Grown Rogue International (GRIN) Q2 2026 earnings summary

Executive summary

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

• Strong quarterly performance driven by operational execution and team culture, with multiple projects advancing in New Jersey, Minnesota, and Illinois.

• Adjusted EBITDA rose 36% to $2.1M, with margin at 18.2% (18.9% excluding Michigan excise tax).

• Focus on maintaining a nimble, entrepreneurial culture while scaling operations and expanding into new markets.

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

Segment performance

• New Jersey: Revenue up 65% year-over-year to $4.4M; all packaged flower sales this quarter; facility expansion to 16,000 sq ft by year-end, with three new flower rooms and a mother room coming online.

• Michigan: Revenue up 49% to $3.4M; achieved record yields (90 g/sq ft) and low costs ($277/lbs), setting a new operational standard.

• Oregon: Revenue up 14% to $3.5M; modest price recovery and ongoing technical improvements expected to drive further yield and cost gains.

• Illinois: Cultivation began in June; first harvest expected in September, 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, first revenue expected Q1 2027.

Financial highlights

• Gross profit increased 51% year-over-year to $5.4M, with gross margin improving to 47.6%.

• Michigan excise tax reported as revenue, with corresponding expense in G&A.

• Sub-$200/lbs full biomass cost of production achieved in Michigan, a record for the company.

• Adjusted EBITDA for Q2 2026 was $2.1M, up from $1.5M in Q2 2025.

• Ended the quarter with $11.5M in cash, supporting ongoing expansion in New Jersey, Illinois, and Minnesota.