Grown Rogue International (GRIN) Q4 2025 earnings summary

Executive summary

• Revenue grew 22% year-over-year to $32.4 million in 2025, driven by New Jersey market entry, offset by pricing pressure in Michigan and Oregon and the end of the Vireo consulting agreement.

• Adjusted EBITDA rose 42% to $5.4 million (16.5% margin), with New Jersey contributing, but offset by higher overhead and market headwinds.

• Focused on growth, scale, and expansion into Eastern markets, with significant progress in New Jersey, Minnesota, and Illinois.

• Built out leadership and management teams, hiring key talent in construction, marketing, and state operations.

• Emphasized resilience and adaptability amid challenging market conditions in Oregon and Michigan.

Financial highlights

• Full-year 2025 revenue: $32.4 million (up from $26.6 million in 2024).

• Adjusted EBITDA: $5.4 million (16.5% margin), up from $3.8 million (14.1% margin) in 2024.

• GAAP net income: $3.2 million, compared to a net loss of $16.0 million in 2024.

• Cash and cash equivalents at year-end: $11.4 million, up from $4.9 million.

• Segment revenue: Oregon $11.1M (-8%), Michigan $10.0M (-22%), New Jersey $11.3M (first full year).

Outlook and guidance

• 2026 revenue guidance: $32–$35 million; Adjusted EBITDA: $6–$8 million.

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

• Long-term objectives include 25% compound revenue growth and 35% compound profit growth.

• Q1 2026 revenue expected to grow >20% year-over-year, led by New Jersey.

• Minnesota facility construction targeted for Q3 2025 completion, with revenue contribution expected in Q1 2026.