prior year.
Normalized EBITDA $84.3M (27.5% of revenue) vs $82.7M (28.2% of revenue) in Q2 2025; cash flow from operations $29.0M.
Gross margin declined to 45.0% from 49.9% due to RYTHM brand licensing fees and price compression; SG&A rose to 38.4% from 36.4% on compensation changes.
Repurchased ~7.9M shares for $48.3M at avg $6.11; cash at quarter end $283.6M.
Virginia authorized adult-use sales starting July 1, 2027; launched adult-use in Paramus, NJ; opened new dispensary in PA.

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