Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 23,173 $ 19,521
Accounts receivable, net 872 1,461
Inventory, net 36,797 36,138
Prepaid expenses and other current assets 7,759 15,030
Total current assets 68,601 72,150
NON-CURRENT ASSETS:    
Property, plant and equipment, net 144,462 144,063
Right-of-use assets - finance leases 59,063 60,627
Other intangible assets, net 94,802 100,472
Goodwill 30,910 30,910
Other non-current assets 31,634 30,273
Restricted cash - non-current 2,225 1,825
Total non-current assets 363,096 368,170
Total assets 431,697 440,320
CURRENT LIABILITIES:    
Accounts payable 20,210 21,459
Accrued expenses and other current liabilities 29,030 32,786
Income tax payable 771 2,299
Debt, net - current portion (including related party principal amounts of $15,600 and $800 as of September 30, 2025 and December 31, 2024, respectively) 48,886 2,758
Finance lease obligations - current 10,291 9,593
Total current liabilities 109,188 68,895
NON-CURRENT LIABILITIES:    
Debt, net - non-current (including related party principal amounts of $25,667 and $35,296 as of September 30, 2025 and December 31, 2024, respectively) 155,691 183,449
Finance lease obligations - non-current 53,871 52,742
Derivative liabilities - non-current 9,395 3,128
Unrecognized tax benefits (including interest and penalties of $36,271 and $27,839 as of September 30, 2025 and December 31, 2024, respectively) 171,180 143,688
Other liabilities - non-current 33,841 38,653
Total non-current liabilities 423,978 421,660
Total liabilities 533,166 490,555
COMMITMENTS AND CONTINGENCIES (Note 16)
EQUITY (DEFICIT):    
Common stock, no par value: authorized shares - unlimited; issued and outstanding shares - 196,696,597 and 196,696,597 Subordinate Voting Shares as of September 30, 2025 and December 31, 2024, respectively 0 0
Paid-in capital 510,187 508,386
Accumulated deficit (611,656) (558,621)
Total Jushi shareholders' deficit (101,469) (50,235)
Non-controlling interests 0 0
Total deficit (101,469) (50,235)
Total liabilities and equity (deficit) $ 431,697 $ 440,320