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Investor Relations14 Oct 2025
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Verano (VRNO) investor relations material
Verano Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue was $202M, supported by a diversified product portfolio and national distribution across 13 states, with 157 retail locations and 1,400+ wholesale accounts.
Gross profit reached $113M (56% margin), reflecting operational efficiencies and improved cultivation.
Adjusted EBITDA was $66M (33% margin), up sequentially but down year-over-year.
Net loss was $19M (-9% margin), narrowed from Q2 2024, mainly due to higher income tax provision.
Leadership changes included the resignation of President Darren Weiss and appointments of a new CFO and Chief Strategy and Compliance Officer.
Financial highlights
Revenue declined to $202M from $222M year-over-year and from $210M sequentially, mainly due to price compression and competition.
Gross profit margin improved to 56% from 51% year-over-year and 47% sequentially.
Adjusted EBITDA was $66M, with a 33% margin, up from 32% year-over-year.
Net cash from operating activities was $11M, up from $8M year-over-year.
CapEx for Q2 was $10M, down from $14M in Q1 and $19M year-over-year.
Outlook and guidance
Management expects to maintain a 30%+ adjusted EBITDA margin for the remainder of 2025.
Anticipates a slow ramp-up in wholesale revenue in H2 2025 and into 2026 as AR strategy matures.
Full-year 2025 CapEx expected between $30M and $45M, focused on operational efficiencies and retail expansion.
Cash balances projected to increase in Q3 and Q4 after Q2 low point.
Management anticipates a stronger second half of 2025, citing new store openings, product innovation, and ongoing efficiency initiatives.
Quantify the expected wholesale revenue improvement.
Discuss the timeline for Vireo litigation resolution.
Detail Verano's strategy for balancing margin and market share.
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Next Verano earnings date
AGM 202527 Oct, 2025
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Frequently asked questions
Verano Holdings Corp. operates as a vertically-integrated multi-state cannabis operator in the United States, with particular focus on California. Verano Holdings' business model includes cultivation, extraction, manufacturing and retailing of cannabis products. It offers a curated selection of branded cannabis products and individualized dosing options for medical patients through its healthcare dispensary operations and California's online marketplace for adult use recreational cannabis.
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