Jushi 10-Q: Q3 Revenue $70.5M, Net Loss $12.5M, $215.6M Debt vs $30.9M Cash
JUSH sits 51% above its 52-week low of $0.34 on light trading volume (0.1× avg).
Summary
Jushi's Q3 10-Q confirms $70.5 million of revenue and a $12.5 million net loss, but the detail shows $215.6 million of debt against $30.9 million of cash and a $201.4 million unrecognized tax benefit liability.
Key Events · Earnings and Guidance · JUSH
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Q3 Revenue Up 7% to $70.5M
Revenue rose to $70,475K from $65,679K a year earlier, with wholesale up 40% to $9,666K and retail up 3% to $60,809K. Gross profit was $32,334K at a 46% margin.
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Net Loss Narrows to $12.5M
Net loss fell from $23,689K, helped by a $241K derivative fair-value gain versus a $6,325K loss a year ago. Adjusted EBITDA was $13,610K for the quarter and $38,347K for nine months.
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Debt Load Dominates Balance Sheet
Cash, equivalents and restricted cash totaled $30,860K against $215,610K of debt subject to scheduled repayments, of which $32,373K is classified current. The $160,000K 2026 Term Loan matures March 2029 and carries a $15,000 minimum unrestricted cash covenant, which the company was in compliance with.
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Tax Exposure and IRS Dispute
Unrecognized tax benefits were $201,360K including $48,698K of interest and penalties. The IRS issued a Notice of Proposed Adjustment in February 2026 for tax year 2021, which the company is disputing.
Analysis · JUSH · Life Sciences
The headline numbers match this morning's 8-K, but the full 10-Q is where the balance-sheet risk becomes concrete: $215.6 million of debt subject to scheduled repayments against $30.9 million of cash, with $32.4 million of that debt already classified as current. Management expects to handle maturities through extensions, refinancing or equity issuance, which keeps dilution risk live. The operating side is genuinely improving — nine-month operating cash flow of $12.9 million and Adjusted EBITDA of $38.3 million — but interest expense of $30.5 million over nine months consumes most of it. Also new here: an IRS proposed adjustment for tax year 2021 that the company is fighting, and a $201.4 million unrecognized tax benefit balance that dwarfs equity.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.7% of the 1698 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, JUSH was trading at $0.52 on OTC in the Life Sciences sector, with a market capitalization of approximately $102.8M. The 52-week trading range was $0.34 to $0.91. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.