Trulieve Posts Narrower Q2 Loss as Revenue Tops $300 Million

Revenue increased 2% sequentially and year-over-year

Net loss narrowed to $12 million, or 4 cents per share

Trulieve Cannabis Corp. (TCNNF) reported Tuesday that its net loss narrowed in the second quarter, helped by growing revenue and its expanding network of dispensaries in key markets.

The cannabis company reported a net loss of $12 million, or 4 cents per share, in the second quarter ended June 30, compared to a loss of $40.4 million, or 16 cents per share, in the same period last year.

Analysts had expected Trulieve to report a loss of 5 cents per share, according to Zacks Investment Research.

Revenue for the quarter increased 2% sequentially and year-over-year to $303 million, driven by growth in its retail and wholesale operations. The company opened three new dispensaries in Florida during the quarter, bringing its total store count to 175.

"Our second-quarter results reflect continued execution of our strategic plan, delivering consistent revenue growth, improving profitability, and expanding our market share," said Kim Rivers, Trulieve's CEO.

Trulieve's stock was up slightly in premarket trading following the release of its earnings report.