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Vireo Growth (VREO) investor relations material

Vireo Growth Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Q2 GAAP revenue reached $48.1M, up 91% year-over-year, driven by completed mergers and partial quarter contributions.

  • Pro forma Q2 revenue and adjusted EBITDA were $90.7M and $23.2M, respectively, aligning with management's expectations.

  • Operations expanded to six states through three major mergers, establishing industry leadership and improving profitability.

  • Integration post-merger is progressing well, driving operational efficiencies and cost reductions.

  • Ended Q2 with over $100M in cash and completed $153M refinancing post-quarter, reducing annual interest expense by ~$10M.

Financial highlights

  • Q2 GAAP revenue was $48.1M, up 91.4% year-over-year; six-month revenue was $72.6M, up 47.6%.

  • Q2 GAAP gross profit was $20.4M (gross margin 42.5%, down 1,150 bps year-over-year); adjusted gross profit was $24.8M (margin 51.6%, down 260 bps).

  • Q2 adjusted EBITDA was $13.3M (margin 27.6%), up 100.4% year-over-year.

  • Q2 adjusted operating income was $11.3M (23.5% of sales), up from 22.7% last year.

  • Cash on hand at quarter end was $106.2M; current assets (excluding NY assets held for sale) totaled $186.2M.

Outlook and guidance

  • Focus remains on organic growth, positive free cash flow at the unit level, and disciplined CapEx.

  • Management expects continued positive trends and benefits from recent mergers and refinancing.

  • M&A opportunities are being explored in both distressed and mature markets, but not relied upon for growth.

  • Anticipates adult-use sales in Minnesota in the second half of the year, pending regulatory approval.

  • Pro forma Q2 revenue and adjusted EBITDA guidance were $88–91M and $23–24M, assuming all mergers closed April 1, 2025.

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Vireo Growth Inc. is a U.S.-based cannabis company focused on the cultivation, manufacturing, processing, and distribution of medical and adult-use cannabis products. The company operates a network of retail dispensaries under the Green Goods brand, as well as other branded locations, primarily in Maryland and Minnesota. The company is headquartered in Minneapolis, Minnesota, and its shares are listed on the Canadian Securities Exchange.

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