Grown Rogue International (GRIN) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $11.3 million, up 41% year-over-year, with strong growth in New Jersey (65%), Michigan (49%/31% ex-tax), and Oregon (14%).

• Adjusted EBITDA rose 36% to $2.1 million, with margin at 18.2% (18.9% ex-tax).

• Strong operational execution across multiple states, with ongoing expansion projects in New Jersey, Minnesota, and Illinois progressing as planned.

• Emphasis on maintaining a nimble, entrepreneurial culture and disciplined cost control as the company scales.

• Five core cultural pillars guide operations: passion for cultivation, craft quality, continuous improvement, cost control, and a team-first mentality.

Financial highlights

• Gross profit for Q2 2026 was $5.4 million, gross margin 47.6%, up 326 bps year-over-year.

• Adjusted EBITDA margin was 18.2% (18.9% ex-tax), compared to 18.9% in Q2 2025.

• Cash and cash equivalents at quarter-end were $11.5 million, up from $9.6 million a year ago.

• Q2 2026 GAAP net loss of $1.5 million, impacted by $0.8 million in non-cash fair-value losses on derivatives and warrants.

Segment performance

• New Jersey: Revenue up 65% year-over-year, 100% from packaged products; expansion to 16,000 sq ft canopy by year-end; high demand led to bulk purchases and new product launches.

• Michigan: Revenue up 49% (31% ex-tax); record yields (90g/sq ft), cost per pound improved to $277.

• Oregon: Revenue up 14%; indoor bulk ASP rose to $592/lb; cost per pound $326; technical improvements underway to boost yield and cost efficiency.

• Illinois: Cultivation began in June; first harvest expected in September, with first sales expected Q4 2026; canopy expansion to 10,000 sq ft by year-end.

• Minnesota: Phase I construction nearly complete; first harvest targeted by year-end, with sales expected in Q1 2027.