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Achieved second consecutive quarter of year-over-year revenue growth despite operating with a significantly smaller footprint of 19 locations versus 31 in the prior year.

Performance was primarily driven by momentum in the commercial B2B business and a 35.5% revenue increase in the Storage Solutions segment.

Management is successfully shifting the sales mix toward higher-margin proprietary brands, which reached 37% of cultivation and gardening revenue.

The company is actively repositioning its legacy retail footprint into commercial sales and service centers to better support large-scale cultivators.

Operating expenses decreased by 23.4% year-over-year, reflecting the realization of structural cost reduction initiatives implemented over the past several years.

Gross margins were temporarily pressured by inventory liquidation related to four store closures and a higher mix of lower-margin durable products.

Reaffirmed full-year 2026 guidance with revenue between $162 million and $168 million and a target of approximately breakeven adjusted EBITDA.

Expects second-quarter revenue of $42 million to $44 million with a return to positive adjusted EBITDA as seasonal demand increases.

Management targets expanding proprietary brand penetration to approximately 40% by the end of 2026 to drive long-term margin expansion.

Anticipates gross margins will return to the 27% to 29% range for the remainder of the year as store closure activity subsides.

The transition of medical cannabis to Schedule III is expected to provide immediate 280E tax relief for customers, increasing their capacity for infrastructure reinvestment.

Store consolidation activity in Q1 resulted in a 1.5 percentage point headwind to gross margins due to inventory liquidation and disposal.

Profitability was impacted by 50% tariffs on CharCoir products, though management expects this pressure to dissipate as new inventory arrives.

The company maintains a strong liquidity position with $41.1 million in cash and no debt, supporting a new $10 million share repurchase program.

Management is actively pursuing IEPA tariff refunds, though the timing and amount of potential recovery remain uncertain.

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Management reported the strongest pipeline for lighting and infrastructure bidding since 2021, driven by improved customer balance sheets following 280E tax relief.

Many facilities currently require refurbishing after years of deferred maintenance, creating a long-term demand tailwind for durable goods.

The Q1 margin dip was attributed to four store closures; fewer closures are planned for the rest of the year, which should stabilize margins.

Management is aggressively discounting obsolete third-party inventory to clear the way for higher-margin proprietary brands.

Growth is accelerating because the company is successfully replacing lost 'walk-in' retail traffic with larger, recurring commercial B2B contracts.

The Storage Solutions segment is diversifying the revenue base by attracting capital investment from a broader set of end markets beyond cannabis.