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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.
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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