Grown Rogue International (GRIN) Q1 2026 earnings summary

Executive summary

• Growth initiatives are progressing in New Jersey, Illinois, and Minnesota, with expanded production and market entry targeted for 2026.

• Revenue rose 28% year-over-year to $9.2 million in Q1 2026, driven by New Jersey growth and product launches in Oregon; Michigan revenue up due to excise tax pass-through, but down 4% excluding tax impact.

• Adjusted EBITDA increased to $1.6 million (17.1% margin), up from $1.2 million (16.6%) in Q1 2025.

• Brand strength is growing, with strong consumer loyalty and successful new product launches, notably vape carts in Oregon.

• Team is focused on operational execution, with leadership transitions supporting new market entries.

Financial highlights

• Revenue guidance for 2026 was raised to $34–$37 million, reflecting better-than-expected performance in Michigan despite a new 24% excise tax.

• Adjusted EBITDA margin improved to 17.1% in Q1 2026, with expectations to achieve the higher end of annual guidance.

• Gross profit was $4.0 million (43.2% margin), up from $3.4 million (47.0%) in Q1 2025; margin declined due to pricing pressure.

• Profitability in Michigan was impacted by the excise tax, with margins expected to be lower on a comparative basis moving forward.

• Cash and cash equivalents increased to $13.7 million as of March 31, 2026.

Outlook and guidance

• Full completion of New Jersey facility expected by year-end, with all flower rooms operational in 2026.

• Illinois facility is awaiting regulatory approvals, with occupancy and planting targeted for this quarter and revenue contribution expected in Q4 2026.

• Minnesota construction is on track, with occupancy and planting targeted for late Q3 and sales expected in early 2027.

• 2027 guidance: revenue $50–$58 million, Adjusted EBITDA $14–$18 million.

• Guidance assumes no change in federal cannabis policy and excludes M&A.